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Dr Reddys Laboratories Ltd Research Report - 22nd Feb 2017

Pharmaceutical | Published on Feb 22nd 2017

IT

Dr. Reddy’s Laboratories (DRL) posted lower than expected results for 3QFY2017. In INR terms, the consolidated revenues came in at Rs3,707cr (v/s. Rs4,000cr expected) v/s. Rs3,989cr in 3QFY2016, down 6.6% yoy, mainly driven by pressure on the generic market. The global generic market with sales at Rs3,064cr (down 9.0% yoy), was mainly lead by Europe (Rs214.8cr, up 11% yoy) and Emerging market (Rs594.8cr, a yoy dip of 7%). The PSAI segment posted sales of Rs540cr, up 6.0% yoy. On the operating front, the EBIT margin came in at 9.7% (v/s. 17.1% expected) v/s. 18.8% in 3QFY2016. Consequently, the PAT came in at Rs470cr (v/s. Rs536cr expected) v/s. Rs579cr in 3QFY2016, a yoy de-growth of 18.8%. We maintain our Neutral rating.

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Sell

CMP 2,899
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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