ICICI Securities: Dr. Reddy’s Outperformance To Continue Post Q2
Capsules by Dr. Reddy’s Laboratories Ltd. are arranged for a photograph in Mumbai, India. (Photographer: Adeel Halim/Bloomberg)  

ICICI Securities: Dr. Reddy’s Outperformance To Continue Post Q2

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Securities Report

Dr. Reddy’s Laboratories has reported strong Q2 FY21 performance above our estimates on all fronts.

Revenue grew 20.1% YoY to Rs 49.0 billion (our estimate Rs 48.0 billion) driven by growth across segments.

Ebitda margin at 24.9% was higher than the estimated 23.7%. Adjusted profit after tax grew 98.5% to Rs 8.3 billion (our estimate Rs 6.3 billion).

U.S. grew 7.9% QoQ to $247 million led by new launches and traction in the base business.

India revenue grew 21.5% YoY aided by acquisition of Wockhardt’s domestic branded generics portfolio (June 2020).

Click on the attachment to read the full report:

ICICI Securities Dr Reddys Q2FY21 Results Update.pdf

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This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the brokerage and do not represent the views of BloombergQuint.

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