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Time of India
14-05-2025
- Business
- Time of India
Dr Reddy's Laboratories: JM Financial maintains Buy on Dr. Reddy's Laboratories, lowers target price to Rs 1418
ADVERTISEMENT JM Financial has maintained Buy call on Dr. Reddy's Laboratories with a revised target price of Rs 1,418 (Earlier Rs 1,723). The current market price of Dr. Reddy's Laboratories Ltd. is Rs 1234.95 Time period given by analyst is year when Dr. Reddy's Laboratories, the price can reach defined target. Dr. Reddy's, incorporated in 1984, is a Large Cap company with a market cap of Rs 103430.74 crore, operating in Pharmaceuticals Reddy's key products/revenue segments include Pharmaceuticals, Licence Fees, Spent Chemicals, Scrap, Service Income and Other Operating Revenue for the year ending the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 9050.50 crore, up 6.08% from last quarter Total Income of Rs 8531.40 crore and up 23.79% from last year same quarter Total Income of Rs 7311.30 crore. The company has reported net profit after tax of Rs 1581.20 crore in the latest company's top management includes Mr.K Satish Reddy, Wan, Dr.K P Krishnan, M Kumar, Mehta, Sharma, Puri, Morparia, Albrecht, Mr.G V Prasad, Seth. Company has S R Batliboi & Associates LLP as its auditors. As on 31-03-2025, the company has a total of 83 crore shares Financial expects the FY26 topline to grow at 23% with EBITDA margins to remain at similar levels as FY25. They have revised the FY26E topline upwards by 8% on account of expected Revlimid sales being greater than those earlier anticipated. Beyond FY26, Semaglutide and Biosimilars (including Abatacept) are expected to drive business performance. DRRD plans to be present in all Semaglutide markets losing exclusivity in CY26, while Abatacept is scheduled for launch in CY27. The brokerage believes the Street is underestimating the Semaglutide opportunity for Dr. Reddy's. While it may not fully replace Revlimid sales, it could substantially mitigate the earnings decline in FY27. Though Canada, Brazil, India and China are the key Sema markets losing protection in CY26, a number of Emerging Market countries too are going off patent and thus JM Financial has increased its FY27E sales by 5% leading to a 6% increase in FY27E EBITDA. Further, the Indian Pharma companies are entering lower earning growth phase post FY26, thus we have reduced the 1 year forward P/E multiple by 19% to 21x. At an 21x PE Dr Reddys Laboratories on FY27 EPS, the stock remains attractive compared to peers. The brokerage maintains a BUY rating with a target price of Rs 1, held 26.64 per cent stake in the company as of 31-Mar-2025, while FIIs owned 25.75 per cent, DIIs 25.45 per cent.
Time of India
14-05-2025
- Business
- Time of India
JM Financial maintains Buy on Dr. Reddy's Laboratories, lowers target price to Rs 1418
JM Financial has maintained Buy call on Dr. Reddy's Laboratories with a revised target price of Rs 1,418 (Earlier Rs 1,723). The current market price of Dr. Reddy's Laboratories Ltd. is Rs 1234.95 Time period given by analyst is year when Dr. Reddy's Laboratories, the price can reach defined target. Dr. Reddy's, incorporated in 1984, is a Large Cap company with a market cap of Rs 103430.74 crore, operating in Pharmaceuticals sector. Dr. Reddy's key products/revenue segments include Pharmaceuticals, Licence Fees, Spent Chemicals, Scrap, Service Income and Other Operating Revenue for the year ending 31-Mar-2024. Financials For the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 9050.50 crore, up 6.08% from last quarter Total Income of Rs 8531.40 crore and up 23.79% from last year same quarter Total Income of Rs 7311.30 crore. The company has reported net profit after tax of Rs 1581.20 crore in the latest quarter. The company's top management includes Mr.K Satish Reddy, Wan, Dr.K P Krishnan, M Kumar, Mehta, Sharma, Puri, Morparia, Albrecht, Mr.G V Prasad, Seth. Company has S R Batliboi & Associates LLP as its auditors. As on 31-03-2025, the company has a total of 83 crore shares outstanding. Investment Rationale JM Financial expects the FY26 topline to grow at 23% with EBITDA margins to remain at similar levels as FY25. They have revised the FY26E topline upwards by 8% on account