Self-Education Report

By Poojan D Patel

Dr. Reddy’s Laboratories Ltd. Equities & Futures

NSE : DRREDDY BSE : 500124 Healthcare

Overview of Dr. Reddy’s Laboratories Ltd.

Dr. Reddy's Laboratories Ltd., headquartered in Hyderabad, India, is a leading global pharmaceutical company
established in 1984 by Dr. Kallam Anji Reddy. The company offers a diverse range of generic medicines, active
pharmaceutical ingredients (APIs), and proprietary products, committed to making affordable and innovative
healthcare accessible worldwide. Dr. Reddy's operates across key segments such as Global Generics, PSAI,
Proprietary Products, and Biosimilars, with a strong presence in the United States, Europe, India, and
emerging markets. The company boasts a product portfolio of over 200 generic medicines, a market presence
in more than 100 countries, and over 300 granted patents with 700 pending. Its 25 manufacturing facilities are
certified by major regulatory agencies, including the US FDA, EMA, and WHO. Dedicated to sustainable
development and corporate social responsibility, Dr. Reddy's focuses on improving healthcare access,
education, and environmental sustainability. With a strategic growth approach and a robust pipeline of new
products, Dr. Reddy's Laboratories remains a vital player in the global pharmaceutical industry.

Overview of India’s Healthcare Sector

India's healthcare sector is vast and rapidly growing, encompassing hospitals, medical devices, clinical trials,
outsourcing, telemedicine, medical tourism, health insurance, and medical equipment. This growth is fueled by
improved services, increased coverage, and rising public and private expenditures. The sector is divided into
public and private systems. The public sector focuses on primary healthcare in rural areas and limited
secondary and tertiary care in cities. The private sector dominates secondary, tertiary, and quaternary care in
urban areas. India's large pool of skilled medical professionals and cost-effective healthcare services make it a
leading destination for medical tourism. The healthcare industry reached US$ 372 billion in 2023, employing
7.5 million people by 2024, with telemedicine and data analytics expected to create up to 3.5 million new tech
jobs. Public healthcare spending rose to 2.1% of GDP in FY23. The hospital market, valued at US$ 98.98 billion
in 2023, is projected to grow at a CAGR of 8.0%, reaching US$ 193.59 billion by 2032. Health insurance

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premiums reached Rs. 2,63,082 crore (US$ 31.84 billion) in FY24, comprising 33.33% of total premiums. The
medical tourism market was valued at US$ 7.69 billion in 2024 and is expected to reach US$ 14.31 billion by
2029, with 634,561 foreign patients treated in India in 2023. The e-health market is projected to reach US$
10.6 billion by 2025. The doctor-population ratio is 1:854, with 12.68 lakh allopathic doctors and 5.65 lakh
AYUSH doctors available.

Competitor’s Profile

Sun Pharmaceutical Industries Ltd.

• Profile: Sun Pharma is one of the largest pharmaceutical companies in India, focusing on specialty and
generic medications.
• Product Portfolio: It includes generics, branded generics, specialty, over-the-counter (OTC) products,
anti-retrovirals (ARVs), APIs, and intermediates.
• Advantages: Sun Pharma has a broad international footprint and a strong specialty product portfolio.
• Dr. Reddy's Advantage: Dr. Reddy's has a more extensive pipeline of biosimilars and a stronger presence
in the US generics market.

Lupin Ltd.

• Profile: Lupin is a transnational pharmaceutical company producing a wide range of generic and
branded formulations and APIs.
• Product Portfolio: Includes generics, APIs, biotechnology products, and specialty drugs.
• Advantages: Strong in the anti-TB segment and has a significant presence in Japan.
• Dr. Reddy's Advantage: Dr. Reddy's has a broader biosimilar portfolio and a strong presence in the
oncology segment.

Cipla Ltd.

• Profile: Cipla is a global pharmaceutical company with a significant focus on respiratory, antiretroviral,
urology, cardiology, anti-infective, and CNS segments.
• Product Portfolio: Includes generics, APIs, and OTC products.
• Advantages: Strong respiratory and antiretroviral product lines.

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• Dr. Reddy's Advantage: Dr. Reddy's has a more robust presence in the US and a diverse product
portfolio, including biosimilars.

Aurobindo Pharma Ltd.

