Dr. Reddy’s Q3 Net Income Misses Estimates [28-01-2022]

Dr. Reddy’s Laboratories Ltd. reported net income for the quarter-ended December that missed the average analyst estimate.

Third Quarter Results (Consolidated, YoY)

  • Revenue up 8% at Rs 5,338.3 crore Vs Rs 4,941.9 crore (Bloomberg consensus estimate : Rs 5,456.2 crore)
  • Net profit up 2442% to Rs 709.3 crore from Rs 27.9 crore (Estimate : Rs 742.6 crore)
  • Ebitda grew 1.25 times to Rs 1,215.7 crore from Rs 539.3 crore (Estimate : Rs 1,220.6 crore)
  • Margins at 22.8% Vs 10.9% (Estimate : 22.4%)
  • EPS at Rs 42.75 per share Vs Rs 1.68 (Estimate : Rs 44.52)

The company conducted trials for Sputnik light and are also developing several other covid-related drugs for treatment ranging from mild to severe conditions.

Of the 42 analysts tracking the company, 36 maintained ‘buy’, five maintained ‘hold’ and one maintained ‘sell’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of nearly 28%.

Source: Exchange Filing, Bloomberg

All Requisite Approvals For Setting Up NARCL & IDRCL Have Been Received, Says SBI Chairman Dinesh Khara

  • All approvals, including from RBI, received.
  • NARCL will aggregate bad assets from banks and IDRCL will manage these assets under exclusive arrangement.
  • The arrangement will be on principal-agent basis.
  • Arrangement will comply with applicable regulatory guidelines at all times.
  • Public sector banks have taken majority equity stake in NARCL.
  • We plan to acquire the identified assets on a 15:85 structure.
  • The security receipts will be secured by the government.
  • Both companies have their respective boards in place and MD & CEOs have been appointed for both.
  • Rs 50,000 crore worth assets will be transferred to NARCL in phase 1 this fiscal.
  • All the issues have been ironed out and appropriately addressed.
  • The main difference between existing ARCs and NARCL is the government guarantee.
  • In private ARCs, there is no committed arrangement with a resolution agency.
  • This will ensure quick resolution of the problems.
  • Joint lender forums of various assets have already agreed to transfer of assets.
  • There will be 15 accounts transferred in the first phase.
  • Some of the assets identified by us previously have been resolved.
  • An auction process and a Swiss challenge will need to be conducted before the transfer.
  • A total of 28 accounts worth Rs 83,000 crore will be transferred to NARCL.
  • The Rs 2 lakh crore pool of assets identified previously still remains under consideration.
  • The decision to transfer these accounts or to resolve them internally will be taken next year.
  • The assets identified for transfer are fully provided for.
  • When it comes to the ability to resolve the account, IDRCL will have full freedom.

Source: SBI conference call

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