Result Update Dr. Reddy Labs
Dr. ReddyⳠLabs : PSAI Growth Adds Fuel to Good Show
Reco : Buy Cmp : 1,723 Target : 1,991
Dr. Reddy Labs -- DRL Q2FY13 adj. PAT of Rs 4.9 bn (up 77% YoY; adjusted for impairment charges) was ahead of our estimate of Rs 4.1 bn. Revenue, at Rs 28.8 bn (up 27% YoY), was also above our estimate of Rs 27.2 bn, largely due to higher growth in PSAI* segment (up 33% YoY; Rs 7.9 bn vs. estimate of Rs 6.9 bn). PSAI growth was led by servicing of some large value order in this quarter. Management expects H1FY13 run-rate of PSAI segment (Rs 13.4 bn, implying ~Rs 27 bn for FY13) to sustain.
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