Sun Pharma’s consolidated revenue grew by 2.7% yoy to Rs7,164cr against median consensus estimates of Rs7,569cr. EBITDA came in at Rs1,017cr, down 39.6% yoy, against consensus estimates of Rs1,751cr. EBITDA margin contracted by 994bps yoy to 14.2%. Reported PAT declined by 52.6% yoy to Rs636cr against median consensus estimates of Rs982cr.
The sales for the quarter were impacted by Rs1,085cr owing to the change in distribution for India business. Adjusting for which, the revenues grew by ~18% yoy.
Gross margins at 74.3% were flat on yoy basis. Further, 17% yoy increase in Employee cost and 25.5% yoy increase in other expenses resulted in sharp decline and contraction in EBITDA and EBITDA margin on yoy basis. This was on account of above mentioned change in distribution for India business.
Other income declined by 7% yoy (Rs282cr), finance cost declined by 3.4% yoy (Rs150cr) and depreciation cost was flat on yoy basis.
India sales at Rs1,101cr declined by 44% yoy. Adjusting for the above mentioned impact, the India revenues grew by ~11%, as per the company.
US finished dosage sales at USD443mn, up by 20% yoy. Growth was mainly driven by a significant business of generic supply to a customer, to be serviced over six months starting from Q4FY19.
Emerging Markets sales at USD173mn, down by 13% yoy. Rest of World sales at USD153mn, growth of 32% yoy.
R&D investments at Rs567cr (8% of sales) compared to Rs743cr (11% of sales) for Q4FY18.
The PAT numbers are not comparable on yoy basis owing to the impact on India business as well as one-time tax benefit of Rs259cr in Q4FY18.
Sun Pharmaceuticals Industries Ltd ended at Rs. 412.90, down by 1.8 points or 0.43% from its previous closing of Rs. 414.70 on the BSE.
The scrip opened at Rs. 415.15 and touched a high and low of Rs. 421 and Rs. 410.20 respectively. A total of 84,57,237 (NSE+BSE) shares were traded on the counter. The stock traded above its 200 DMA.
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