Motilal Oswal - MOSL: Morning India (28/May/18): 1. Sun Pharma; 2. Tech Mahindra; 3. Pidilite Inds; 4. United Spirits; 5. Cadila Healthcare; 6. Bank of Baroda; 7. Divis Lab; 8. Page Industries

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Motilal Oswal

Team Research

MOSL: Morning India (28/May/18): 1. Sun Pharma; 2. Tech Mahindra; 3. Pidilite Inds; 4. United Spirits; 5. Cadila Healthcare; 6. Bank of Baroda; 7. Divi's Lab; 8. Page Industries

MOrning India (28/May/18): 1. Sun Pharma; 2. Tech Mahindra; 3. Pidilite Inds; 4. United Spirits; 5. Cadila Healthcare; 6. Bank of Baroda; 7. Divi's Lab; 8. Page Industries; 9. Cummins India; 10. NALCO

Today’s top research idea

Sun Pharma: Margin stable sequentially; Specialty pipeline to drive US business

SUNP's 4QFY18 revenue declined marginally by ~2% YoY to INR67.1b, led by 6.4% YoY de-growth in the US business (~35% of revenue).
US business sales declined to USD368m from USD381m in the year-ago period (3QFY18: USD328m), primarily due to pricing pressure and lower AG/Absorica sales because of the copay program.
Gross margin expanded sharply by ~580bp YoY (+540bp QoQ) to 73.6%. This, along with a decline in other expenditure by ~120bp (as % of sales), led to an improvement in the EBITDA margin to 21.1%. EBITDA rose ~15% YoY (+1.4% QoQ) to INR14.2b.
PAT stood at INR13b due milestone payment (~INR1.3b) and tax benefit (INR2.6b), adjusting for which PAT came in at INR9.2b.

Piping hot news

Three dozen companies line up IPOs worth Rs35,000 crore

The initial public offer (IPO) lane seems to get busier as three dozen companies have lined up initial share sale plans worth Rs35,000 crore in the coming months, largely to fund their expansion projects and working capital requirement.

28/05/2018 42 EN

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MOSL: Morning India (28/May/18): 1. Sun Pharma; 2. Tech Mahindra; 3. Pidilite Inds; 4. United Spirits; 5. Cadila Healthcare; 6. Bank of Baroda; 7. Divi's Lab; 8. Page Industries

MOSL : HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality

MOSL : SHOPPERS STOP: Ticking the right boxes

MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities

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