For 3QFY2017 Sun Pharmaceuticals posted results marginally lower than
expectations on sales front, while OPM came in much below expectation,
however, net profit was slightly below expectations. Sales came in at Rs7,683cr
(v/s Rs7800cr expected) v/s Rs7,087cr in 3QFY2016, a yoy growth of 8.4%. Indian
sales at Rs1,969cr, posted a yoy growth of 5%, while USA finished dosage sales
(45% of sales) at US$507mn, posted a yoy growth of 4%. On EBITDA front, the
company posted an EBITDA of 28.9% (v/s 33.6% expected) v/s 31.2% in
3QFY2016. Consequently, Adj. PAT came in at Rs1,722cr (v/s Rs1,734cr expected)
v/s Rs1,940cr in 3QFY2016, a yoy de-growth of 11.2% yoy. We maintain
our Buy.

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