Dr. Reddy's Q4 Review - Niche Launches, Covid-19 Vaccine To Drive Earnings Growth: Motilal Oswal
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Motilal Oswal Report
Dr. Reddy’s Laboratories Ltd. delivered a marginally lower-than-expected performance in Q4 FY21, led by-
weak U.S. sales,
moderation in YoY growth in the India business, and
currency headwinds in Russia.
The company is progressing well with building a preventive/curative Covid-19 portfolio and gearing up for niche launches over the near-to-medium term.
We raise our earnings per share estimate by 5%/6% for FY22/FY23E and continue to value the company at a price/earning multiple of 25 times, factoring in -
improved visibility on the commercialisation of limited-competition products in North America,
superior execution in the domestic formulation segment, comprising the Covid and non-Covid portfolios, and
the extended benefit of lower operating costs due to travel restrictions on account of lockdown in India.
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