Dr Reddy's Laboratories Ltd ADR

RDY: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$19.00	Sryn	Rkyxnqh

Dr. Reddy’s Earnings: Strong Demand From Developed Markets Fuels Solid Second-Quarter Results

Keonhee Kim

Oct 27, 2023

No-moat Dr. Reddy's reported second-quarter results that were largely in line with our expectations. Total sales were up 9.1% thanks to strong volume mainly in the United States and Europe. The firm also benefited from less-severe price erosion, which typically fluctuates between high single digits to low double digits, compared with previous years in developed markets like the U.S. We maintain our fair value estimate of $54 per share.

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