of expected Revlimid sales being greater than those earlier anticipated. Beyond FY26, Semaglutide and Biosimilars (including Abatacept) are expected to drive business performance. DRRD plans to be present in all Semaglutide markets losing exclusivity in CY26, while Abatacept is scheduled for launch in CY27. The brokerage believes the Street is underestimating the Semaglutide opportunity for Dr. Reddy's. While it may not fully replace Revlimid sales, it could substantially mitigate the earnings decline in FY27. Though Canada, Brazil, India and China are the key Sema markets losing protection in CY26, a number of Emerging Market countries too are going off patent and thus JM Financial has increased its FY27E sales by 5% leading to a 6% increase in FY27E EBITDA. Further, the Indian Pharma companies are entering lower earning growth phase post FY26, thus we have reduced the 1 year forward P/E multiple by 19% to 21x. At an 21x PE Dr Reddys Laboratories on FY27 EPS, the stock remains attractive compared to peers. The brokerage maintains a BUY rating with a target price of Rs 1,418. Promoter/FII Holdings Promoters held 26.64 per cent stake in the company as of 31-Mar-2025, while FIIs owned 25.75 per cent, DIIs 25.45 per cent.
Economic Times
14-05-2025
- Business
- Economic Times
JM Financial maintains Buy on Dr. Reddy's Laboratories, lowers target price to Rs 1418
JM Financial has maintained Buy call on Dr. Reddy's Laboratories with a revised target price of Rs 1,418 (Earlier Rs 1,723). The current market price of Dr. Reddy's Laboratories Ltd. is Rs 1234.95 Time period given by analyst is year when Dr. Reddy's Laboratories, the price can reach defined target. Dr. Reddy's, incorporated in 1984, is a Large Cap company with a market cap of Rs 103430.74 crore, operating in Pharmaceuticals sector. ADVERTISEMENT Dr. Reddy's key products/revenue segments include Pharmaceuticals, Licence Fees, Spent Chemicals, Scrap, Service Income and Other Operating Revenue for the year ending 31-Mar-2024. Financials For the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 9050.50 crore, up 6.08% from last quarter Total Income of Rs 8531.40 crore and up 23.79% from last year same quarter Total Income of Rs 7311.30 crore. The company has reported net profit after tax of Rs 1581.20 crore in the latest quarter. The company's top management includes Mr.K Satish Reddy, Wan, Dr.K P Krishnan, M Kumar, Mehta, Sharma, Puri, Morparia, Albrecht, Mr.G V Prasad, Seth. Company has S R Batliboi & Associates LLP as its auditors. As on 31-03-2025, the company has a total of 83 crore shares outstanding. Investment Rationale ADVERTISEMENT JM Financial expects the FY26 topline to grow at 23% with EBITDA margins to remain at similar levels as FY25. They have revised the FY26E topline upwards by 8% on account of expected Revlimid sales being greater than those earlier anticipated. Beyond FY26, Semaglutide and Biosimilars (including Abatacept) are expected to drive business performance. DRRD plans to be present in all Semaglutide markets losing exclusivity in CY26, while Abatacept is scheduled for launch in CY27. The brokerage believes the Street is underestimating the Semaglutide opportunity for Dr. Reddy's. While it may not fully replace Revlimid sales, it could substantially mitigate the earnings decline in FY27. Though Canada, Brazil, India and China are the key Sema markets losing protection in CY26, a number of Emerging Market countries too are going off patent and thus JM Financial has increased its FY27E sales by 5% leading to a 6% increase in FY27E EBITDA. Further, the Indian Pharma companies are entering lower earning growth phase post FY26, thus we have reduced the 1 year forward P/E multiple by 19% to 21x. At an 21x PE Dr Reddys Laboratories on FY27 EPS, the stock remains attractive compared to peers. The brokerage maintains a BUY rating with a target price of Rs 1, Holdings Promoters held 26.64 per cent stake in the company as of 31-Mar-2025, while FIIs owned 25.75 per cent, DIIs 25.45 per cent. (You can now subscribe to our ETMarkets WhatsApp channel) Disclaimer: Views and recommendations given in this section are the analysts' own and do not represent those of Please consult your financial adviser before taking any position in the stock/s mentioned.
