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Dolat Capital Report
Dr. Reddy's Laboratories Ltd. reported a decent Q2 with strong performance in India (Wockhardt portfolio integration and Covid-19 products) and U.S. (new launches).
However, lower export incentive, higher price erosion, change in product mix and adverse currency impacted gross margins (54% in 2Q versus 56% in Q1), in line with estimates.
Adjusting for the impairment charge of Rs 781 million for intangibles, Ebitda margins was in line at 24.3%.
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