External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades.

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External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>Adjusted for multiple one-offs, Dr Reddy’s’ 2QFY25 PAT was in line with our and street estimates.</li><li>EBITDA was marginally ahead, aided by a sales beat in Russia and other emerging markets, and lower SG&amp;A.</li><li>Our view that EBITDA margin will revert to pre-gRevlimid levels (20-21%) by FY27E is predicated on the assumption that gross margin will revert to steady-state levels (52-53%).</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>

Adjusted for multiple one-offs, Dr Reddy’s’ 2QFY25 PAT was in line with our and street estimates.EBITDA was marginally ahead, aided by a sales beat in Russia and other emerging markets, and lower SG&amp;A.Our view that EBITDA margin will revert to pre-gRevlimid levels (20-21%) by FY27E is predicated on the assumption that gross margin will revert to steady-state levels (52-53%).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 - Operationally in Line; Gross Margin Weakness a Clear Negative