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Consolidated Standalone

Dr. Reddy's Lab

₹5877.4 -179.3 | 3%

Market Cap ₹98045 Cr.

Stock P/E 17.6

P/B 3.5

Current Price ₹5877.4

Book Value ₹ 1693.7

Face Value 5

52W High ₹6505.5

Dividend Yield 0.68%

52W Low ₹ 4383.4

Edit Ratio

Dr. Reddy's Lab Research see more...

Overview Inc. Year: 1984Industry: Pharmaceuticals & Drugs

Dr. Reddy's Laboratories Limited is an India-based pharmaceutical corporation. The Company's segments consist of Global Generics, which is engaged in production and marketing prescription and over the counter finished pharmaceutical merchandise ready for consumption by patient, marketed under a brand name (branded formulations) or as usual finished dosages with healing equivalence to branded formulations (generics); Pharmaceutical Services and Active Ingredients (PSAI), which is engaged in manufacturing and advertising and marketing active pharmaceutical elements and intermediates for finished pharmaceutical merchandise; Proprietary Products, which focuses on studies and development of differentiated formulations and Others, which includes the Company's absolutely-owned subsidiary, Aurigene Discovery Technologies Ltd, which is a discovery stage biotechnology organisation growing novel and treatments in the fields of oncology and inflammation.

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Dr. Reddy's Lab Share Price

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Peer Comparison

Dr. Reddy's Lab Quarterly Results

#(Fig in Cr.) Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Net Sales 5338 5475 5233 6332 6790 6315 6758 6903 7237 7114
Other Income 56 122 854 41 59 139 174 315 216 198
Total Income 5394 5597 6087 6373 6849 6454 6932 7218 7453 7311
Total Expenditure 4123 5024 4292 4433 4851 4781 4696 4894 5214 5283
Operating Profit 1272 573 1795 1940 1997 1672 2236 2323 2239 2029
Interest 22 32 35 31 42 35 37 35 39 59
Depreciation 294 293 302 309 324 316 353 376 374 368
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 956 248 1459 1600 1632 1322 1846 1913 1826 1602
Provision for Tax 265 162 279 499 394 369 445 435 448 295
Profit After Tax 691 87 1180 1100 1238 953 1401 1478 1378 1306
Adjustments 19 11 9 14 6 8 4 4 3 4
Profit After Adjustments 709 97 1189 1114 1244 960 1405 1482 1381 1310
Adjusted Earnings Per Share 42.6 5.8 71.5 67 74.7 57.6 84.3 88.9 82.8 78.5

Dr. Reddy's Lab Profit & Loss

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
Net Sales 11896 13415 15023 15568 14196 14281 15448 17517 19048 21545 24670 28012
Other Income 154 196 275 295 172 155 338 621 291 485 1056 903
Total Income 12050 13611 15298 15863 14368 14436 15786 18138 19339 22030 25725 28914
Total Expenditure 9176 10165 11530 11983 11724 11930 12270 15047 15178 17778 18321 20087
Operating Profit 2874 3446 3769 3880 2644 2506 3516 3091 4161 4252 7405 8827
Interest 104 153 109 83 63 79 89 98 97 96 143 170
Depreciation 550 648 760 939 1027 1077 1135 1163 1229 1165 1250 1471
Exceptional Income / Expenses -54 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 2165 2646 2900 2859 1554 1350 2336 1886 2884 3061 6049 7187
Provision for Tax 638 683 563 751 297 438 386 -140 932 879 1541 1623
Profit After Tax 1527 1963 2336 2108 1257 912 1950 2026 1952 2183 4507 5563
Adjustments 0 0 0 23 35 34 0 0 0 0 0 15
Profit After Adjustments 1527 1963 2336 2131 1292 947 1950 2026 1952 2183 4507 5578
Adjusted Earnings Per Share 89.9 115.3 137.1 124.9 77.9 57 117.5 121.9 117.3 131.2 270.5 334.5

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 15% 12% 12% 8%
Operating Profit CAGR 74% 34% 24% 10%
PAT CAGR 106% 31% 38% 11%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 19% 3% 15% 8%
ROE Average 21% 15% 15% 17%
ROCE Average 26% 19% 16% 17%

Dr. Reddy's Lab Balance Sheet

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Shareholder's Funds 6369 7865 9853 12570 12262 12572 14024 15599 17642 19212 23286
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 1266 2076 1432 1069 545 2509 2200 130 630 575 128
Other Non-Current Liabilities 19 107 247 -192 -89 30 -87 -938 -827 -1083 -406
Total Current Liabilities 5659 5790 6821 6347 8420 6894 5897 7214 8104 9766 8572
Total Liabilities 13313 15838 18353 19794 21138 22004 22034 22005 25548 28470 31580
Fixed Assets 4051 4641 5377 6563 6931 6968 7191 6850 8206 8122 9219
Other Non-Current Assets 736 871 1099 1437 4524 4537 3733 2556 2792 2561 2045
Total Current Assets 8527 10326 11877 11794 9684 10498 11110 12599 14535 17788 20316
Total Assets 13313 15838 18353 19794 21138 22004 22034 22005 25548 28470 31580

