SUN reported an EPS of LKR 1.90 (+2% YoY) for 1Q FY25 as PATMI remained intact at LKR 936mn. Group turnover grew by 7% YoY to LKR 14.2bn driven by the Healthcare segment which offset the degrowth of Consumer and Agri segments. Group EBIT margin stood at 14.6% (vs previous 15.1%) but improved QoQ from 9.6% in 4Q FY24. Net finance costs for the quarter saw an 83% YoY drop to LKR 24.9mn. We remain bullish on SUN in the medium to long term, driven by the performance of the Healthcare segment. Scaling up of pharma manufacturing in particular is expected to boost the long-term group value. Export business will remain key for the growth of Consumer segment in the near term. We maintain our BUY call with a TP of LKR 89.00 on SOTP valuation.