Company Name DR REDDYS

Current Price (INR) ₹ 1,213.45

No. of Shares (crores) 83
Market Cap (crores) ₹ 101,248
TTM Net Profit (crores) ₹ 5,339
P/E Ratio 19.0x
TTM Operating Profit Mar 26.79%
Latest FY ROAE 21.64%
Latest FY ROACE 26.86%
Debt to Equity Ratio 0.07x
Free Cash Flows (FCF) ₹ 1,478
Debt to FCF 1.4x
DR REDDYS LABORATORIES LTD
₹ 1,213.45
83 Revenue Growth > 10% i NO 👎
₹ 101,248 Net Profit Growth > 12% YES 👌
₹ 5,339 P/E Ratio < 20x YES 👌
19.0x ROE Ratio > 15% YES 👌
26.79% ROCE Ratio > 14% YES 👌
21.64% Market Cap LARGECAP 😯
26.86% Debt to Equity Ratio < 1 YES 👌
0.07x Operating cash Flow in 5 Positive 👌
₹ 1,478 Free Cash Flow in 5 Year Positive 👌
1.4x

Discounted Cash Flow (D

UNDERVALUED
Expected ROI next 10 Ye
Expected Share price in
5.0x
₹ 6,069 ✅
Piotroski F-Score 5.0x
Read My Blog
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iNCOM

COMPANY NAME

INR (in crores) ###

Sales 15,023
Operating Profit 3,508
Multibagger List
Other Income 260
EBITDA 3,768
Income Statement
Interest (108)
(Yearly)
Depreciation (760)
Income Statement
Profit before tax (PBT) 2,900
(Quarterly)
Balance Sheet Tax (563)
Profit after tax (PAT) / Net Prof 2,336
Cash Flow Statement
Adjusted Equity Shares (in crores) 85.2
Ratio Analysis
Price 698
Info-graphics & Charts
Operating Profit Margin (OPM) 23.4%
DCF Valuation Net Profit Margin (NPM) % 15.6%
Tax Payout % 19.4%
Investment Decission Dividend Payout % 14.6%
Interest Coverage Ratio (x) 27.8x
Stock Watchlist Earnings Per Share (EPS) 27.4
PE Ratio (x) 25.4x

Common Sizing Expenses

Year >> ###

Sales 100%
Raw material Expenses 26%
Change in Inventory (0%)
Power and Fuel Cost 2%
Other Mfr. Exp 7%
Employee Cost 20%
Selling and Admin Expenses 21%
Other Expenses 2%
Operating Profit Margin (OPM) 23.4%

As a Equity Analyst, give me financial analysis of 'Income Statement'!of

here is the 6 years sales numbers- 15448.2crores(FY18), 17517crores(FY
here is the 6 years operating profit numbers- 3178.2crores(FY18), 2477.
here is the 6 years Other income numbers- 381.3crores(FY18), 670crore
here is the 6 years EBITDA numbers- 3559.5crores(FY18), 3147.1crores(
here is the 6 years Interest numbers- 88.9crores(FY18), 98.3crores(FY19
here is the 6 years Depriciation numbers- 1134.8crores(FY18), 1163.1cr
here is the 6 years PBT numbers- 2335.8crores(FY18), 1885.7crores(FY1
here is the 6 years Tax numbers- 385.8crores(FY18), -140.3crores(FY19)
here is the 5 years PAT numbers- 1950crores(FY18), 2026crores(FY19)",
All figures are in Indian currency. Please comment on the financial healt
Also, give me the historical growth of the company, and if it continues in
 iNCOME sTATEMENT (yEARLY)

DR REDDYS LABORATORIES LTD

Mar-16 Mar-17 Mar-18 Mar-19 ### ### ### ###

15,568 14,196 14,281 15,448 17,517 19,048 21,545 24,670
3,585 2,472 2,351 3,178 2,477 3,874 3,768 6,470
295 172 155 381 670 335 555 971
3,880 2,644 2,506 3,559 3,147 4,209 4,322 7,442
(83) (63) (79) (89) (98) (97) (96) (143)
(939) (1,027) (1,077) (1,135) ### ### ### ###
2,859 1,554 1,350 2,336 1,886 2,884 3,061 6,049
(751) (297) (438) (386) 140 (932) (879) ###
2,108 1,257 912 1,950 2,026 1,952 2,182 4,507

85.3 82.9 83.0 83.0 83.1 83.2 83.2 83.3

607 526 416 556 624 903 859 925

23.0% 17.4% 16.5% 20.6% 14.1% 20.3% 17.5% 26.2%

13.5% 8.9% 6.4% 12.6% 11.6% 10.2% 10.1% 18.3%
26.3% 19.1% 32.4% 16.5% n/m 32.3% 28.7% 25.5%
16.0% 25.7% 35.1% 17.0% 20.5% 21.3% 22.9% 14.8%
35.6x 25.5x 18.1x 27.3x 20.2x 30.7x 33.0x 43.4x
24.7 15.2 11.0 23.5 24.4 23.5 26.2 54.1
24.6x 34.7x 37.8x 23.7x 25.6x 38.5x 32.8x 17.1x

