Sun Pharma - Stellar performance continues - Maintain Buy - Emkay

Reco: BUY
CMP: Rs 697
Target Price: Rs 800

- Sun Pharma Q2FY13 Results - Revenue Rs26.6bn (up 41% YoY), EBITDA Rs11.8bn (up 50% YoY) & APAT Rs9bn (up 72% YoY)

- Stellar performance was on back of 40% $ growth in US led by niche launches like Lipodex ($25mn), Stalevo ($10mn), strong momentum in Taro's derma products & 15% growth in India

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

- With continued strong traction from US market & a solid domestic business - We upgrade FY13/14 EPS by 13% & 14% to Rs31 & Rs36, resp. Maintain Buy with a target price of Rs800 (22x FY14E EPS of Rs36)

Source : Equity Bulls

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