• Profile: Aurobindo Pharma is a vertically integrated pharmaceutical company, producing a wide range
of generic drugs and APIs.
• Product Portfolio: Includes antibiotics, antiretrovirals, cardiovascular products, central nervous system
(CNS) products, gastroenterologicals, antidiabetics, and anti-allergics.
• Advantages: Extensive product pipeline in the US and Europe.
• Dr. Reddy's Advantage: Dr. Reddy's has a more significant presence in branded generics and biosimilars.

Glenmark Pharmaceuticals Ltd.

• Profile: Glenmark is a global pharmaceutical company with a focus on generics, specialty, and over-the-
counter (OTC) products.
• Product Portfolio: Includes generics, branded generics, and specialty products in the dermatology,
respiratory, and oncology segments.
• Advantages: Strong in dermatology and respiratory segments.
• Dr. Reddy's Advantage: Dr. Reddy's has a more diverse product portfolio and a stronger presence in the
US market.

Torrent Pharmaceuticals Ltd.

• Profile: Torrent Pharma is a leading pharmaceutical company in India with a strong presence in
cardiovascular (CV) and central nervous system (CNS) segments.
• Product Portfolio: Includes generics, APIs, and branded generics.
• Advantages: Strong in CV and CNS segments.
• Dr. Reddy's Advantage: Dr. Reddy's has a broader international presence and a more extensive
biosimilars portfolio.

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Zydus Cadila

• Profile: Zydus Cadila is an Indian pharmaceutical company with a significant presence in generics,
branded generics, biosimilars, and vaccines.
• Product Portfolio: Includes generics, biosimilars, vaccines, and specialty products.
• Advantages: Strong in biosimilars and vaccines.
• Dr. Reddy's Advantage: Dr. Reddy's has a more substantial presence in the US generics market and a
broader product portfolio.

Biocon Ltd.

• Profile: Biocon is an Indian biopharmaceutical company known for its strong focus on biosimilars and
biologics.
• Product Portfolio: Includes biosimilars, biologics, branded formulations, and APIs.
• Advantages: Leading in the biosimilars segment.
• Dr. Reddy's Advantage: Dr. Reddy's has a more diverse product portfolio and a stronger presence in the
US and Europe.

Alembic Pharmaceuticals Ltd.

• Profile: Alembic Pharmaceuticals is an Indian multinational pharmaceutical company with a strong

focus on APIs and formulations.
• Product Portfolio: Includes generics, APIs, and specialty products in the areas of cardiovascular, CNS,
and respiratory.
• Advantages: Strong in APIs and formulations.
• Dr. Reddy's Advantage: Dr. Reddy's has a more extensive global presence and a broader product
portfolio.

Alkem Laboratories Ltd.

• Profile: Alkem Laboratories is a leading Indian pharmaceutical company focusing on branded generics
and specialty products.
• Product Portfolio: Includes generics, branded generics, OTC products, and nutraceuticals.

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• Advantages: Strong in branded generics and a significant domestic market presence.

• Dr. Reddy's Advantage: Dr. Reddy's has a stronger presence in the international markets and a broader
biosimilar and generic portfolio.

Market They Cater To

Dr. Reddy's Laboratories Ltd. primarily operates in the pharmaceutical sector, focusing on the research,
development, manufacturing, and marketing of generic pharmaceutical products. The company's market
presence extends globally, with significant operations in North America, Europe, Russia & CIS countries, India,
and other emerging markets. Dr. Reddy's serves a diverse customer base that includes healthcare providers,
pharmacies, wholesalers, and government agencies, offering a wide range of generic medicines, active
pharmaceutical ingredients (APIs), and proprietary products across therapeutic categories.

Company’s Financials

Market Capitalization ₹ 1,09,009 Cr. Current Price ₹ 6,534

Stock P/E 19.8 Face value ₹ 5.00
Book Value ₹ 1,694 EPS ₹ 334
ROCE 26.5 % ROE 21.4 %
ROIC 24.9 % PEG Ratio 0.81
ROA 15.5 % Stock P/B 3.86
Earnings yield 6.66 % Dividend yield 0.61 %
Debt to equity 0.07 Asset Turnover 0.79

