Sun Pharma, BPCL, Federal Bank, Macrotech, CDSL, Syrma, Cholamandalam And More Q2 Review: HDFC Securities

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..HDFC Securities Institutional Equities.Sun Pharma - Steady Q2; specialty business-led growth to continue Sun Pharmaceutical Industries Ltd.'s Ebitda grew 19% YoY on 9% sales growth (US: +11% QoQ; global specialty: +8% QoQ; India: +11% YoY), higher gross margin (+259 bps) and steady costs (staff/R&D/selling general and administrative increased by +5/1/15% YoY). The specialty share increased to 18.1% of sales (versus 16.5% in Q2 FY24 and 17.7% in Q1 FY25). Sun Pharma expects its global/US specialty business to continue growing, led by a scale-up in key products (prescription trends were strong). It expects India to see steady growth. Sun Pharma cut R&D spend guidance to 7-8% in FY25 (~6% of sales in H1; from 8-10% earlier) due to clinical trial delays for a few of its assets in H1; it expects R&D to inch up in H2. We expect a scale-up in specialty (traction in Ilumya, Winlevi, Cequa, and the potential launch of Deuruxolitinib), steady US generics, and India (new launches, in-licensing) to drive growth and lead to a steady improvement in the margin. Factoring in Q2, we have tweaked our estimates and rolled forward target price to Rs 2,180, (36 times Q3 FY27E EPS). Buy stays.BPCL - Weak refining environment We maintain our Reduce rating on Bharat Petroleum Corporation Ltd., with a target price of Rs 280, owing to the risk of-lower auto-fuel marketing margins andmoderation in refining margins. Q2 FY25 Ebitda stood at Rs 45.4 billion (-65% YoY, -20% QoQ) and reported PAT came in at Rs 23.9 billion (-72% YoY, - 21% QoQ), below our estimates due to lower-than-expected refining margins, inventory losses and under-recovery in LPG..Click on the attachment to read the full report:.Sun Pharma Q2 Results Review - India Branded Generic Growth Surprises; Upgrade To 'Buy': Systematix.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Sun Pharma, BPCL, Federal Bank, Macrotech, CDSL, Syrma, Cholamandalam And More Q2 Review: HDFC Securities

The brokerage maintains 'Buy' rating on Sun Pharma and 'Reduce' on BPCL, Know why?

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Sun Pharma, BPCL, Federal Bank, Macrotech, CDSL, Syrma, Cholamandalam And More Q2 Review: HDFC Securities

The brokerage maintains 'Buy' rating on Sun Pharma and 'Reduce' on BPCL, Know why?

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