Dr.Reddy’s: Outperforms industry again - Views on News from Equitymaster

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Dr.Reddy’s: Outperforms industry again

Oct 17, 2000

Dr. Reddy’s Laboratories (DRL) announced a 46% growth in the turnover for the second quarter of the current year. (This does not include the numbers for Cheminor Drugs, which is slated to be merged with the company in the current year. The merger ratio has been fixed at 9 shares of Dr. Reddy’s for every 25 shares of Cheminor.) The full results are slated to be announced on October 30th 2000. Of the total turnover of Rs 1,135.7 m, 68% is accounted by finished dosages, 30% by bulk actives and the balance by diagnostics. The first half turnover amounts to Rs 3,039.69 m, which implies a growth of 25%. This is nearly double the industry growth of around 13% in the current year.

We project a turnover of Rs 8,658 m in the current year (which includes the numbers of Cheminor and American Remedies) and an EPS in the range of Rs 35 for the full year FY2001. The current price of Rs 1,380 implies an earning multiple of 39.4 times on the full year earnings. There seems to be no dramatic undervlaution at this stage unless the company were to announce a major R & D breakthrough.


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