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Dr. Reddy's Laboratories
For 1QFY2012, Dr. Reddy's Laboratories (DRL) is expected to report net sales and profit of
`1,851cr and `245cr, registering growth of 10% and 16.9%, respectively. On the
operating front, OPM is expected to expand by 71bp to end the period at 15.2%. At the
CMP, the stock trades at 18.2x FY2012E and 16.7x FY2013E earnings, respectively. We
maintain our Buy recommendation with a target price of `1,920.
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