External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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>Motilal Oswal's research report onDr Reddy’s Labs Dr. Reddy’s Lab (DRRD) delivered 4QFY24 revenue in line with our estimate.</li><li>However, EBITDA was lower than expected due to higher SGA expenses and R&amp;D spending.</li><li>In addition to US generics/branded generics segments, DRRD is enhancing its offering through JVs/partnerships/acquisitions in nutraceuticals, vaccine, women’s health and dietary supplement space. Outlook We maintain our earnings estimates for FY25/FY26.</li></ul>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.

Motilal Oswal's research report onDr Reddy’s Labs Dr. Reddy’s Lab (DRRD) delivered 4QFY24 revenue in line with our estimate.However, EBITDA was lower than expected due to higher SGA expenses and R&amp;D spending.In addition to US generics/branded generics segments, DRRD is enhancing its offering through JVs/partnerships/acquisitions in nutraceuticals, vaccine, women’s health and dietary supplement space. Outlook We maintain our earnings estimates for FY25/FY26.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 Labs - US/India Drive Earnings Growth

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>The US business reported sales of $391Mn (-3.0% QoQ), led by a lower base business of ~$245 Mn QoQ, gRevlimid ~$115 Mn QoQ, and acquisition business of $30-$35 Mn QoQ.</li><li>Ex-gRevlimid base business is impacted by higher price erosion and low volume offtake seasonally.</li><li>Major molecules like gSuboxone, gVascepa, gCiprodex, and gToprol are showing slightly low volume MS on a sequential business. </li></ul>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.

The US business reported sales of $391Mn (-3.0% QoQ), led by a lower base business of ~$245 Mn QoQ, gRevlimid ~$115 Mn QoQ, and acquisition business of $30-$35 Mn QoQ.Ex-gRevlimid base business is impacted by higher price erosion and low volume offtake seasonally.Major molecules like gSuboxone, gVascepa, gCiprodex, and gToprol are showing slightly low volume MS on a sequential business. 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 - GRevlimid Revenue Topped Out

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 13% revenue growth to INR71.1B in Q4FY24. EBITDA climbed 15% to INR18.7B, while net profit zoomed 36% to INR13.1B.</li>
<li>North America revenue grew 29% YoY to INR32.6B, driven by increase in volumes of base business, contribution from new launches, integration of Mayne portfolio, partly offset by price erosion.</li>
<li>After adjusting for brand divestment, revenue from India increased 11% YoY. Gross margin improved 140bps YoY and 10bps QoQ to 58.6%, due to better product mix and cost savings.</li>
</ul>



Dr. Reddy's Laboratories (DRRD IN) reported 13% revenue growth to INR71.1B in Q4FY24. EBITDA climbed 15% to INR18.7B, while net profit zoomed 36% to INR13.1B.
North America revenue grew 29% YoY to INR32.6B, driven by increase in volumes of base business, contribution from new launches, integration of Mayne portfolio, partly offset by price erosion.
After adjusting for brand divestment, revenue from India increased 11% YoY. Gross margin improved 140bps YoY and 10bps QoQ to 58.6%, due to better product mix and cost savings.


Dr. Reddy's Laboratories (DRRD IN): Q4 Result- Sequentially Weak Quarter; Time to Book Profit

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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>Sharekhan's research report onDr Reddy’s Laboratories We reiterate our Buy rating on Dr.</li><li>Reddy’s after interacting with the management of the company in our recent visit to Hyderabad where they are positive on growth momentum led by Horizon 1 and Horizon 2 strategy.</li><li>North America to clock a 7% CAGR from FY24-26E driven by 25 new product launches in the generics segment (either FTFs or in the 1st wave), gRevlimid and biosimilar launches.</li></ul>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.

Sharekhan's research report onDr Reddy’s Laboratories We reiterate our Buy rating on Dr.Reddy’s after interacting with the management of the company in our recent visit to Hyderabad where they are positive on growth momentum led by Horizon 1 and Horizon 2 strategy.North America to clock a 7% CAGR from FY24-26E driven by 25 new product launches in the generics segment (either FTFs or in the 1st wave), gRevlimid and biosimilar launches.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 - Transition from Generic to Niche Company

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>A group of shareholders raised around US$530m in <a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a>(MP) IPO in May 2023. The pre-IPO shareholders will be released from their lockup soon.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>In this note, we will talk about the lock-up dynamics and recent updates.</li>
</ul>


A group of shareholders raised around US$530m in Mankind Pharma(MP) IPO in May 2023. The pre-IPO shareholders will be released from their lockup soon.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
In this note, we will talk about the lock-up dynamics and recent updates.


Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

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 Labs - US/India Drive Earnings Growth

Motilal Oswal's research report onDr Reddy’s Labs Dr.Reddy’s Lab (DRRD) delivered 4QFY24 revenue in line with our estimate.

Motilal Oswal

Dr Reddy’s Laboratories Ltd - GRevlimid Revenue Topped Out

The US business reported sales of $391Mn (-3.0% QoQ), led by a lower base business of ~$245 Mn QoQ, gRevlimid ~$115 Mn QoQ, and acquisition...

Axis Direct