Sun Pharma Q2FY19 Result Expectation

Sun Pharma is expected to report 14.8%/11.3% yoy growth in revenue/PAT to Rs7,633cr/Rs1,015cr respectively. 

Consensus estimates for Q2FY19 

• Revenue – Expected to grow 14.8% yoy to Rs7,633cr due strong US business and rupee depreciation. Sun Pharma’s India revenue is expected to grow 4% yoy in Q2FY19 due to the higher base in Q2FY18. US revenue is expected to grow 22.5% yoy to $379mn due to launches of gWelchol, gNexium, Methadone HCL, etc. as well as two specialty product launches. Taro reported 6.4% yoy revenue decline due to continued competition and US pricing pressure. 
• EBITDA – Expected 20.6% yoy growth to Rs1,660cr in Q2FY19 due to stable price erosion and recent product launches. EBITDA margins estimated to expand by 100bps yoy to 21.7% in Q2FY19. 
• Net profit - PAT likely to grow 11.3% yoy to Rs1,015r. 

Q1FY19 performance highlights 

• Revenue – grew 16.4% yoy to Rs7,224.2cr. EBITDA – grew by 46.6% yoy to Rs1,606.7cr, EBITDA margins grew by 459 bps yoy to 22.2% in Q1FY19. 
• Net profit – stood at Rs1110cr vs. loss of Rs320cr in Q1FY18.

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