Fwd: Dr Reddy's Lab Q2FY12 Result Update; Para-IV Upsides Priced-in - Maintain Hold; Target: Rs 1,604

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Deepak Vaishnav

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Oct 30, 2011, 8:53:50 AM10/30/11
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Dr. Reddy’s Lab

Para-IV Upsides Priced-in - Maintain Hold

 

HOLD

 

CMP: Rs 1,580                                        Target Price: Rs 1,604

n     Q2FY12 revenues were in-line with our expectations. Revenues at Rs22.7bn (up 21%YoY), b) EBITDA at Rs4.8bn (up 18% YoY) and c) APAT at Rs3bn (up 4% YoY)

n     Revenues were driven by 42% growth in North America and 23% increase in Russia & CIS revenues

n     Growth in India business still remains a concern with a growth of 9% this quarter vs. 13-14% industry growth

n     Upsides from Para-IVs largely factored-in. Maintain Hold rating with a price target of Rs1604

 

Regards,

Deepak Malik

Senior Research Analyst | Emkay Global Financial Services Ltd. | www.emkayglobal.com | Email : deepak...@emkayglobal.com  

Board No. : +91-22-66121212 | Extn. : 257 | DID : 66121257 | Mob : +91 9769811227 |

 


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Dr Reddys Lab Q2FY12 Result Update.pdf
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