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Dr. Reddy’s Labs
For 1QFY2012, DRL has reported sales and net profit of `1,978cr and `262cr, registering
a growth 17.5% and 25.1% respectively. The growth on the topline was driven by Global
generics, which grew by 21.0% and PSAI, which grew by 7.4%. On the OPM front, the
margins dipped by 130bps to end at 13.2%. Adjusting for the extra-ordinary items the
OPM’s at 14.4% were stagnant. At CMP, the stock trades at 17.8x FY2012E and 16.3x
FY2013E earnings, we maintain our BUY rating on the stock. We shall release a detailed
result note with a revised target price shortly.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Dr. Reddy’s Labs
For 1QFY2012, DRL has reported sales and net profit of `1,978cr and `262cr, registering
a growth 17.5% and 25.1% respectively. The growth on the topline was driven by Global
generics, which grew by 21.0% and PSAI, which grew by 7.4%. On the OPM front, the
margins dipped by 130bps to end at 13.2%. Adjusting for the extra-ordinary items the
OPM’s at 14.4% were stagnant. At CMP, the stock trades at 17.8x FY2012E and 16.3x
FY2013E earnings, we maintain our BUY rating on the stock. We shall release a detailed
result note with a revised target price shortly.
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