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Quarterly Results
Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24
Sales 6,332 6,790 6,315 6,758 6,903 7,237 7,114
Expenses 4,433 4,851 4,781 4,696 4,894 5,214 5,283
Operating Profit 1,899 1,939 1,534 2,062 2,008 2,023 1,831
OPM % 30% 29% 24% 31% 29% 28% 26%
Other Income 55 65 146 178 319 219 201
Interest 31 42 35 37 35 39 59
Depreciation 309 324 316 353 376 374 368
Profit before tax 1,614 1,638 1,329 1,850 1,917 1,829 1,605
Tax % 31% 24% 28% 24% 23% 24% 18%
Net Profit 1,114 1,244 960 1,405 1,482 1,381 1,310
EPS in Rs 66.93 74.7 57.65 84.36 88.87 82.78 78.52

Profit & Loss Statement

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Sales 14,281 15,448 17,517 19,048 21,545 24,670 28,011

Expenses 11,930 12,270 15,040 15,173 17,778 18,200 20,078
Operating Profit 2,351 3,178 2,477 3,874 3,768 6,470 7,933
OPM % 16% 21% 14% 20% 17% 26% 28%
Other Income 155 381 670 335 555 971 909
Interest 79 89 98 97 96 143 171
Depreciation 1,077 1,135 1,163 1,229 1,165 1,250 1,470
Profit before tax 1,350 2,336 1,886 2,884 3,061 6,048 7,201
Tax % 32% 17% -7% 32% 29% 25% 23%
Net Profit 947 1,950 2,026 1,952 2,182 4,507 5,578
EPS in Rs 57.07 117.42 121.92 117.35 131.14 270.66 334.37
Dividend Payout 35% 17% 21% 21% 23% 15% 12%

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Balance Sheet

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Equity Capital 83 83 83 83 83 83 83
Reserves 12,489 13,941 15,516 17,558 19,129 23,203 28,171
Borrowings 5,071 3,838 2,210 3,031 3,384 1,347 2,002
Other Liabilities 4,706 4,557 5,414 5,915 7,149 7,576 8,523
Total Liabilities 22,349 22,418 23,223 26,588 29,746 32,209 38,780
Fixed Assets 6,968 7,191 6,850 8,206 8,122 9,219 10,426
CWIP 3,470 2,934 1,535 1,565 1,293 1,030 1,419
Investments 2,298 2,587 2,678 2,212 2,616 4,986 4,930
Other Assets 9,612 9,707 12,160 14,605 17,715 16,974 22,004
Total Assets 22,349 22,418 23,223 26,588 29,746 32,209 38,780

Cash Flow Activities

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Cash from 1,803 2,870 2,984 3,570 2,811 5,888 4,543

Operating Activity
Cash from -1,483 -769 -495 -2,255 -2,565 -4,109 -4,034
Investing Activity
Cash from -444 -2,133 -2,516 -30 -242 -2,686 -376
Financing Activity

Net Cash Flow -124 -31 -27 1,286 3 -907 133

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Ratios

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Debtor Days 104 94 105 95 113 107 105

Inventory Days 263 273 230 273 250 232 283
Days Payable 121 111 100 109 111 108 116
Cash Conversion Cycle 246 256 235 259 252 231 271
Working Capital Days 104 93 93 103 108 102 137
ROCE % 8% 13% 11% 16% 14% 27% 27%

Shareholding Patterns

Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24

Promoters 26.71% 26.69% 26.69% 26.69% 26.66% 26.65% 26.65%
FIIs 26.26% 27.29% 27.25% 26.99% 28.19% 28.62% 29.13%

DIIs 24.69% 23.38% 23.05% 21.99% 21.04% 18.65% 18.31%

Public 22.06% 22.36% 22.78% 24.11% 23.93% 25.89% 25.73%

Others 0.27% 0.25% 0.22% 0.21% 0.18% 0.18% 0.17%

No. of 2,59,271 2,46,788 2,32,715 2,46,769 2,43,445 2,57,794 2,55,500

Shareholders

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Company vs Competitors

Name CMP Rs. Market Cap (in Cr.) P/E Face Value B.V. Rs. P/B EPS Rs.

