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We expect Sun Pharma’s revenue to grow 13.7% yoy and 9% qoq. We expect India revenue to grow 7% yoy, while US revenue is expected to grow 12% yoy due to lower pricing pressure and new product launches from its specialty pipeline. EBITDA margins are expected to decline 74bps yoy and 97bps qoq due to the increase in the costs associated to the specialty products. PAT is expected to grow 157% yoy to Rs1,026cr due to the low base in Q3FY18 created by higher taxes as a result of change in the US tax rates.
| Sun Pharma | Q3FY19E | yoy (%) | qoq (%) | Q3FY18 | Q2FY19 |
| Revenue (Rs Cr) | 7,566 | 13.7 | 9.1 | 6,653 | 6,938 |
| EBITDA (Rs Cr) | 1,596 | 9.8 | 4.3 | 1,453 | 1,531 |
| EBITDA Margin (%) | 21.1 | -74 | -97 | 21.8 | 22.1 |
| PAT (Rs Cr) | 1,026 | 157.1 | -7.3 | 399 | 1,107 |
| EPS (Rs) | 4.3 | 157.1 | -7.3 | 1.7 | 4.6
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