Financials Dr. Reddy's Laboratories Limited NSE India S.E.

Equities

DRREDDY

INE089A01023

Pharmaceuticals

Delayed NSE India S.E. Other stock markets 04:32:13 2024-05-09 EDT			5-day change	1st Jan Change
5,913 ^INR	-2.36%		-5.98%	+1.96%

05-08	Asian Equities Traded in the US as American Depositary Receipts Trend Slightly Lower in Wednesday Trading	MT
05-08	Indian Equities Settle Flat on Wednesday, Dragged by Banks, FMCG Stocks	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	460,540	516,741	749,317	714,500	767,655	1,008,559	-	-
Enterprise Value (EV) ¹	484,568	513,012	745,052	703,980	719,330	1,024,969	905,385	868,290
P/E ratio	24.5 x	26.6 x	39.2 x	30.4 x	17.1 x	18.4 x	17.9 x	17.8 x
Yield	0.72%	0.8%	0.55%	0.7%	0.87%	0.69%	0.75%	0.69%
Capitalization / Revenue	2.99 x	2.96 x	3.95 x	3.33 x	3.11 x	3.66 x	3.37 x	3.18 x
EV / Revenue	3.15 x	2.94 x	3.93 x	3.28 x	2.92 x	3.66 x	3.02 x	2.73 x
EV / EBITDA	14.2 x	11 x	15.7 x	13.7 x	11.1 x	12.9 x	10.7 x	10 x
EV / FCF	22.3 x	20.5 x	28.7 x	52.3 x	15.1 x	27.3 x	19.2 x	18.2 x
FCF Yield	4.48%	4.87%	3.48%	1.91%	6.61%	3.66%	5.21%	5.5%
Price to Book	3.28 x	3.33 x	4.29 x	3.76 x	3.33 x	3.65 x	3.08 x	2.7 x
Nbr of stocks (in thousands)	166,011	165,776	165,940	165,954	166,105	166,522	-	-
Reference price ²	2,774	3,117	4,516	4,305	4,622	6,057	6,057	6,057
Announcement Date	19-05-17	20-06-09	21-05-14	22-05-19	23-05-10	24-05-07	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	153,851	174,600	189,722	214,391	246,697	280,111	299,559	317,501
EBITDA ¹	34,189	46,431	47,480	51,400	64,559	79,481	84,905	86,815
EBIT ¹	18,933	28,470	31,977	34,277	52,057	64,781	68,383	68,901
Operating Margin	12.31%	16.31%	16.85%	15.99%	21.1%	23.13%	22.83%	21.7%
Earnings before Tax (EBT) ¹	22,443	18,032	28,324	32,298	60,485	72,010	74,015	75,448
Net income ¹	18,795	19,498	19,149	23,568	45,073	55,779	56,229	57,068
Net margin	12.22%	11.17%	10.09%	10.99%	18.27%	19.91%	18.77%	17.97%
EPS ²	113.1	117.4	115.1	141.7	270.9	334.6	337.5	340.7
Free Cash Flow ¹	21,700	24,995	25,962	13,448	47,552	34,468	47,212	47,799
FCF margin	14.1%	14.32%	13.68%	6.27%	19.28%	12.36%	15.76%	15.05%
FCF Conversion (EBITDA)	63.47%	53.83%	54.68%	26.16%	73.66%	42.62%	55.61%	55.06%
FCF Conversion (Net income)	115.46%	128.19%	135.58%	57.06%	105.5%	63.08%	83.96%	83.76%
Dividend per Share ²	20.00	25.00	25.00	30.00	40.00	41.57	45.42	41.84
Announcement Date	19-05-17	20-06-09	21-05-14	22-05-19	23-05-10	24-05-07	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	57,632	53,197	54,368	52,154	63,057	67,700	63,152	67,384	68,802	72,148	71,138	72,200	74,516	75,293	75,162
EBITDA ¹	15,572	12,018	12,980	9,238	18,944	20,562	15,955	20,450	19,915	20,180	18,174	19,504	20,727	19,939	19,592
EBIT ¹	10,372	9,042	8,743	6,188	15,818	17,291	12,800	16,867	16,126	16,410	14,497	16,067	17,011	16,775	16,075
Operating Margin	18%	17%	16.08%	11.86%	25.09%	25.54%	20.27%	25.03%	23.44%	22.74%	20.38%	22.25%	22.83%	22.28%	21.39%
Earnings before Tax (EBT) ¹	12,681	9,709	2,483	14,655	16,111	16,346	13,291	18,463	19,134	18,257	16,052	-	-	-	16,135
Net income ¹	9,920	7,065	875	11,876	11,128	12,471	9,601	14,025	14,800	13,789	13,098	12,035	12,952	12,361	12,101
Net margin	17.21%	13.28%	1.61%	22.77%	17.65%	18.42%	15.2%	20.81%	21.51%	19.11%	18.41%	16.67%	17.38%	16.42%	16.1%
EPS ²	59.65	42.48	5.260	71.40	66.89	74.95	57.68	84.22	88.78	82.68	78.53	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	21-10-29	22-01-28	22-05-19	22-07-28	22-10-28	23-01-25	23-05-10	23-07-26	23-10-27	24-01-30	24-05-07	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	24,028	-	-	-	-	-	-	-
Net Cash position ¹	-	3,729	4,265	10,520	48,325	67,944	103,173	140,269
Leverage (Debt/EBITDA)	0.7028 x	-	-	-	-	-	-	-
Free Cash Flow ¹	21,700	24,995	25,962	13,448	47,552	34,468	47,212	47,799
ROE (net income / shareholders' equity)	14.1%	13.2%	11.6%	13%	21.4%	20.6%	18.1%	15.9%
ROA (Net income/ Total Assets)	8.33%	8.52%	7.69%	8.39%	14.7%	15%	13%	11.7%
Assets ¹	225,515	228,823	248,866	281,073	307,340	364,529	433,435	487,281
Book Value Per Share ²	845.0	935.0	1,052	1,145	1,387	1,661	1,969	2,246
Cash Flow per Share ²	173.0	180.0	215.0	169.0	354.0	290.0	396.0	405.0
Capex ¹	7,000	4,846	9,741	14,660	11,323	14,796	16,096	16,373
Capex / Sales	4.55%	2.78%	5.13%	6.84%	4.59%	5.31%	5.37%	5.16%
Announcement Date	19-05-17	20-06-09	21-05-14	22-05-19	23-05-10	24-05-07	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Dr. Reddy's Laboratories Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

6,057 INR

Average target price

6,067 INR

Spread / Average Target

+0.16%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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