Mar-16 Mar-17 Mar-18 Mar-19 ### ### ### ###

100% 100% 100% 100% 100% 100% 100% 100%

25% 27% 29% 31% 32% 36% 36% 31%
(1%) (1%) (0%) (2%) 0% (4%) (2%) 0%
2% 2% 2% 2% 2% 2% 2% 2%
7% 6% 12% 9% 8% 8% 7% 7%
20% 22% 23% 22% 19% 19% 18% 19%
19% 23% 15% 14% 12% 13% 14% 13%
5% 3% 3% 3% 12% 6% 7% 2%
23.0% 17.4% 16.5% 20.6% 14.1% 20.3% 17.5% 26.2%

lysis of 'Income Statement'!of DR REDDYS LABORATORIES LTD based on the financial numbers as follows:
2crores(FY18), 17517crores(FY19)", 19047.5crores(FY20), 21545.2crores(FY21), 24669.7crores(FY22), 28011.1crores(FY23)
ers- 3178.2crores(FY18), 2477.1crores(FY19)", 3874.1crores(FY20), 3767.7crores(FY21), 6470.1crores(FY22), 7933.1crores(FY23)
s- 381.3crores(FY18), 670crores(FY19)", 335.2crores(FY20), 554.7crores(FY21), 971.4crores(FY22), 909crores(FY23)
9.5crores(FY18), 3147.1crores(FY19)", 4209.3crores(FY20), 4322.4crores(FY21), 7441.5crores(FY22), 8842.1crores(FY23)
9crores(FY18), 98.3crores(FY19)", 97crores(FY20), 95.8crores(FY21), 142.8crores(FY22), 171.1crores(FY23)
1134.8crores(FY18), 1163.1crores(FY19)", 1228.8crores(FY20), 1165.2crores(FY21), 1250.2crores(FY22), 1470crores(FY23)
rores(FY18), 1885.7crores(FY19)", 2883.5crores(FY20), 3061.4crores(FY21), 6048.5crores(FY22), 7201crores(FY23)
ores(FY18), -140.3crores(FY19)", 931.9crores(FY20), 878.9crores(FY21), 1541.2crores(FY22), 1623.1crores(FY23)
res(FY18), 2026crores(FY19)", 1951.6crores(FY20), 2182.5crores(FY21), 4507.3crores(FY22), 5577.9crores(FY23)
omment on the financial health, trends and insight from the finncial numbers.
company, and if it continues in same tragedy, what is expected revenue and net profit in 2024 and 2025.
 VERSION
8.100

TREND ANALYSIS

### TTM 9 YEARS 5 YEARS 3 YEARS

28,011 30,085 7% 10% 9%
7,933 8,061 9% 26% 28%
909 13% 6% 18%
8,842 10% 23% 27%
(171)
###
7,201 7,234 11% 31% 33% 2.23 2.90
### 3.82 4.96
5,578 5,339 11% 22% 37%

83.4

1,232 8% 15% 13%

28.3% ###
19.9% ###
22.5%
12.0%
43.1x
66.9 12% 22% 37%
18.4x

###
1.51548452
100% 2.29669332
32%
(2%)
2%
7%
18%
13%
2%
28.3%

22), 28011.1crores(FY23)
res(FY22), 7933.1crores(FY23)
909crores(FY23)
2), 8842.1crores(FY23)

FY22), 1470crores(FY23)
201crores(FY23)
1crores(FY23)
.9crores(FY23)
Mar-18
Mar-19
Mar-20

Mar-21
Mar-22
Mar-23
Mar-24
FY17
FY18 Mar-19 FY18
FY19 Mar-20 FY19

FY20 Mar-21 FY20

FY21 Mar-22 FY21
FY22 Mar-23 FY22
FY23 Mar-24 FY23
 iNCOME sTA

COMPANY NAME >>

INR (in crores) Jun-22
Sales 5,233
Operating Profit 941
Multibagger List Other Income 863
EBITDA 1,805
Income Statement Interest (35)
(Yearly)
Income Statement Depreciation (302)
(Quarterly) Profit before tax (PBT) 1,468
Balance Sheet Tax (279)
Profit after tax (PAT) / Net Pro 1,189
Cash Flow
Statement
Ratio Analysis
Operating Profit Margin (OPM 18.0%
Info-graphics & Net Profit Margin (NPM) % 22.7%
Charts Tax Payout % 19.0%
DCF Valuation Interest Coverage Ratio (x) 43.3x
Investment
Decission
Stock Watchlist

