Buy Dr. Reddy`s Laboratories Ltd For Target Rs. 5,800 - Anand Rathi Share and Stock Brokers
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Q3-FY23 Result Update
* Dr. Reddy’s Laboratories Ltd. revenue for the quarter stood at ?67,898 million, grew by 27.9% YoY on consolidated basis. Segment wise revenue from Global Generic, Pharmaceutical services and active ingredients (PSAI) and Others segment stood at ? 59,200 million ?7,800 million and ?700 million, grew by 33%, 7% and (51%) YoY respectively.
* Revenue from Gobal generic business was primarily driven by new product launches, increase in volumes of their base business and favorable forex movement, offset partially due to price erosion in their generic market. Revenue from PSAI segment was driven by forex movement and increase in volume partially offset by price erosion.
* Region wise revenue from North America, Europe, India and Emerging markets stood at ?30,600 million, ?4,300 million, ?11,300 million and 13,100 million, grew by 64%, 6%, 10%, 14% YoY respectively.
* The SG&A spends for the quarter stood at ?17,980 million, grew by 17% YoY. The spends in quarter reflect an increase in investment , certain one-off expenses and an impact of the Forex rate. The R&D expenses for the quarter stood at ?4,820 million. Effective tax rate for the quarter has been 23.7%. Management expects tax rate to be within the range of 25% to 26%.
* On profitability front, the EBITDA from operations for the quarter stood at ?19,385 million with a margin of 28.6%, increase of 578 basis points on YOY basis. The company achieved the reported PAT of ?12,439 million with a net margin of 18.3%, increase of 503 basis points on YoY basis translating into EPS of ?74.76 per share for the quarter.
* Operating working capital decrease by ?4,900 million. The decrease is majorly due to higher collection of receivables and some increase in sales. Company’s capital investment stood at ?2,920 million. Company generated healthy cash flow during the quarter of ?19,750 million.
* Company has launched 5 new products in US and filed 1 new ANDA during the quarter. As of 31st December 22, cumulatively 78 generic filings are pending for approval with the USFDA (75 ANDAs and 3 NDAs). The ANDA and Drug master filing are expected to significantly improve during Q4.
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