External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Dr. Reddy's Laboratories / Equity Bottom-Up

<ul><li>Dr Reddy Q2FY22 reported revenue growth of 9.4% YoY which stood above our expectations. </li><li>The growth was driven by the launch of gRevlimid in the US and sequential improvement in Russian sales, which was only partially offset by price erosion in the generic business.</li><li>The US sales of $354 Mn, comprising $125 Mn from gRevlimid, are expected to be on the lower side.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Dr Reddy Q2FY22 reported revenue growth of 9.4% YoY which stood above our expectations. The growth was driven by the launch of gRevlimid in the US and sequential improvement in Russian sales, which was only partially offset by price erosion in the generic business.The US sales of $354 Mn, comprising $125 Mn from gRevlimid, are expected to be on the lower side.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dr. Reddy’s Laboratories Ltd - New Launches to Add Growth and Profitability!

Thematic (Sector/Industry)

<ul><li>In Q2FY23, Pharma sector expected to be benefitted by factors like Currency depreciation, fall in raw material prices, low crude prices and correction in shipping prices could add to revenue growth and improvement in gross margins.</li><li>The Pharma universe under our coverage could report aggregate Revenue/EBITDA/PAT growth of 5.6%/-4.8%/-2.2% YoY.</li><li>Currency (Rs) has depreciated by 5.0% that could add major contribution to overall growth of 6.2% for last quarter.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

In Q2FY23, Pharma sector expected to be benefitted by factors like Currency depreciation, fall in raw material prices, low crude prices and correction in shipping prices could add to revenue growth and improvement in gross margins.The Pharma universe under our coverage could report aggregate Revenue/EBITDA/PAT growth of 5.6%/-4.8%/-2.2% YoY.Currency (Rs) has depreciated by 5.0% that could add major contribution to overall growth of 6.2% for last quarter.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Russia Business: DRL’s business was strong in 4QFY22, partially due to overstocking, which should normalize in 1QFY23.</li></ul><div><div><div><div><ul><li>India Branded Prescription Business: DRL is aiming to keep improving its ranking in the IPM.</li></ul><div><div><div><div><ul><li>Novartis brands’ acquisition: The acquired brands will be promoted with a mix of existing field force and addition of new salesforce.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Russia Business: DRL’s business was strong in 4QFY22, partially due to overstocking, which should normalize in 1QFY23.India Branded Prescription Business: DRL is aiming to keep improving its ranking in the IPM.Novartis brands’ acquisition: The acquired brands will be promoted with a mix of existing field force and addition of new salesforce.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dr. Reddy's Laboratories - Management Meet Update

<div><div><div><div><ul><li>Dr. Reddy's reported revenue at Rs54,368mn, up 15% YoY and 2.2% QoQ. EBITDA stood at Rs12,981mn, up 14.6% YoY and 2.5% QoQ.</li><li>EBITDA margin stood at 23.9%, down 9bps YoY, but up 8bps QoQ. </li><li>Profit After Tax (PAT) stood at Rs875mn, down 84.2% YoY and 87.6% QoQ.</li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Dr. Reddy's reported revenue at Rs54,368mn, up 15% YoY and 2.2% QoQ. EBITDA stood at Rs12,981mn, up 14.6% YoY and 2.5% QoQ.EBITDA margin stood at 23.9%, down 9bps YoY, but up 8bps QoQ. Profit After Tax (PAT) stood at Rs875mn, down 84.2% YoY and 87.6% QoQ.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dr. Reddy's Laboratories - Strong Growth Across Business Segments

<ul><li>Dr Reddy Q4FY22 reported revenue growth of 14.8% YoY (vs. our expectations of 8.0% YoY), led by strong performance in geographies such as the US, India, and Emerging Markets. </li><li>The company is building a global pipeline of biosimilars, developments of NCE for Immuno-oncology, and building up a Neutraceuticals portfolio, vaccines, CDMO, and digital healthcare platforms</li><li>However, high inflation could decrease margins prompting us to reduce TP to Rs 4,500/share.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Dr Reddy Q4FY22 reported revenue growth of 14.8% YoY (vs. our expectations of 8.0% YoY), led by strong performance in geographies such as the US, India, and Emerging Markets. The company is building a global pipeline of biosimilars, developments of NCE for Immuno-oncology, and building up a Neutraceuticals portfolio, vaccines, CDMO, and digital healthcare platformsHowever, high inflation could decrease margins prompting us to reduce TP to Rs 4,500/share.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dr Reddys Labs: Stable Results Despite Industry Headwinds; Maintain BUY

India

Dr. Reddy's Laboratories Limited provides a complete range of pharmaceutical services. The Company manufactures bulk drugs and formulations including verapamil and cephalexin. The Company also manufactures and exports molecules such as norfloxacin, ciprofloxacin, and varieties of semi-synthetic penicillin. The Company markets its products in India and around the world.

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Dr. Reddy's Laboratories (DRRD IN)

Dr. Reddy’s Laboratories Ltd - New Launches to Add Growth and Profitability!

The growth was driven by the launch of gRevlimid in the US and sequential improvement in Russian sales, which was only partially offset by price...

Axis Direct

Pharma Q2fy23 Preview

The Pharma universe under our coverage could report aggregate Revenue/EBITDA/PAT growth of 5.6%/-4.8%/-2.2% YoY. Currency (Rs) has depreciated by 5.0%

Axis Direct

Dr. Reddy's Laboratories - Management Meet Update

We hosted the management of Dr. Reddy’s Laboratories Ltd at our Annual Investor Conference to discuss the business outlook. The company expects to...

Nirmal Bang

Dr. Reddy's Laboratories - Strong Growth Across Business Segments

We reiterate our Buy rating on Dr. Reddy’s Laboratories (DRL) with a target price (TP) of Rs5,424. 4QFY22 earnings performance was above expectations

Nirmal Bang

Dr Reddys Labs: Stable Results Despite Industry Headwinds; Maintain BUY

The company is building a global pipeline of biosimilars, developments of NCE for Immuno-oncology, and building up a Neutraceuticals portfolio,...

Axis Direct

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