Dr Reddy's Laboratories share trade in green in early trade with over 1% surge after Q2 result: Check target given by brokerages

Dr Reddy share price: In the early trade on Monday investor sentiments turned positive on Dr Reddy’s Laboratories Ltd after Friday's announcement of the Q2 results. Dr Reddy's stock was trading in green on both the indices with more than 1 per cent surge. 

As of 9:35, On NSE, the stock traded at Rs 4,548.90 per share, which was 1.99 per cent on the upside and on the BSE the share price apiece was Rs 4,549.80, which was 1.99 per cent higher. 

Dr Reddy share target: After Q2 results, brokerages optimistic-
Jefferies has given a buy call and has raised Dr Reddy share target to Rs 5,152 from Rs 5,145 

Morgan Stanley has maintained the Overweight rating and has given a share target of Rs 5,099 

Nomura has maintained the buy call and given a target of Rs 5,552 

Credit Suisse has maintained a neutral rating and given a share price target of Rs 4,050 

Macquarie has maintained outperform rating and has given a target of Rs 4,915  

Dr Reddy's Q2 Results 
Dr. Reddy's Laboratories Ltd’s Profit After Tax (PAT) for the quarter ended September 30, 2022, was up by 12 per cent at Rs 1,112.80 crore as against Rs 992 crore in the same quarter a year ago.

Revenues during the quarter under discussion were up by 9 per cent to Rs 6,305.70 crore compared to Rs 5,763.20 crore in the first quarter of FY '22.

The result of operating activities was a net cash inflow of Rs.1593.6 crores for the six months ended September 30, 2022, as compared to a cash inflow of Rs. 165.8 crores for the six months ended September 30, 2021.

Net proceeds from the sale of other investments stood at Rs.1238.7 crores for the six months ended September 30, 2022, and the acquisition of property, plant, equipment and other intangible assets, net of dispositions was at Rs.1,197.1 crore for the six months ended September 30, 2022.

Commenting on the results, Dr Reddy's Co-Chairman and MD, G V Prasad said, "We are pleased with the strong financial performance in the current quarter, driven by the launch of Lenalidomide capsules in the US market. Our focus is to build a robust pipeline with products that improve affordability and access to patients globally. We continue to progress well in our productivity, innovation, and sustainability agenda."

Change in Directorship
On Friday the company in a regulatory filing informed that Mr. Prasad Menon, Independent Director has completed his tenure which was from October 30, 2017, to October 29, 2022.

The regulatory filing further informed that post-retirement of Mr. Prasad Menon, as an Independent Director, the composition of the Board and its Committees continue to comply with the requirements of the Companies Act, 2013 and the SEBI Listing Regulations.