Emkay Global has a sell rating on Dr Reddy’s Laboratories (DRL) in the long term with a target price of Rs 2,580. Shares of DRL ended up 1.6% at Rs 2,873.75 on Wednesday while the BSE Sensex closed 206.40 points up at 41,558.57. Company Financials For the quarter ended 30-09-2019, the company has reported a Consolidated sales of Rs 4800.80 crore, up 24.90 % from last quarter sales of Rs 3843.60 crore and up 30.22 % from last year same quarter sales of Rs 3686.60 crore. The company has reported net profit after tax of Rs 1095.10 crore in the latest quarter. The company’s top management includes Dr.Bruce L A Carter, Mr.Allan Oberman, Mr.Bharat N Doshi, Mr.G V Prasad, Mr.K Satish Reddy, Mr.Leo Puri, Mr.Prasad R Menon, Mr.Sridar Iyengar, Ms.Kalpana Morparia, Ms.Shikha Sharma. Company has S R Batliboi & Associates LLP as its auditorrs. As on 30-09-2019, the company has a total of 166,145,748 shares outstanding. Investment Rationale The brokerage rating came after Prasco announced the authorised generic launch of Nuvaring. This is the second generic launch for the product within a week’s time, the brokerage said. The drug is one of the key expected launches for DRL in FY21,… Read full this story
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