As an Equity Analyst, give me financial analysis of DR REDDYS

here is the 6 Quarters sales numbers- 6315.2crores(2Q23), 67
here is the 6 Quarters Operating Profit numbers- 1533.9crores
here is the 6 Quarters EBITDA numbers- 1680crores(2Q23), 22
here is the 6 Quarters Interest expenes numbers- 35.4crores(2
here is the 6 Quarters PBT numbers- 1329.1crores(2Q23), 185
here is the 6 Quarters PAT numbers- 960.1crores(2Q23), 1405
All figures are in Indian currency and numbers are in crores. P
Also, give me the historical growth of the company, and if it co
 iNCOME sTATEMENT (QUARTELY)

DR REDDYS LABORATORIES LTD

### ### ### Jun-23 Sep-23 ### ### ### Sep-24
6,332 6,790 6,315 6,758 6,903 7,237 7,114 7,696 8,038
1,899 1,939 1,534 2,062 2,008 2,023 1,831 2,130 2,077
55 65 146 178 319 219 201 193 314
1,954 2,003 1,680 2,240 2,328 2,242 2,032 2,323 2,390
(31) (42) (35) (37) (35) (39) (59) (60) (76)

(309) (324) (316) (353) (376) (374) (368) (381) (397)

1,614 1,638 1,329 1,850 1,917 1,829 1,605 1,883 1,917
(499) (394) (369) (445) (435) (448) (295) (490) (576)
1,114 1,244 960 1,405 1,482 1,381 1,310 1,392 1,342

30.0% 28.6% 24.3% 30.5% 29.1% 28.0% 25.7% 27.7% 25.8%

17.6% 18.3% 15.2% 20.8% 21.5% 19.1% 18.4% 18.1% 16.7%
30.9% 24.0% 27.8% 24.1% 22.7% 24.5% 18.4% 26.0% 30.0%
53.2x 40.2x 38.5x 50.9x 55.3x 47.4x 28.1x 32.5x 26.3x

Volatility ANALYSIS
LAST 3 MONTHS

cial analysis of DR REDDYS LABORATORIES LTD based on the financial numbers as follows:
s- 6315.2crores(2Q23), 6757.9crores(3Q22)", 6902.6crores(4Q22), 7236.8crores(1Q23), 7113.8crores(2Q23), 7696.1cr
fit numbers- 1533.9crores(2Q23), 2062.1crores(3Q22)", 2008.3crores(4Q22), 2023.1crores(1Q23), 1831.2crores(2Q23
ers- 1680crores(2Q23), 2240.4crores(3Q22)", 2327.5crores(4Q22), 2242crores(1Q23), 2032.2crores(2Q23), 2323crore
nes numbers- 35.4crores(2Q23), 37.1crores(3Q22)", 35.3crores(4Q22), 39.4crores(1Q23), 59.3crores(2Q23), 59.8crores
1329.1crores(2Q23), 1850crores(3Q22)", 1916.7crores(4Q22), 1829.1crores(1Q23), 1605.2crores(2Q23), 1882.6crore
960.1crores(2Q23), 1405crores(3Q22)", 1482.2crores(4Q22), 1380.9crores(1Q23), 1309.8crores(2Q23), 1392.4crores
d numbers are in crores. Please comment on the financial health, trends and insight from the finncial numbers.
f the company, and if it continues in the same tragedy, what is the expected revenue and net profit in the next two qua
 VERSION 8.100

TREND ANALYSIS
QoQ (Sequential)QoQ (Yearly)
4% 16%
(3%) 3%
62% (2%)
3% 3%

2% 0%

(4%) (9%)

7113.8crores(2Q23), 7696.1crores(3Q23), 8038.2crores(4Q23)

es(1Q23), 1831.2crores(2Q23), 2129.9crores(3Q23), 2076.5crores(4Q23)
032.2crores(2Q23), 2323crores(3Q23), 2390.1crores(4Q23)
, 59.3crores(2Q23), 59.8crores(3Q23), 75.7crores(4Q23)
05.2crores(2Q23), 1882.6crores(3Q23), 1917.4crores(4Q23)
9.8crores(2Q23), 1392.4crores(3Q23), 1341.9crores(4Q23)
the finncial numbers.
d net profit in the next two quarters considering the seasonality effect
Mar-23 2Q21 Mar-24 2Q23
Jun-23 3Q22 Jun-23 3Q22
Sep-23 4Q22 Sep-23 4Q22
Dec-23 1Q23 Dec-23 1Q23
Mar-24 2Q23 Mar-24 2Q23
Jun-24 3Q23 Jun-24 3Q23
Sep-24 4Q23 Sep-24 4Q23
 BAL

COMPANY NAME >>

INR (in crores) Mar-15
Equity Share Capital 85
Reserves 9,768
Multibagger List Borrowings 4,314
Other Liabilities 4,290
Income Statement Total Liabilities 18,457
(Yearly)
Income Statement
(Quarterly) Fixed Assets (Net Block) 5,377
Balance Sheet Capital Work in Progress (CWIP) 529
Investments 2,248
Cash Flow
Other Assets 10,303
Statement
Ratio Analysis Total Assets 18,457

