Whalesbook
Profit Girne Ka Asli Reason Kya Hai?
Yaar, yeh jo Dr. Reddy's ka profit itna neeche chala gaya hai na, iske peeche sabse bada reason hai ₹4,530 Crore ka ek bada adjustment jo lenalidomide inventory ke liye kiya gaya. Yeh single charge ne company ke bottom line ko kaafi damage pahunchaya hai. Iske alawa, CAR-T assets aur Eftilagimod Alfa mein impairments ke liye ₹27 crore aur VAT liabilities ke liye ₹14 crore ka bhi alag se impact pada hai. Is sab ke chakkar mein, company ka revenue bhi 11.5% gir kar ₹7,546 crore ho gaya aur EBITDA margins bhi 29.1% se ghata kar sirf 13% ho gaye.
Brokerages Ki Chinta Aur Target Cuts
Is kharab performance ko dekh kar bade brokerages bhi kaafi cautious ho gaye hain. Morgan Stanley ne apna rating 'Equal-weight' rakha hai par target price ₹1,259 se kam karke ₹1,215 kar diya hai. Unhe Q4 revenues aur EBITDA expectations se kam lage aur Semaglutide ki uptake mein thoda delay bhi dikh raha hai.
Citi ne toh seedha 'Sell' recommendation maintain kiya hai aur target ₹1,070 rakha hai. Unke hisaab se U.S. sales toh recover ho gayi hain par core profitability aur U.S. revenues par abhi bhi pressure hai.
Jefferies ne bhi 'Underperform' rating aur ₹1,040 ka target diya hai. Unke liye Q4 mein margins ki weakness ka karan sluggish U.S. business aur zyada SG&A costs hain, haalanki India, Russia aur Europe mein growth chal rahi hai.
Future Ki Challenges Bhi Hai
Brokerages ko Semaglutide ki dheemi uptake aur Abatacept launch mein potential delay se bhi chinta hai. Yeh sab cheezein company ke future revenue aur profit forecast par negative impact daal sakti hain. Investors Brazil approval ka bhi wait kar rahe hain.
Waise, itne sab ke baad bhi, Dr. Reddy's ne ₹8 per share ka dividend announce kiya hai. Ab company ka focus in challenges se nikal kar development milestones achieve karne par rahega.