Sun Pharma Inds. 1585.4 380573.95 38.04 1 265.35 5.97 39.91

Cipla 1512.05 122108.97 28.68 2 330.78 4.57 51.05

Zydus Life science 1165.45 117494.8 30.48 1 197.07 5.91 38.36

Dr Reddy's Labs 6582.85 109771.93 19.91 5 1693.75 3.89 334.37

Mankind Pharma 2102.5 84296.9 46.23 1 240.24 8.75 45.52

Lupin 1814.75 82725.72 43.21 2 313.6 5.79 42.01

Aurobindo Pharma 1332.4 78115.34 23.79 1 509.32 2.62 54.15

Alkem Lab 5324.15 63676.49 33.67 2 862.46 6.17 150.19

Biocon 363 43575.84 42.32 5 164.78 2.2 8.52

Glenmark Pharma. 1359.05 38346.54 1 278.11 4.89 -53.22

Ipca Labs. 1220.75 30924.1 52.36 1 249.59 4.89 21.57

Management Pedigree

G V Prasad

Position: Co-Chairman and Managing Director

Background: G V Prasad has been instrumental in transforming Dr. Reddy's Laboratories from a mid-sized
domestic operation into a global pharmaceutical player, now present in 66 countries with revenues of $2.83
billion. Joining the company in 1990, Prasad has prioritized research, innovation, transparency, business ethics,
and lean corporate structures. His leadership has fostered an organization recognized for its scientific
innovation, progressive people practices, and high corporate governance standards. He focuses on mentoring
leaders, driving scientific and technological innovation, and advocating for sustainability. Prasad supports
various conservation efforts and serves on the boards of several educational and non-profit institutions.
Additionally, he chairs the CII National Committee on Pharmaceuticals and is the Honorary Consul of the
Kingdom of Belgium in Hyderabad. Prasad holds degrees in Industrial Administration from Purdue University
and Chemical Engineering from the Illinois Institute of Technology.

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Committees and Board Memberships

• Board Member, Indian School of Business

• Board Member, Ashoka University
• Former Board Member, IIT Hyderabad
• Former Board Member, S V University
• Former Board Member, Cyient
• Former Board Member, Acumen Fund
• Chairman, CII National Committee on Pharmaceuticals
• Honorary Consul of the Kingdom of Belgium in Hyderabad
• Involved with World Wildlife Fund, AP and Telangana chapter
• Involved with Wildlife Trust of India (WTI)

Awards & Recognitions

• Top 20 leaders on The Medicine Maker’s Power List (2020 & 2021)
• YPO Global Impact Awards nominee (2020)
• V. Krishnamurthy Award for Excellence (2019)
• Boundary Breaker Leader Award, CEO Awards (2018)
• Listed among the Top 50 CEOs in India, Outlook magazine (2017)
• Top 5 Most Valuable CEOs of India, Business World (2016)
• India Business Leader of the Year, CNBC Asia (2015)
• India’s Best CEO, Business Today (2014)
• India Talent Management Award, CNBC Asia (2014)

Satish Reddy

Position: Chairman
Background: Satish Reddy, Chairman of Dr. Reddy's Laboratories, has been with the company since 1993,
playing a crucial role in its evolution from a uni-focused manufacturer of APIs to a diversified entity with a
broad product portfolio. He spearheaded the expansion of Dr. Reddy’s finished dosage products into Russia,
China, and other emerging markets. Satish has been actively involved in shaping pharmaceutical policies in

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India, including patent laws and drug pricing. He has held significant positions in various industry associations,
including President of the Indian Pharmaceutical Alliance and Chairman of the Life Sciences Skill Development
Council. He also chairs the Dr. Reddy’s Foundation and is a trustee of the Naandi Foundation, contributing to
sustainable livelihoods and child rights initiatives. Satish holds a degree in Chemical Engineering from Osmania
University and an M.S. in Medicinal Chemistry from Purdue University.
Committees and Board Memberships

• Chairman of the Board of Governors, NIPER Hyderabad (2019-2022)

• President of the Indian Pharmaceutical Alliance (2019-2021 & 2013-2015)
• Chairman of CII – Southern Region (2020-21)
• Chairman of the CII National Committee on IPR (2022-23)
• Co-Chairman of the India-Russia CEO Forum
• Chairman of the Life Sciences Advisory Committee, Government of Telangana
• Member, CII Corporate Governance Council
• Member, NABCB Advisory Committee
• Member of the National Council of the Confederation of Indian Industry (CII) since 2004
• Member of the Board of Trade, Ministry of Commerce, Government of India
• Lifetime Trustee of Naandi Foundation
• Chairman of Dr. Reddy’s Foundation
• Director of Dr. Reddy’s Institute of Life Sciences
• Member of the Board of Governors of Indian Institute of Management, Visakhapatnam (IIMV)
• Chairman of the Board of Governors of the National Safety Council (2015-2018)

