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Dolat Capital Report
Sun Pharmaceutical Industries Ltd.’s Q1 FY25 operating performance was above our estimate on account of better-than-expected gross margin and lower than expected research and development and and other expenses.
Sun Pharma maintained its R&D expense guidance of 8-10% of sales, for FY25.
India business is expected to grow inline or above the IPM. Effective tax rate is also expected to increase annually.
We marginally upgrade our FY26E EPS estimate by 0.9% and maintain ‘Reduce’ rating with revised target price of Rs 1,630 (previously Rs 1,615) at 30 times FY26E P/E.
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