Info-graphics & Receivables 4,101

Charts Inventory 2,570
DCF Valuation Cash & Bank 1,872
Working Capital 6,013
Investment Capital Employed 14,167
Decission Total Equity 9,853
Stock Watchlist
Net Fixed Asset Turnover
Receivables Days
Inventory Turnover
Debt To Equity 0.4x
Return on average Equity (RoAE)
Return on average Capital Employed

Common Size Balance Sheet

Year Mar-15
Equity Share Capital 0%
Reserves 53%
Borrowings 23%
Other Liabilities 23%
Total Liabilities 100%

Fixed Assets (Net Block) 29%

Capital Work in Progress (CWIP) 3%
Investments 12%
Other Assets 56%
Total Assets 100%
Other items as % of Total Assets
Receivables 22%
Inventory 14%
Cash & Bank 10%

As a Equity Analyst, give me financial analysis of based on the fi

here is the 6 Years Equity Share Capital numbers- 83crores(FY18
here is the 6 Years Reserve & Surplus numbers- 13940.6crores(
here is the 6 Years Borrowings- 3838.1crores(FY18)", 2210.2cro
here is the 6 Years Other Liabilities- 4556.6crores(FY18)", 5414.
here is the 6 Years Total Liabilities Numbers- 22418.3crores(FY1
here is the 6 Years Fixed Assets (Net Block)- 7191crores(FY18)",
here is the 6 Years Capital Work in Progress- 2933.5crores(FY18
here is the 6 Years Investments - 2587.1crores(FY18)", 2677.8cr
here is the 6 Years Other Assets - 9706.7crores(FY18)", 12160.1
here is the 6 Years Total Assets - 22418.3crores(FY18)", 23223.3
here is the 6 Years Receivables- 3986.9crores(FY18)", 5027.8cro
here is the 6 Years Inventory- 3357.9crores(FY18)", 3506.7crore
here is the 6 Years Cash & Bank balance- 222.8crores(FY18)", 2
here is the 6 Years Working Capital- 5150.1crores(FY18)", 6745.
here is the 6 Years Capital Employed- 17861.7crores(FY18)", 17
All figures are in Indian currency and numbers are in crores
 BALANCE SHEET

DR REDDYS LABORATORIES LTD

Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
85 83 83 83 83 83 83 83
12,485 12,179 12,489 13,941 15,516 17,559 19,129 23,203
3,352 4,919 5,071 3,838 2,210 3,031 3,385 1,347
4,409 4,474 4,706 4,557 5,414 5,915 7,149 7,576
20,330 21,655 22,349 22,418 23,223 26,588 29,746 32,209

6,563 6,931 6,968 7,191 6,850 8,206 8,122 9,219

772 3,325 3,471 2,934 1,535 1,565 1,293 1,030
3,833 2,110 2,298 2,587 2,678 2,212 2,616 4,986
9,162 9,290 9,613 9,707 12,160 14,605 17,715 16,974
20,330 21,655 22,349 22,418 23,223 26,588 29,746 32,209

4,125 3,799 4,053 3,987 5,028 4,964 6,676 7,249

2,558 2,853 2,909 3,358 3,507 4,541 5,088 4,867
492 387 264 223 205 2,079 2,419 1,730
4,754 4,816 4,906 5,150 6,746 8,690 10,566 9,398
15,922 17,181 17,643 17,862 17,809 20,673 22,597 24,633
12,570 12,262 12,572 14,024 15,599 17,642 19,212 23,286
Volatility ANALYSIS
2.6x 2.1x LAST 3 MONTHS
2.1x 2.2x 2.5x 2.5x 2.6x 2.8x
96 102 100 95 94 96 99 103
6.1x 5.2x 5.0x 4.9x 5.1x 4.7x 4.5x 5.0x
0.3x 0.4x 0.4x 0.3x 0.1x 0.2x 0.2x 0.1x
18.8% 10.1% 7.3% 14.7% 13.7% 11.7% 11.8% 21.2%
19.6% 9.8% 8.2% 13.7% 11.1% 15.5% 14.6% 26.2%

Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

0% 0% 0% 0% 0% 0% 0% 0%
61% 56% 56% 62% 67% 66% 64% 72%
16% 23% 23% 17% 10% 11% 11% 4%
22% 21% 21% 20% 23% 22% 24% 24%
100% 100% 100% 100% 100% 100% 100% 100%

