External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Dr. Reddy's Laboratories / Equity Bottom-Up

<ul><li>Motilal Oswal's research report onDr Reddy’s Labs Dr. Reddy’s Lab (DRRD) delivered 4QFY24 revenue in line with our estimate.</li><li>However, EBITDA was lower than expected due to higher SGA expenses and R&amp;D spending.</li><li>In addition to US generics/branded generics segments, DRRD is enhancing its offering through JVs/partnerships/acquisitions in nutraceuticals, vaccine, women’s health and dietary supplement space. Outlook We maintain our earnings estimates for FY25/FY26.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Motilal Oswal's research report onDr Reddy’s Labs Dr. Reddy’s Lab (DRRD) delivered 4QFY24 revenue in line with our estimate.However, EBITDA was lower than expected due to higher SGA expenses and R&amp;D spending.In addition to US generics/branded generics segments, DRRD is enhancing its offering through JVs/partnerships/acquisitions in nutraceuticals, vaccine, women’s health and dietary supplement space. Outlook We maintain our earnings estimates for FY25/FY26.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dr Reddy’s Labs - US/India Drive Earnings Growth

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>The US business reported sales of $391Mn (-3.0% QoQ), led by a lower base business of ~$245 Mn QoQ, gRevlimid ~$115 Mn QoQ, and acquisition business of $30-$35 Mn QoQ.</li><li>Ex-gRevlimid base business is impacted by higher price erosion and low volume offtake seasonally.</li><li>Major molecules like gSuboxone, gVascepa, gCiprodex, and gToprol are showing slightly low volume MS on a sequential business. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The US business reported sales of $391Mn (-3.0% QoQ), led by a lower base business of ~$245 Mn QoQ, gRevlimid ~$115 Mn QoQ, and acquisition business of $30-$35 Mn QoQ.Ex-gRevlimid base business is impacted by higher price erosion and low volume offtake seasonally.Major molecules like gSuboxone, gVascepa, gCiprodex, and gToprol are showing slightly low volume MS on a sequential business. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dr Reddy’s Laboratories Ltd - GRevlimid Revenue Topped Out

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Sharekhan's research report onDr Reddy’s Laboratories We reiterate our Buy rating on Dr.</li><li>Reddy’s after interacting with the management of the company in our recent visit to Hyderabad where they are positive on growth momentum led by Horizon 1 and Horizon 2 strategy.</li><li>North America to clock a 7% CAGR from FY24-26E driven by 25 new product launches in the generics segment (either FTFs or in the 1st wave), gRevlimid and biosimilar launches.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sharekhan's research report onDr Reddy’s Laboratories We reiterate our Buy rating on Dr.Reddy’s after interacting with the management of the company in our recent visit to Hyderabad where they are positive on growth momentum led by Horizon 1 and Horizon 2 strategy.North America to clock a 7% CAGR from FY24-26E driven by 25 new product launches in the generics segment (either FTFs or in the 1st wave), gRevlimid and biosimilar launches.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dr Reddy’s Laboratories Ltd - Transition from Generic to Niche Company

<ul><li>The US business reported sales of $410Mn (+5.5% QoQ), led by stable base business of ~$250 Mn QoQ, gRevlimid ~$120 Mn QoQ, and acquisition business of $30-$35 Mn QoQ.</li><li>Ex-gRevlimid base business is stable. Major molecules like gSuboxone, gVascepa, gCiprodex, and gToprol are showing stable MS on sequential business.</li><li>The company's North America generic business saw price erosion due to the competitive environment but benefited from the market share expansion in certain existing key products, revenue from new launches, and integration of the acquired portfolio.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The US business reported sales of $410Mn (+5.5% QoQ), led by stable base business of ~$250 Mn QoQ, gRevlimid ~$120 Mn QoQ, and acquisition business of $30-$35 Mn QoQ.Ex-gRevlimid base business is stable. Major molecules like gSuboxone, gVascepa, gCiprodex, and gToprol are showing stable MS on sequential business.The company's North America generic business saw price erosion due to the competitive environment but benefited from the market share expansion in certain existing key products, revenue from new launches, and integration of the acquired portfolio.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dr Reddy’s Laboratories Ltd - Stability in US and Indian Business

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Dr Reddy’s Laboratories: EBITDA grew (14% YoY) as +13% YoY sales growth (-3% QoQ US, +5% YoY in EU, +9% YoY EMs, and +34% YoY in RoW, India declined 12% YoY, adjusted growth was at 11%), steady gross margin (+65 bps YoY) and muted staff cost were offset by higher R&amp;D/SG&amp;A (+28/+22% YoY)</li><li>DRRD expects to sustain growth in the US over the next few years with steady traction in gRevlimid and new launches (20+ launches p.a for the next few years)</li><li>The company expects India to see steady growth in FY25, led by new launches, scale-up in key therapies, and in-licensing opportunities</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dr Reddy’s Laboratories: EBITDA grew (14% YoY) as +13% YoY sales growth (-3% QoQ US, +5% YoY in EU, +9% YoY EMs, and +34% YoY in RoW, India declined 12% YoY, adjusted growth was at 11%), steady gross margin (+65 bps YoY) and muted staff cost were offset by higher R&amp;D/SG&amp;A (+28/+22% YoY)DRRD expects to sustain growth in the US over the next few years with steady traction in gRevlimid and new launches (20+ launches p.a for the next few years)The company expects India to see steady growth in FY25, led by new launches, scale-up in key therapies, and in-licensing opportunitiesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Dr Reddy’s Laboratories, Lupin, IRB Infra, Max Financial

India

Dr. Reddy's Laboratories Limited provides a complete range of pharmaceutical services. The Company manufactures bulk drugs and formulations including verapamil and cephalexin. The Company also manufactures and exports molecules such as norfloxacin, ciprofloxacin, and varieties of semi-synthetic penicillin. The Company markets its products in India and around the world.

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Dr. Reddy's Laboratories (DRRD IN)

Dr Reddy’s Labs - US/India Drive Earnings Growth

Motilal Oswal's research report onDr Reddy’s Labs Dr.Reddy’s Lab (DRRD) delivered 4QFY24 revenue in line with our estimate.

Motilal Oswal

Dr Reddy’s Laboratories Ltd - GRevlimid Revenue Topped Out

The US business reported sales of $391Mn (-3.0% QoQ), led by a lower base business of ~$245 Mn QoQ, gRevlimid ~$115 Mn QoQ, and acquisition...

Axis Direct

Dr Reddy’s Laboratories Ltd - Transition from Generic to Niche Company

North America to clock a 7% CAGR from FY24-26E driven by 25 new product launches in the generics segment (either FTFs or in the 1st wave),...

Sharekhan

Dr Reddy’s Laboratories Ltd - Stability in US and Indian Business

The US business reported sales of $410Mn (+5.5% QoQ), led by stable base business of ~$250 Mn QoQ, gRevlimid ~$120 Mn QoQ, and acquisition business...

Axis Direct

HSIE Results Daily: Dr Reddy’s Laboratories, Lupin, IRB Infra, Max Financial

DRRD expects to sustain growth in the US over the next few years with steady traction in gRevlimid and new launches (20+ launches p.a for the next...

HDFC Securities

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