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Dr Reddy’s: Growth story remains intact; margins key monitorable

Dr Reddy's margins are likely to be weighed by recurring investments - digitization, brand building exercise & elevated R&D - in near to medium term

July 28, 2021 / 11:49 AM IST
Dr Reddy’s: Growth story remains intact; margins key monitorable

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Dr Reddy's Laboratories (CMP: Rs 4,843, Market Cap: Rs 80,574 crore) sharply corrected after reporting its June quarter numbers because of pricing pressure in the US market. Market sentiments were further eroded by weak commentary from Alembic Pharma for the pricing erosion in the Sartan portfolio in US. In addition, Granules India posted weak margins in its quarterly update and newsflow regarding a potential USFDA inspection at an Aurobindo Pharma facility also contributed to investor’s cautious stance on the...

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