32% 32% 31% 32% 29% 31% 27% 29%

4% 15% 16% 13% 7% 6% 4% 3%
19% 10% 10% 12% 12% 8% 9% 15%
45% 43% 43% 43% 52% 55% 60% 53%
100% 100% 100% 100% 100% 100% 100% 100%
 20% 18% 18% 18% 22% 19% 22% 23%
13% 13% 13% 15% 15% 17% 17% 15%
2% 2% 1% 1% 1% 8% 8% 5%

ysis of based on the financial numbers as follows:

mbers- 83crores(FY18)", 83.1crores(FY19), 83.2crores(FY20), 83.2crores(FY21), 83.3crores(FY22), 83.4crores(FY23)
bers- 13940.6crores(FY18)", 15515.7crores(FY19), 17558.5crores(FY20), 19129.2crores(FY21), 23202.8crores(FY22), 2
res(FY18)", 2210.2crores(FY19), 3030.8crores(FY20), 3384.5crores(FY21), 1347.2crores(FY22), 2002crores(FY23)
6crores(FY18)", 5414.3crores(FY19), 5915.4crores(FY20), 7148.6crores(FY21), 7575.8crores(FY22), 8522.9crores(FY23
rs- 22418.3crores(FY18)", 23223.3crores(FY19), 26587.9crores(FY20), 29745.5crores(FY21), 32209.1crores(FY22), 387
)- 7191crores(FY18)", 6850.3crores(FY19), 8205.7crores(FY20), 8121.5crores(FY21), 9219.1crores(FY22), 10425.6cror
s- 2933.5crores(FY18)", 1535.1crores(FY19), 1565.1crores(FY20), 1293.4crores(FY21), 1030.1crores(FY22), 1419.3cro
rores(FY18)", 2677.8crores(FY19), 2211.8crores(FY20), 2615.9crores(FY21), 4985.8crores(FY22), 4930.5crores(FY23)
crores(FY18)", 12160.1crores(FY19), 14605.3crores(FY20), 17714.7crores(FY21), 16974.1crores(FY22), 22004.3crores(F
crores(FY18)", 23223.3crores(FY19), 26587.9crores(FY20), 29745.5crores(FY21), 32209.1crores(FY22), 38779.7crores(
ores(FY18)", 5027.8crores(FY19), 4964.1crores(FY20), 6676.4crores(FY21), 7248.5crores(FY22), 8029.8crores(FY23)
es(FY18)", 3506.7crores(FY19), 4541.2crores(FY20), 5088.4crores(FY21), 4867crores(FY22), 6355.2crores(FY23)
222.8crores(FY18)", 205.3crores(FY19), 2078.8crores(FY20), 2419.2crores(FY21), 1730.2crores(FY22), 1727.7crores(FY
.1crores(FY18)", 6745.8crores(FY19), 8689.9crores(FY20), 10566.1crores(FY21), 9398.3crores(FY22), 13481.4crores(FY
61.7crores(FY18)", 17809crores(FY19), 20672.5crores(FY20), 22596.9crores(FY21), 24633.3crores(FY22), 30256.8crore
umbers are in crores. Please comment on the financial health, trends and insight from the finncial numbers.
 VERSION
8.100

TREND ANALYSIS
Mar-24 9 YEARS 5 YEARS 3 YEARS
83 83 83 83
28,171 17186 20716 23501
2,002 3239 2395 2245
8,523 5858 6915 7749
38,780 26366 30109 33578

10,426 7831 8564 9255

1,419 1927 1369 1248
4,931 3139 3484 4177
22,004 13470 16692 18898
38,780 26366 30109 33578

8,030 5323 6389 7318

6,355 4004 4872 5437
1,728 1058 1632 1959
13,481 7612 9776 11149
30,257 20508 23194 25829
28,255 17269 20799 23584

2.9x 2.5x 2.7x 2.8x

100 98 98 100
5.0x 5.1x 4.9x 4.8x
0.1x 0.2x 0.1x 0.1x
21.6% 14.6% 16.0% 18.2%
26.9% 16.2% 18.9% 22.6%

3,128 5,892
Mar-24
0%
73%
5%
22%
100%

27%
4%
13%
57%
100%
 21%
16%
4%

), 83.4crores(FY23)
3202.8crores(FY22), 28171.4crores(FY23)
002crores(FY23)
2), 8522.9crores(FY23)
09.1crores(FY22), 38779.7crores(FY23)
es(FY22), 10425.6crores(FY23)
ores(FY22), 1419.3crores(FY23)
4930.5crores(FY23)
Y22), 22004.3crores(FY23)
Y22), 38779.7crores(FY23)
029.8crores(FY23)
.2crores(FY23)
Y22), 1727.7crores(FY23)
22), 13481.4crores(FY23)
s(FY22), 30256.8crores(FY23)
e finncial numbers.
Mar-18 FY17
Mar-19 FY18
Mar-20 FY19
Mar-21 FY20
Mar-22 FY21
Mar-23 FY22
Mar-24 FY23
Mar-19 FY18
Mar-20 FY19
Mar-21 FY20
Mar-22 FY21
Mar-23 FY22
Mar-24 FY23
 COMPANY NAME
INR (in crores)
Cash from Operating Activity (CFO)
Cash from Investing Activity (CFI)
Cash from Financing Activity (CFF)
Multibagger List Net Cash Flow (CFO + CFI + CFF)
Income Statement
Cash & Equivalent at the end of year
(Yearly)
Income Statement
Profit After Tax (PAT)
(Quarterly)
Balance Sheet
Cash from Operating Activity (CF
Cash Flow
Statement
Ratio Analysis CFO/PAT (atleast 80%)

