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ICICI Direct Report
Dr. Reddy's Laboratories Ltd.'s Q2 revenues grew 2.0% YoY to Rs 4911 crore (our estimate Rs 4564 crore) mainly due to strong growth across segments partly offset by high base effect in Q2 FY20 (divestiture of certain proprietary products).
U.S. revenues grew 28.5% YoY to Rs 1833 crore on the back of rupee depreciation and new product launches.
Domestic revenues grew 21.5% YoY to Rs 912 crore due to Wockhardt integration and Covid-19 products.
Ebitda margins expanded 144 basis points YoY to 23.5% (our estimate 22.7%) due to lower other expenses partly offset by higher raw material and staff costs.
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