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Business Standard
12-05-2025
- Business
- Business Standard
Dr Reddy's: Brokerage reports by JM Financial, Motilal Oswal as stock up 4%
Dr Reddy's stock price today Shares of Dr Reddy's Laboratories (DRL) surged 4 per cent to ₹ 1,203.60 on the BSE in Monday's intra-day trade amid heavy volumes after the company reported its March 2025 quarter earnings. The stock bucked the overall trend in the pharma stocks on Monday. Nifty Pharma index lost 2 per cent in intra-day deals on reports that US President Donald Trump is planning to lower prescription drug prices by making sure Americans don't pay more than people in the cheapest countries. MORE DETAILS HERE At 10:45 am; DRL stock was trading 3.9 per cent higher at ₹ 1,201.25, as compared to 1 per cent rise in the BSE Healthcare index. The average trading volumes on the counter jumped over two-fold. A combined 3.24 million equity shares have changed hands on the NSE and BSE. Dr Reddy's Q4 result DRL posted a 22 per cent year-on-year (Y-o-Y) rise in consolidated profit after tax (PAT) for the fourth quarter of 2024-25 at ₹1,593.9 crore. The PAT beat enabled by higher Net Finance income and lower taxation due to reversal of tax provisions and the foreign currency translation reserve (FCTR) transfer being non-taxable. Revenues for the period were up 20 per cent to ₹8,506 crore. The outperformance in topline is driven by significant jump in Europe because of Nicotine Replacement Therapy (NRT) acquisition, supported by contribution from generics portfolio. Earnings before interest, taxes, depreciation and amortisation (Ebitda) for the quarter was up 16.1 per cent at ₹2,050 crore. Ebitda margin dipped 80bp YoY to 24 per cent, due to lower gross margins and elevated SG&A. Dr. Redd's Laboratories posted healthy growth in revenue across the segments, partly aided by the addition of acquired businesses. In addition, pharmaceutical services and active ingredients saw a healthy revival in FY25 performance vs. the muted show in FY23/FY24. Management has guided for double-digit growth in FY26, with margins expected to remain similar to FY25 levels. Beyond FY26, Semaglutide and Biosimilars (including Abatacept) are expected to drive business performance. Brokerage view: JM Financial Institutional Securities Analysts at JM Financial expect the DRL's FY26 topline to grow at 23 per cent with Ebitda margins to remain at similar levels as seen in FY25. The brokerage firm has revised FY26E topline upwards by 8 per cent on account of expected Revlimid sales being greater than those earlier anticipated. Beyond FY26, Semaglutide and Biosimilars (including Abatacept) are expected to drive business performance, JM Financial said in a recent note. DRL plans to be present in all Semaglutide markets losing exclusivity in CY26, while Abatacept is scheduled for launch in CY27. Analysts believe the markets are underestimating the Semaglutide opportunity for Dr. Reddy's. While it may not fully replace Revlimid sales, it could substantially mitigate the earnings decline in FY27, the JM Financial note said. Motilal Oswal Financial Services on Dr Reddy's Laboratories After three years of strong 30 per cent earnings CAGR over FY21-24E, the company ended FY25 with a moderate 6 per cent earnings growth. DRL is implementing a plan to expand product offerings across markets and add/ build capacity to cater to the respective markets. Having said this, the intensified competitive pressures in the base portfolio would keep earnings growth in check. About Dr. Reddy's Dr. Reddy's Laboratories is a global pharmaceutical company headquartered in Hyderabad, India. The company offers a portfolio of products and services including APIs, generics, branded generics, biosimilars and OTC. The company's major therapeutic areas of focus are gastrointestinal, cardiovascular, diabetology, oncology, pain management and dermatology. DRL's major markets include - USA, India, Russia & CIS countries, China, Brazil, and Europe.