Info-graphics & CAPEX

Charts Free Cash Flows (FCF)
DCF Valuation
Re-investment (Capex/CFO)
Investment FCF/CFO
Decission
Stock Watchlist Cash from Operating Activity (CF
CAPEX
% Capex
FCF (Weighted)

As a Equity Analyst, give me Cash Flow analysis of DR REDDYS LABORAT

here is the 6 Years Cash from Operating Activity numbers- 2870.4crores(
here is the 6 Years Cash from Investing Activity numbers- -769.2crores(F
here is the 6 Years Cash from Financing Activity numbers- -2132.6crores
here is the 6 Years Net Cash Flow numbers- -31.4000000000001crores(F
here is the 6 Years Cash & Equivalent numbers- 222.8crores(FY18), 205.
here is the 6 Capex numbers- 820.8crores(FY18), -576crores(FY19), 2614
here is the 6 Years Free Cash Flow numbers- 2049.6crores(FY18), 3560.1
All figures are in Indian currency and numbers are in crores. Pleas
Also, give me the historical growth of the company, and if it contin
 Cash Flow Statement

DR REDDYS LABORATORIES LTD

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
2,524 3,263 2,144 1,803 2,870 2,984 3,570 2,811
(2,370) (1,610) (1,890) (1,483) (769) (495) (2,255) (2,565)
(433) (1,700) (369) (444) (2,133) (2,516) (30) (242)
(280) (47) (114) (124) (31) (27) 1,286 3

1,872 492 387 264 223 205 2,079 2,419

2,336 2,108 1,257 912 1,950 2,026 1,952 2,182

2,524 3,263 2,144 1,803 2,870 2,984 3,570 2,811

108% 155% 171% 198% 147% 147% 183% 129%

2,368 3,947 1,261 821 (576) 2,614 809

895 ### 542 2,050 3,560 956 2,002

73% 184% 70% 29% (19%) 73% 29%

9 YEARS 5 YEARS 3 YEARS

3,320 3,959 4,414
1,822 1,600 1,986
55% 40% 45%
2,363

h Flow analysis of DR REDDYS LABORATORIES LTD based on the financial numbers as follows:
erating Activity numbers- 2870.4crores(FY18), 2984.1crores(FY19), 3570.3crores(FY20), 2810.8crores(FY21), 5887.5crores(FY22), 4543.
esting Activity numbers- -769.2crores(FY18), -494.8crores(FY19), -2254.7crores(FY20), -2565.4crores(FY21), -4108.7crores(FY22), -4034
ancing Activity numbers- -2132.6crores(FY18), -2515.9crores(FY19), -29.8crores(FY20), -242.2crores(FY21), -2686.1crores(FY22), -376.
numbers- -31.4000000000001crores(FY18), -26.6000000000004crores(FY19), 1285.8crores(FY20), 3.2000000000001crores(FY21), -90
lent numbers- 222.8crores(FY18), 205.3crores(FY19), 2078.8crores(FY20), 2419.2crores(FY21), 1730.2crores(FY22), 1727.7crores(FY23
0.8crores(FY18), -576crores(FY19), 2614.2crores(FY20), 809.3crores(FY21), 2084.5crores(FY22), 3065.7crores(FY23)
w numbers- 2049.6crores(FY18), 3560.1crores(FY19), 956.1crores(FY20), 2001.5crores(FY21), 3803crores(FY22), 1477.6crores(FY23)
cy and numbers are in crores. Please comment on the financial health, trends and insight from the finncial numbers.
owth of the company, and if it continues in the same tragedy, what is the expected Free Cash flow growth in the next two y
 VERSION 8.100

TREND ANALYSIS
Mar-23 Mar-24 TOTAL 9 YEARS 5 YEARS 3 YEARS
5,888 4,543 32,400 4% 9% 17%
(4,109) (4,034) (21,579)
(2,686) (376) (10,929)
(907) 133 (108)

1,730 1,728

4,507 5,578 24,809 11% 22% 37%

5,888 4,543 32,400 4% 9% 17%

131% 81% 131%

2,085 3,066
3,803 1,478 13,483 6% (16%) (10%)

35% 67%
45%

5887.5crores(FY22), 4543.3crores(FY23)
-4108.7crores(FY22), -4034.2crores(FY23)
-2686.1crores(FY22), -376.3crores(FY23)
00000001crores(FY21), -907.3crores(FY22), 132.8crores(FY23)
s(FY22), 1727.7crores(FY23)

