Dr Reddy's Laboratories Ltd ADR

RDY: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$39.00	Cgy	Psfwvxr

Dr. Reddy’s Earnings: Solid Quarter, but Sales Growth Is Cooling and Margins Are Starting to Shrink

Keonhee Kim

Jan 30, 2024

No-moat Dr. Reddy’s reported solid third-quarter earnings with results largely in line with our expectations. Total sales were up 6.6% year over year as the core generics business continues to see healthy performance and the pharmaceutical services and active ingredients business rebounds. We maintain our fair value estimate of $54 per share.

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