Positive on Dr Reddy's Labs, says Mayuresh Joshi

Mayuresh Joshi of Angel Broking told CNBC-TV18, "Positive developments are happening for Indoco Remedies and clearly if you look at Dr Reddy's Labs, with competition intensifying for Valcyte, the kind of expected sales that it used or it rather was expected to garner from the exclusivity, I think that can have some amount of impact even going forward. So, I think FY'17 numbers will be prune to a certain extent." "However, if you look at the larger picture, you have already seen calibrated sales happening. In Venezuela, you are probably seeing calibrated sales across the Pharmaceutical Services and Active Ingredients (PSAI) segment. The American markets have held up pretty well, the European markets have held up pretty well in terms of the topline growth as well as the Indian markets. So, strong Abbreviated New Drug Application (ANDA) pipeline, you have got a good combination of FTFs, Para IV and that should hold the company in good state," he said."Our own take is that 15 percent topline growth is possible over the next couple of years with 17-17.5 percent earnings growth possible over the next two years and again valuations have become very attractive at this point of time. So, we have maintained our positive and optimistic view on Dr Reddy's from a long-term perspective."