Financials
For the quarter ended 30-09-2022, the company reported a Consolidated Total Income of Rs 11037.50 Crore, up 2.54 % from last quarter Total Income of Rs 10763.90 Crore and up 12.07 % from last year same quarter Total Income of Rs 9848.82 Crore. Company reported net profit after tax of Rs 2260.17 Crore in latest quarter.
SUNP’s 2Q earnings beat estimates yet again (17% beat vs. consensus; 7% beat vs. JMFe) driven by better EBITDA margins, which are steadily expanding. Global specialty business is expected to surpass USD 850mn in FY23E as Ilumya, Cequa and Winlevi maintain their high growth trajectory. Cequa sustains its growth despite generic competition while Winlevi is expected to ramp-up well in 2H.
Going forward, higher margin support from specialty business should alleviate high R&D costs. At Ex-Taro level, EBITDA margins have been rather robust (29-30%) in 1H. India business trajectory remains sturdy as it continues growing in double digits (ex-Covid). EM performance, impacted by forex volatility, continues to grow in double digits (in CC terms). SUNP’s US base generic business reported positive growth in 2Q and will continue to gro ..
