Sun Pharma posted numbers better than expected on OPM and net profit front.
Sales came in at Rs7,764cr vs. Rs7,800cr expected vs. Rs6,858cr in 2QFY2016,
posting a yoy growth of 13.2%. On the operating front, the EBITDA margin came
in at 34.3% vs. 30.1% expected and vs. 27.1% in 2QFY2016. Lower expenses
during the quarter aided the OPM expansion. Consequently, the Adj. PAT came
in at Rs2,235cr vs. Rs1,545cr expected vs. Rs1,029cr in 2QFY2016, a yoy growth of
117.3%. Apart from better than expected OPM, the company also posted higher
than expected other income (Rs621cr in 2QFY2017 vs. Rs226cr in 2QFY2016). We
maintain our Buy rating on the stock.

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