External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

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Equity Bottom-Up

Dr. Reddy's Laboratories / Equity Bottom-Up

<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

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-reddy-s-laboratories-ltd" target="_blank" data-smartkarma-citation="entities:16406:1" rel="noopener">Dr. Reddy's Laboratories (DRRD IN)</a> reported 15% y/y growth in revenue in Q4, driven by strong performance across all the markets. Adjusted for one-offs, net profit grew 54% y/y.</li>
<li>Despite pricing pressure, the U.S. business should continue its growth momentum with better traction in key products launched in FY22 and upcoming new launches, including generic version of Revlimid.</li>
<li>Inflationary pressure (raw material, freight), lower offtake of COVID-related products in India, and currency headwinds in emerging markets are some downside risks for the company.</li>
</ul>



Dr. Reddy's Laboratories (DRRD IN) reported 15% y/y growth in revenue in Q4, driven by strong performance across all the markets. Adjusted for one-offs, net profit grew 54% y/y.
Despite pricing pressure, the U.S. business should continue its growth momentum with better traction in key products launched in FY22 and upcoming new launches, including generic version of Revlimid.
Inflationary pressure (raw material, freight), lower offtake of COVID-related products in India, and currency headwinds in emerging markets are some downside risks for the company.


Dr. Reddy's Laboratories (DRRD IN) 4QFY22: Double-Digit Sales Growth; One-Off Charge Impacted Profit

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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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.

<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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aurobindo-pharma-ltd" target="_blank" data-smartkarma-citation="entities:19974:1" rel="noopener">Aurobindo Pharma (ARBP IN)</a> has been issued six observations for its oral manufacturing unit by the FDA, which will further impact its business. The company closed its New Jersey facility.</li>
<li>Aurobindo’s recent acquisition of Veritaz Health for INR1.7 billion does not really fit for the company's high hope for the domestic formulation business. </li>
<li>Aurobindo shares are trading at a forward P/E of 10.9x, which is cheaper than the peers. However, the company is not expected to see multiple expansion in near future.  </li>
</ul>



Aurobindo Pharma (ARBP IN) has been issued six observations for its oral manufacturing unit by the FDA, which will further impact its business. The company closed its New Jersey facility.
Aurobindo’s recent acquisition of Veritaz Health for INR1.7 billion does not really fit for the company's high hope for the domestic formulation business. 
Aurobindo shares are trading at a forward P/E of 10.9x, which is cheaper than the peers. However, the company is not expected to see multiple expansion in near future.  


Aurobindo Pharma (ARBP IN): Regulatory Issues Continue to Haunt the Company

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 - 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