Awards & Recognitions

• Young Global Leader, World Economic Forum (2007)

• IBLA - India Corporate Citizen of the Year, CNBC (2005)
• Distinguished Alumnus Award, Purdue University (2009)

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Erez Israeli

Position: Chief Executive Officer

Background: Erez Israeli is the CEO of Dr. Reddy’s Laboratories, joining as COO in April 2018 and ascending to
CEO in July 2019. He holds an MBA from Bar-Ilan University and has over 30 years of industry experience.
Previously, Erez served as President and CEO of Enzymotec and spent 23 years at Teva Pharmaceuticals in
various leadership roles, including VP Marketing & Sales for North America and President of Teva API. Under
his leadership, Dr. Reddy’s has achieved significant revenue and profitability growth, completed key
acquisitions, and launched several first-to-market products. He has also driven the company’s digitalization
efforts across R&D, manufacturing, and sales.
Parag Agarwal

Position: Chief Financial Officer

Background: Parag Agarwal is the CFO of Dr. Reddy’s Laboratories, joining from Reckitt Benckiser PLC, where he
was CFO – Health. With over 35 years of experience, Parag has held leadership roles at Unilever, GSK Consumer
Healthcare, and Genpact. He is a Chartered Accountant and Company Secretary with significant expertise in
global financial strategy, M&A, and large-scale change management. Parag and his family are committed to
philanthropy, pledging 50% of their net worth to society.
Archana Bhaskar

Position: Chief Human Resource Officer

Background: Archana Bhaskar is the Chief Human Resource Officer at Dr. Reddy’s, managing HR and Corporate
Communication. She joined in June 2017 and has over 31 years of experience in people management.
Previously, Archana was the global head of HR for Commercial businesses at Royal Dutch Shell Singapore and
held senior positions at Unilever. She holds degrees from Lady Shri Ram College and the Indian Institute of
Management, Bangalore.
Deepak Sapra

Position: Chief Executive Officer, API and Services

Background: Deepak Sapra is the CEO of the Pharmaceutical Services and Active Ingredients (PSAI) business at
Dr. Reddy’s, overseeing the API business, Aurigene pharmaceutical services, Public Health initiatives, and B2B
collaborations. He joined in 2003 from the Indian Railway Services and has held various roles in marketing,

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sales, business development, and portfolio management. Deepak also led Dr. Reddy's COVID-19 initiatives and
has a background in engineering and management. He is a Fulbright fellow, Chevening scholar, and published
author.
Dr. Jayanth Sridhar

Position: Global Head of Biologics

Background: Dr. Jayanth Sridhar is the Global Head of Biologics at Dr. Reddy’s, joining in May 2021. He has 24
years of experience in biologics and vaccines development, having worked at Merck, BioMarin, Biocon, and
Biological E. Jayanth has overseen the development, launch, and commercial manufacturing of numerous
vaccines and biologics. He is passionate about organization building, technical problem-solving, and mentoring.
Krishna Venkatesh

Position: Global Head of Quality & Pharmacovigilance

Background: Krishna Venkatesh, with 28 years of industry experience, is the Global Head of Quality &
Pharmacovigilance at Dr. Reddy’s. He has been with the company for 14 years, working in product
development, process engineering, technology transfer, and manufacturing operations. Krishna holds an MS in
Pharmaceutics from the University of Mississippi and a B. Pharm from BITS Pilani.
M V Narasimham

Position: Deputy Chief Financial Officer

Background: Mr. M V Narasimham serves as Deputy CFO, handling global commercial business finance and
global taxation. A Chartered Accountant with over 30 years of experience, he joined Dr. Reddy’s in 2000 and
has held various finance roles, including leading finance operations for PSAI and Global Generics.
M V Ramana

Position: Chief Executive Officer, Branded Markets (India and Emerging Markets)
Background: Mr. M V Ramana is the CEO of Branded Markets (India and Emerging Markets) at Dr. Reddy’s,
leading a multicultural team across 45 countries. Since joining as a Management Trainee in 1992, he has played
a key role in expanding the company’s market presence. Mr. Ramana holds an MBA from Osmania University
and has completed the ISB-Kellogg management development program.

