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Dr Reddys Laboratories Ltd Research Report - 07th Nov 2016

Pharmaceutical | Published on Nov 07th 2016

IT

Dr. Reddy’s Laboratories (DRL) posted results lower than expected on net profit front. While the sales were marginally higher than expected, operating profit was much lower than expected. In INR terms, the consolidated revenues came in at Rs3,586cr (vs. Rs3,500cr expected vs. Rs3,989cr in 2QFY2016), down by 10.1% yoy, mainly driven by pressure on the generic market. The global generic market with sales (Rs2,899.5cr, down by 12.0% yoy), mainly lead by the Europe (Rs177.6cr, 16% dip yoy) and Emerging market (Rs483.4cr, a yoy dip of 27%). The PSAI segment posted sales of Rs578.4cr, down by 2.0%. On the operating front, the EBIT margin came in at 8.7% (vs. 12.1% expected vs. 22.4% in 2QFY2016). Consequently, the PAT came in at Rs295cr (vs. Rs325cr expected vs. Rs722cr in 2QFY2016), a yoy de-growth of 59.2%. We maintain our Neutral rating on the stock.

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Sell

CMP 3,077
Target Price
Investment Period12 Months

Stock Info

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Shareholding Pattern (%)

Foreign54.0
Promoter27.0
Institution8.0
Public & Others8.0
Corporate3.0
Grand Total100.0

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