Accumulate Dr Reddys; target Rs 3662: Kotak Sec

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26 Aug, 2025 12:21

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Kotak Securities' report on Dr Reddys Laboratories

"DRL posted highest ever quarterly sales and EBDTA in 3QFY15 in spite of turmoil in Russia and other RoW markets. Revenues at Rs 38.4bn were up 9% YoY, US revenues were Rs 16.8bn are up 4% YoY on a high base but up 17% QoQ. India revenues were up 10% YoY whereas Russia was down 25% YoY due to currency impact. EBIDTA margins adjusted for impairment cost stood at 24.6% were down 299bps YoY (due to high margin product in base qrt) and up 188bps QoQ, margins better than expectations. Dr Reddy's posted higher interest income at Rs 1,013 mn, however higher tax outgo at 31% led to in line PAT. A PAT was at Rs 6.17 bn. Maintain ACCUMULATE with a target price of Rs 3662, 21x FY17 EPS of Rs.174.4", says Kotak Securities research report.

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