MOSL: Morning India (15/February/18): 1. Sun Pharma; 2. Motherson Sumi; 3. Grasim Inds; 4. Nestle India; 5. Britannia Inds; 6. NMDC; GSK Consumer
MOrning India (15/February/18): 1. Sun Pharma; 2. Motherson Sumi; 3. Grasim Inds; 4. Nestle India; 5. Britannia Inds; 6. NMDC; GSK Consumer; 7. Tata Power; 8. Endurance Tech
Today’s top research idea
Sun Pharma - Operating performance in-line; Halol resolution key catalyst
- SUNP’s 3QFY18 revenue fell 14% YoY to INR65.98b, primarily due to a decline in the US business.
- US business declined ~36% YoY to USD328m due to inclusion of sales from Imatinib (six months’ exclusivity) in the base quarter. Sequential improvement in the US business can be attributed to re-coup of deferred sales from 2QFY18 and some expansion in market share.
- Gross margin shrunk 330bp QoQ (-260bp YoY) to 68.2%, led by higher RM cost for Taro and an adverse product mix.
- EBITDA declined 37% YoY to INR13.9b. EBITDA margin improved ~120bp QoQ to 21.2%, led by ~20% decrease in other expenses due to cost-rationalization measures.
- PAT declined ~75% YoY to INR3.7b due to one-time expense of INR5.1b related to change in US tax laws, adjusted for which PAT stood at INR8.8b.
Piping hot news
PNB cautions other banks about modus operandi of fraud
- Hit by a Rs 11,400 crore fraud, state-owned Punjab National Bank (PNB) has cautioned other banks about the modus operandi of the scam. "It has been reported through a preliminary investigation that the suspected fraud has been carried out by the perpetrators in collusion with the staff of one of the our branches in Mumbai," PNB said in a letter sent to various banks, including those from the private and public sector as also to foreign lenders.
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