22), 1477.6crores(FY23)
e finncial numbers.
growth in the next two years.
Mar-18 FY17 Mar-18 FY17
Mar-19 FY18 Mar-19 FY18
Mar-20 FY19 Mar-20 FY19
Mar-21 FY20 Mar-21 FY20
Mar-22 FY21 Mar-22 FY21
Mar-23 FY22 Mar-23 FY22
Mar-24 FY23 Mar-24 FY23
 COMPANY NAME
INR (in crores)
Operating Profit Margin (OPM) %
Net Profit Margin (NPM) %
Tax Payout %
Multibagger List Dividend Payout %
Interest Coverage Ratio (x)
Income Statement Earnings Per Share (EPS)
(Yearly) PE Ratio (x)
Income Statement
(Quarterly)
Net Fixed Asset Turnover
Balance Sheet Receivables Days
Inventory Turnover
Cash Flow
Debt To Equity
Statement
Return on average Equity (RoAE)
Ratio Analysis
Return on average Capital Employed
Info-graphics &
CFO/PAT (atleast 80%)
Charts
DCF Valuation

Investment
Decission
Stock Watchlist

As a Equity Analyst, give me Financial analysis of 0.155518428041775 base

here is the 6 Years Operating Profit Margin - 0.205732706723113(FY18), 0
here is the 6 Years Net Profit Margin - 0.126228298442537(FY18), 0.11565
here is the 6 Years Dividend Payout- 0.17025641025641(FY18), 0.2050839
here is the 6 Years Interest Coverage Ratio- 27.2744656917885x(FY18), 20
here is the 6 Years EPS Number- 23.4854871733108(FY18), 24.383198940
here is the 6 Years PE Ratio- 23.6763238461539x(FY18), 25.59754368213
here is the 6 Years Net Fixed Asset Turnover- 2.18210325587965x(FY18),
here is the 6 Years Receivables Days- 94.9772141738196(FY18), 93.91920
here is the 6 Years Inventory Turnover- 4.9301716984745x(FY18), 5.10357
here is the 6 Years Debt To Equity Ratio- 0.273688639151145x(FY18), 0.14
here is the 6 Years Return on average Equity Ratio- 0.146643003248706(F
here is the 6 Years Return on average Capital Employed Ratio- 0.13658473
here is the 6 Years Return on average Capital Employed Ratio- 1.472(FY18
Please comment on the financial health, trends, and insight from the
Also, give me the company's historical growth, and if it continues in
 rATIO aNALYSIS

DR REDDYS LABORATORIES LTD

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
23.4% 23.0% 17.4% 16.5% 20.6% 14.1% 20.3%
15.6% 13.5% 8.9% 6.4% 12.6% 11.6% 10.2%
19.4% 26.3% 19.1% 32.4% 16.5% n/m 32.3%
14.6% 16.0% 25.7% 35.1% 17.0% 20.5% 21.3%
27.8x 35.6x 25.5x 18.1x 27.3x 20.2x 30.7x
27.43 24.71 15.17 11.00 23.49 24.38 23.47
25.4x 24.6x 34.7x 37.8x 23.7x 25.6x 38.5x

2.6x 2.1x 2.1x 2.2x 2.5x 2.5x

96 102 100 95 94 96
6.1x 5.2x 5.0x 4.9x 5.1x 4.7x
0.4x 0.3x 0.4x 0.4x 0.3x 0.1x 0.2x
y (RoAE) 18.8% 10.1% 7.3% 14.7% 13.7% 11.7%
al Employed 19.6% 9.8% 8.2% 13.7% 11.1% 15.5%

108% 155% 171% 198% 147% 147% 183%

Volatility ANALYSIS
LAST 3 MONTHS

AVG 5
ROCE 16.0%
ROE 18.9%

ncial analysis of 0.155518428041775 based on the financial ratios as follows:

fit Margin - 0.205732706723113(FY18), 0.141411200548039(FY19), 0.203391521197008(FY20), 0.17487421792325(FY21), 0.26226909
gin - 0.126228298442537(FY18), 0.115659074042359(FY19), 0.102459640372752(FY20), 0.101298665131909(FY21), 0.182705910489
ut- 0.17025641025641(FY18), 0.205083909180652(FY19), 0.213158434105349(FY20), 0.22872852233677(FY21), 0.147849044882746
age Ratio- 27.2744656917885x(FY18), 20.1831129196338x(FY19), 30.7268041237113x(FY20), 32.9561586638831x(FY21), 43.356442
23.4854871733108(FY18), 24.3831989409074(FY19), 23.4708358388455(FY20), 26.2288186516044(FY21), 54.1352390103291(FY22),
763238461539x(FY18), 25.5975436821323x(FY19), 38.4817995490879x(FY20), 32.7536673081329x(FY21), 17.0785243937612x(FY22
et Turnover- 2.18210325587965x(FY18), 2.49506812047318x(FY19), 2.53022051009564x(FY20), 2.63917879366946x(FY21), 2.845311
ays- 94.9772141738196(FY18), 93.9192070560028(FY19), 95.7354902218139(FY20), 98.6016026771624(FY21), 103.012774780399(F
over- 4.9301716984745x(FY18), 5.10357486233721x(FY19), 4.73353297133414x(FY20), 4.47478607626485x(FY21), 4.956043956043
y Ratio- 0.273688639151145x(FY18), 0.141690386439983x(FY19), 0.171797502508262x(FY20), 0.176162270200496x(FY21), 0.057854
rage Equity Ratio- 0.146643003248706(FY18), 0.136788376363833(FY19), 0.117423023119387(FY20), 0.118440010745073(FY21), 0.2
rage Capital Employed Ratio- 0.136584733852138(FY18), 0.111239756999442(FY19), 0.154905603991528(FY20), 0.145932229242837
rage Capital Employed Ratio- 1.472(FY18), 1.47290227048371(FY19), 1.82942201270752(FY20), 1.28788087056128(FY21), 1.3062143
ial health, trends, and insight from the financial numbers. Do not give me the definition of ratios.
istorical growth, and if it continues in the same tragedy. Is it a good company to invest in based on ratios?
 VERSION 8.100

