In today’s briefing:
- Dr. Reddy’s Laboratories (DRRD IN): Q3FY25 Result- Subdued US Business Dents Margin; Somber Outlook
- Lucror Analytics – Morning Views Asia
Dr. Reddy’s Laboratories (DRRD IN): Q3FY25 Result- Subdued US Business Dents Margin; Somber Outlook
- Dr. Reddy’s Laboratories (DRRD IN) reported Q3FY25 US business revenue of INR33.8B, up 1% YoY, mainly dragged by lower contribution from Lenalidomide. Q3FY25 EBITDA margin deteriorated to 27.5% (Q3FY24: 29.3%).
- Limited growth catalysts remain major overhang. No near-term key launches lined-up to fill the void created by Lenalidomide. Moreover, paltry new launches in the U.S. entail limited revenue visibility.
- Lack of near-term catalyst and bleak growth outlook justify cheaper valuation of Dr. Reddy’s. We do not consider Dr. Reddy’s as value buying opportunity and remain bearish on the name.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Bharti Airtel, SK Hynix, Adani Green Energy, Wynn Macau, New World Development
- In the US, initial jobless claims for the week ended January 18th rose slightly to 223 k (220 k e / 217 k p). Meanwhile, continuing claims climbed to a three-year high of 1.90 mn (1.87 mn e / 1.85 mn p).
- Treasuries ended mixed yesterday. The yield on the 2Y UST declined 1 bp to 4.29%, while the yield on the 10Y UST grew 3 bps to 4.64%.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
