Dr Reddy share price hits 52-week high on strong Q1 results, but brokerages have mixed view; here's why
₹1,405 crore for the quarter ended June, mainly aided by overall good performance in Russia and success of US generics. Dr Reddy share price opened at ₹5,535 apiece on BSE. Dr Reddy share price hit intraday hit of ₹5,580.85 and low of ₹5,425 on BSE.
According to Ruchit Jain, lead research analyst at 5paisa, Dr Reddy share price is rallying higher along with other pharma names and the short term trend is positive. However, the RSI oscillator is in overbought zone and hence, traders should look for buying opportunities either on some price wise or time wise correction. On Thursday, Dr Reddy posted a consolidated total revenue from operations at ₹6,757.9 crore as compared to ₹5,232.9 crore in the same period last year.Comparing the first quarter of the current fiscal year (Q1) to the same quarter a year prior, total expenses increased to ₹5,086.2 crore from ₹4,628.2 crore.
"We delivered strong sales growth and witnessed robust margin expansion in Q1, driven by market share gains and new product momentum in our US generics business and superior performance in Russia," said Dr Reddy's Co-Chairman & Managing Director G V Prasad. North America, emerging countries, and Europe, according to Dr Reddy, drove its global generics' Q1 sales increase of 36% to ₹6,010 crore. According to the Dr Reddy, North America's revenue increased by 79% to ₹3,200 crore, while Europe's revenue was ₹510 crore.
The revenue from India, on the other hand, decreased by 14% to ₹1,150 crore. Dr Reddy said revenue from emerging markets reached Rs. 1,160 crore for the quarter, up 28% from the same period last year, and reached Rs.
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