“Sun Pharmaceutical Industries FY10 annual report indicates continued major improvement in the domestic business’s working capital. Strong free cash generation continued, though at a lower pace than in FY09, owing to lower profit (due to Caraco issues and lower Protonix profitability) and the expected increase in Caraco’s receivables. Sun has more than USD 650 million in cash and equivalents, and a further USD 130 million in strategic investments that are not consolidated in financial statements. The domestic market remains the key strength, contributing over 70% of the company’s EBITDA (excluding one-off upsides in the US). Business remains strong across markets and should improve further as manufacturing restarts at Caraco facilities, which we expect in late FY11. We retain BUY with a target price of Rs 2111,” says IIFL research report.
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