Accumulate Dr Reddys; target of Rs 3368: P Lilladher

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26 Aug, 2025 12:21

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Prabhudas Lilladher's report on Dr Reddys Laboratories

"Dr Reddy’s outperformed the consensus estimates with 9% YoY growth in revenue and 24.6% adj. EBITDA margin in Q3FY15. Dr Reddy’s surprised with higher sales in Russia (due to partial hedge and steep Rouble depreciations towards the end of the quarter). ROW sales however were contributed by strong growth in Venezuela though there are concerns over restrictions over cash repatriation from the country. While hedge on ROW sales saves the translation loss, the lower operational expenditures in ROW helped to report better EBITDA margin due to strong depreciation in EM currencies. The company’s near term prospect in US has improved with six new launches in Q3FY15 and we expect US sales to maintain at US$260-280m in Q4FY15E. We increase our TP by 5% to Rs 3,368 while maintaining recommendation at ‘Accumulate’ due to potential risk in Bolivar and Rouble", says Prabhudas Lilladher research report.

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