Sun Pharma - Rating – Buy; Target Price – Rs770 - Centrum

- We expect Sun Pharma Industries (SPIL) to report a revenue growth of 25.7%YoY but revenue decline of 14.3%QoQ to Rs36.03bn.

- We expect SPIL's EBIDTA margin to decline by 470bps YoY to 39.8% from 44.5%.

- The company has launched generic Cymbalta delayed release capsules in the US generic market.

- SPIL has transferred its domestic business to its 100% subsidiary for better focus.

- The company has entered into a JV with Intrexon, US to develop a new class of therapeutics for ocular diseases.

- We expect SPIL's net profit to grow by 16.2%YoY to Rs10.24bn.

Source : Equity Bulls

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