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Patrick Aghanian

Position: Chief Executive Officer, Europe Generics

Background: Mr. Patrick Aghanian is the CEO of Europe Generics at Dr. Reddy’s, with 26 years of experience in
pharmaceuticals. He has worked at Glaxo SmithKline, Novartis, and Sanofi before joining Dr. Reddy’s in 2019.
Mr. Patrick holds an MBA from UCLA Anderson School of Management and a BA from UCLA.

Phanimitra B

Position: Chief Digital and Information Officer

Background: Mr. Phanimitra B is the Chief Digital and Information Officer at Dr. Reddy’s, responsible for digital
transformation, process excellence, and IT management. He joined in 2014 and has led the Analytics Centre of
Excellence and digital transformation for the company’s India and Emerging Markets businesses. Mr.
Phanimitra holds a BE from BITS Pilani and an MBA from IIM Bangalore.

Sanjay Sharma

Position: Global Head of Manufacturing

Background: Sanjay Sharma is the Global Head of Manufacturing at Dr. Reddy’s, leading manufacturing and
supply chain operations. With over 28 years of experience, he has worked at Hindustan Coca-Cola as Whole
Time Director, leading their Integrated Supply Chain Operations. Sanjay holds a Bachelor’s degree in Chemical
Engineering from IIT Delhi and has completed General Management from IIM Ahmedabad.

Sushrut Kulkarni

Position: Global Head – Integrated Product Development Organization

Background: Sushrut Kulkarni is the Global Head of the Integrated Product Development Organization at Dr.
Reddy’s, with over 26 years of experience in pharma product research and development. He holds a Master’s
in Pharmacy from Bombay College of Pharmacy, Mumbai University, and is an avid reader, traveler, and fitness
enthusiast.

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Milan Kalawadia

Position: Chief Executive Officer, North America

Background: Mr. Milan Kalawadia is the CEO of North America at Dr. Reddy’s, leading the North America
business from the Princeton, New Jersey office. He has been with Dr. Reddy’s for over 18 years, previously
serving as Chief Commercial Officer. Milan holds a BS in Management Science and Information Systems from
Rutgers University and an MBA from Carnegie Mellon University.

Strength, Weakness, Opportunity, Threats (SWOT) Analysis

Strength
• Offers a wide range of products including generics, APIs, biosimilars, and differentiated formulations,
reducing dependency on a single segment.
• Significant contributor to revenue (~83% in FY22), offering 400+ high-quality generic drugs at
competitive costs.
• Almost debt-free with a low debt-to-equity ratio of 0.07, ensuring financial stability.
• Strong operating profit margin (26%) and efficient asset utilization reflected in a high return on assets
(15.5%).
• The company has demonstrated significant growth in earnings per share over the trailing twelve
months.
• Return on assets (ROA) has been improving for the last two years, showcasing effective management of
assets to generate profits.
• The company has experienced growth in net profits along with increasing profit margins year-over-year.
• The company maintains a low debt-to-equity ratio, indicating financial stability and lower financial risk.
• Annual net profits have been improving for the last two years, reflecting a positive trend in profitability.
• The book value per share has been improving for the last two years, indicating a solid financial
foundation.
• There are no shares pledged by promoters, which is a positive sign of confidence in the company.
• Foreign Institutional Investors (FII) and Foreign Portfolio Investors (FPI) have been increasing their
shareholding in the company.

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Weaknesses
• A divided yield of 0.61% might not be attractive to income-focused investors.
• A price-to-book value ratio of 3.87 suggests that the stock might be overvalued compared to its book
value.
• Heavy reliance on the generics segment (~83% of revenue) could be a risk if the market for generics
faces challenges.
• Mutual Funds have decreased their shareholding in the last quarter, indicating potential concerns
among these institutional investors.
• The company has experienced declining profits every quarter for the past two quarters, signaling
potential operational or market challenges.
Opportunities
• Expansion of high-quality generic drugs and biosimilars can capture larger market share.
• Continued investment in research and development can lead to the introduction of new and innovative
products, maintaining a competitive edge.
• Opportunities for expanding into new markets, especially in emerging economies, can drive growth.
• Collaborations and acquisitions can help the company access new technologies, products, and markets.
Threats
• The company is linked to ongoing regulatory investigations or legal cases, which could pose significant
risks to its operations and reputation.
• The pharmaceutical industry is highly competitive, with constant pressure to innovate and reduce costs.
• Changes in regulations, especially in key markets like the US, could impact the company’s ability to
operate effectively and profitably.
• Generic drug price erosion due to market competition could impact revenue and profitability.

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