Sun Pharma Ltd - Stellar performance continues - Maintain Buy - Emkay

Reco: BUY
CMP: Rs 662
Target Price: Rs 700

- Sun Pharma Q1FY13 Results - Revenue Rs26.8bn (up 64% YoY), EBITDA Rs12.4bn (up 127% YoY) & APAT Rs8bn (up 58% YoY).

- Stellar performance was on back of 105% growth in US led by niche launches like Lipodex ($40mn), Stalevo ($10mn), pricing benefit in Taro's derma products & INR depreciation.

- Going forward, along with above mentioned factors which will keep the momentum going, company is also expected to launch Eloxatin & Lexapro in US market in FY13.

- With continued strong traction from US market & a solid domestic business - Maintain Buy rating with a target of Rs700 (22x FY14E EPS of Rs32).

Source : Equity Bulls

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