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ICICI Securities Report
Dr. Reddy's Laboratories Ltd.'s reported Q1 FY22 performance below our estimates due to higher expenses.
Revenue grew 11.4% y-o-y to Rs 49.2 billion (our estimate: Rs 50.2 billion) driven by India, Europe and rest of world markets.
Ebitda margin at 18.3% was lower 300 basis points q-o-q due to lower gross margin and higher selling, general and administrative expenses.
U.S. sales dropped 1.7% q-o-q to $235 million due to price erosion and we expect it to improve in coming quarters led by new launches including generic Vascepa.
We expect the growth momentum in branded generics business (India and emerging markets), supplies of Sputnik V vaccine and new launches in U.S. to continue in coming quarters supporting Dr. Reddy's overall growth.
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