Sun Pharma Q1FY23 revenue/Ebitda /PAT was 2/4/13% above our estimates. The topline beat was driven by a 29% y-o-y sales increase in specialty segment. Ebitda was boosted by lower R&D while PAT benefited from lower taxes. Management indicated Winlevi ramp-up will continue in the coming quarters. We estimate Sitagliptin impact to be limited on FY23 …
