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ICICI Securities Report
Dr. Reddy's Laboratories has reported strong Q2 FY21 performance above our estimates on all fronts.
Revenue grew 20.1% YoY to Rs 49.0 billion (our estimate Rs 48.0 billion) driven by growth across segments.
Ebitda margin at 24.9% was higher than the estimated 23.7%. Adjusted profit after tax grew 98.5% to Rs 8.3 billion (our estimate Rs 6.3 billion).
U.S. grew 7.9% QoQ to $247 million led by new launches and traction in the base business.
India revenue grew 21.5% YoY aided by acquisition of Wockhardt's domestic branded generics portfolio (June 2020).
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