Axis Securities: Dr. Reddy’s Strong Growth Across Business Verticals
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Axis Securities Report
Dr. Reddy’s Laboratories Ltd. reported strong revenue growth approximately 20% YoY (inline to estimates) across business verticals based on new products launches and geographical expansions.
The company has launched 9/30/28 products in U.S./Europe/Emerging markets respectively in the last quarter that played major role to drive the growth.
The company is targeting 30 plus products to be launched in the U.S. market.
Gross margins fell by 500 basis points YoY majorily impacted by forex losses, product mix and loss of export incentives.
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