Maintain Add on Dr Reddy's Laboratories - Gaining momentum - Kotak

Strong sequential recovery in US along with visibility of limited competition launches in 2HFY13E provides comfort on near-term growth. Margin expansion driven by operating leverage is also a key highlight for the quarter. We believe the company remains on track to build a sustainable US business over the next 2-3 years along with scaling up business in branded generic markets.

Maintain ADD with increased TP of Rs1,940 (from Rs1,810; 20X one-year forward EPS of Rs97.1).

Source : Equity Bulls

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