Dr. Reddy's Lab Cash Flow

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Opening Cash & Cash Equivalents 736 520 862 540 492 378 254 223 196 1482 1485
Cash Flow from Operating Activities 1378 1970 2524 3263 2144 1803 2870 2984 3570 2811 5888
Cash Flow from Investing Activities -1446 -1694 -2265 -2039 -1840 -1488 -773 -492 -2266 -2639 -4137
Cash Flow from Financing Activities -157 -24 -433 -1700 -369 -444 -2133 -2516 -30 -242 -2686
Net Cash Inflow / Outflow -225 251 -174 -477 -65 -129 -35 -24 1275 -70 -936
Closing Cash & Cash Equivalent 520 862 583 492 378 254 223 196 1482 1485 578

Dr. Reddy's Lab Ratios

# Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Earnings Per Share (Rs) 89.92 115.35 137.11 124.89 77.93 57.04 117.47 121.9 117.28 131.16 270.55
CEPS(Rs) 122.32 153.39 181.71 178.58 137.74 119.86 185.83 191.88 191.13 201.18 345.59
DPS(Rs) 15 18 20 20 20 20 20 25 25 30 40
Book NAV/Share(Rs) 371.04 457.33 572.92 731.49 734.72 752.35 840.01 932.31 1052.59 1145.98 1388.98
Core EBITDA Margin(%) 22.72 24.08 23.13 23.03 17.41 16.46 20.57 14.1 20.32 17.49 25.74
EBIT Margin(%) 18.96 20.74 19.92 18.89 11.39 10.01 15.7 11.33 15.65 14.65 25.1
Pre Tax Margin(%) 18.09 19.61 19.19 18.36 10.94 9.46 15.12 10.76 15.14 14.21 24.52
PAT Margin (%) 12.76 14.55 15.47 13.54 8.86 6.39 12.62 11.57 10.25 10.13 18.27
Cash Profit Margin (%) 17.36 19.34 20.5 19.57 16.09 13.93 19.97 18.21 16.7 15.54 23.34
ROA(%) 12.46 13.47 13.67 11.05 6.14 4.23 8.86 9.2 8.21 8.08 15.01
ROE(%) 27.18 27.88 26.63 18.95 10.2 7.4 14.75 13.76 11.82 11.93 21.36
ROCE(%) 24.83 25 22.7 19.55 9.77 8.21 13.66 11.12 15.49 14.59 26.22
Receivable days 87.19 87.97 89.72 96.43 101.86 100.33 94.98 93.92 95.74 98.6 103.01
Inventory Days 62.74 62.06 60.27 60.11 69.56 73.63 74.03 71.52 77.11 81.57 73.65
Payable days 89.38 102.27 84.85 86.14 96.95 108.04 109.69 95.02 100.14 99.98 108.07
PER(x) 19.64 22.2 25.43 24.3 33.78 36.51 23.62 25.57 38.5 32.83 17.08
Price/Book(x) 4.76 5.6 6.09 4.15 3.58 2.77 3.3 3.34 4.29 3.76 3.33
Dividend Yield(%) 0.85 0.7 0.57 0.66 0.76 0.96 0.72 0.8 0.55 0.7 0.87
EV/Net Sales(x) 2.66 3.41 4.12 3.51 3.39 2.76 3.22 3.07 3.99 3.37 3.11
EV/Core EBITDA(x) 11.02 13.28 16.42 14.08 18.22 15.71 14.13 17.41 18.29 17.08 10.35
Net Sales Growth(%) 21.2 12.78 11.99 3.63 -8.81 0.6 8.17 13.39 8.74 13.11 14.5
EBIT Growth(%) 18.27 23.35 7.5 -2.24 -45.02 -11.62 69.65 -18.18 50.23 5.93 96.1
PAT Growth(%) 17.36 28.58 19.01 -9.79 -40.35 -27.43 113.72 3.9 -3.67 11.83 106.52
EPS Growth(%) 17.23 28.28 18.87 -8.92 -37.6 -26.81 105.96 3.77 -3.79 11.83 106.27
Debt/Equity(x) 0.58 0.58 0.44 0.27 0.4 0.41 0.28 0.14 0.17 0.18 0.06
Current Ratio(x) 1.51 1.78 1.74 1.86 1.15 1.52 1.88 1.75 1.79 1.82 2.37
Quick Ratio(x) 1.12 1.37 1.36 1.46 0.81 1.1 1.31 1.26 1.23 1.3 1.8
Interest Cover(x) 21.73 18.34 27.58 35.61 25.51 18.14 27.27 20.18 30.73 32.96 43.36
Total Debt/Mcap(x) 0.12 0.1 0.07 0.06 0.11 0.15 0.08 0.04 0.04 0.05 0.02

Dr. Reddy's Lab Shareholding Pattern

# Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Promoter 26.72 26.72 26.71 26.71 26.7 26.7 26.69 26.66 26.65 26.65
FII 27.42 25.16 25.87 26.26 27.29 27.25 27 28.2 28.62 29.14
DII 22.29 24.78 25.19 24.7 23.38 23.05 21.99 21.04 18.65 18.31
Public 12.04 12.12 11.87 12.26 12.1 11.7 11.78 10.09 10.74 10.55
Others 11.53 11.23 10.37 10.08 10.53 11.3 12.54 14.02 15.33 15.35
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Company has delivered good profit growth of 37% CAGR over last 5 years
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 26.65%.
  • Debtor days have increased from 99.98 to 108.07days.
  • Stock is trading at 3.5 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Dr. Reddy's Lab News

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