RIES LTD
Mar-22 Mar-23 Mar-24 TTM
17.5% 26.2% 28.3% 26.8%
10.1% 18.3% 19.9% 17.7%
28.7% 25.5% 22.5%
22.9% 14.8% 12.0%
33.0x 43.4x 43.1x
26.23 54.14 66.87
32.8x 17.1x 18.4x

2.6x 2.8x 2.9x

99 103 100
4.5x 5.0x 5.0x
0.2x 0.1x 0.1x
11.8% 21.2% 21.6%
14.6% 26.2% 26.9%

129% 131% 81%

2325(FY21), 0.262269099340487(FY22), 0.283212726383469(FY23)

FY21), 0.182705910489386(FY22), 0.199131772761512(FY23)
1), 0.147849044882746(FY22), 0.119614908836659(FY23)
8831x(FY21), 43.3564425770308x(FY22), 43.0864991233197x(FY23)
1352390103291(FY22), 66.8732765855413(FY23)
.0785243937612x(FY22), 18.4166241417021x(FY23)
66946x(FY21), 2.84531100423284x(FY22), 2.8517717246891x(FY23)
), 103.012774780399(FY22), 99.5423153678363(FY23)
FY21), 4.95604395604396x(FY22), 4.99208711304379x(FY23)
00496x(FY21), 0.0578542564018878x(FY22), 0.0708552175205629x(FY23)
40010745073(FY21), 0.212115721731355(FY22), 0.216445580112105(FY23)
20), 0.145932229242837(FY21), 0.262175472473121(FY22), 0.26861310145181(FY23)
56128(FY21), 1.3062143633661(FY22), 0.814518008569534(FY23)
Mar-18 FY17 FY17
Mar-19 FY18 FY18 Mar-19 FY18
Mar-20 FY19 FY19 Mar-20 FY19
Mar-21 FY20 FY20 Mar-21 FY20
Mar-22 FY21 FY21 Mar-22 FY21
Mar-23 FY22 FY22 Mar-23 FY22
Mar-24 FY23 FY23 Mar-24 FY23
 COMPANY NAME >>

30000
Multibagger List 25000
20000
3.63%
Income Statement 15000
10000 15023 15568
(Yearly)
-
Income Statement 5000
0
(Quarterly) Aug-13 Dec-14 May-16
Balance Sheet

Cash Flow
Statement 6790
Ratio Analysis 5233
6332

Info-graphics &
Charts
DCF Valuation
Jun-22 Sep-22 Dec-22
Investment
Decission This chart isn't available in your version of Excel.
Stock Watchlist
Editing this shape or saving this workbook into a
different file format will permanently break the chart.

Operating Margin (%) N

21% 20%
17%
14%
13% 12%
10% 10%

Mar-19 Mar-20 Mar-21 Mar-22

 13% 12%
10% 10%

Mar-19 Mar-20 Mar-21 Mar-22

19.6% 18.8%

9.8% 10.1%
8.2% 7

Mar-16 Mar-17 Mar-1

 info-graphics & charts

DR REDDYS LABORATORIES LTD

REVENUE GROWTH
13.39% 13.11%
8.17% 8.74%
3.63% 21545
0.60% 17517 19048
3 15568 14196 14281 15448
-8.81%

May-16 Sep-17 Feb-19 Jun-20 Oct-21

REVENUE (QoQ)
6790 6758 6903 7237 711
2 6315

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

of Excel.
Expenses NOCF
k into a Volatility ANALYSIS
ak the chart. 12%
3%% LAST 3 MONTHSMar-24 4,543
DC
Mar-23 5,888
OC
33% OI Mar-22 2,811
49%
NOC
NI Mar-21 3,570

Mar-20 2,984

28%
perating Margin (%) Net Profit 26%
Margin (%)
Debt to
20% 20%
17% 18%

0.17x
10% 10% 0.14x

Mar-20 Mar-21
Mar-21 Mar-22 Mar-23 Mar-24
 10% 10%

Mar-21 Mar-22 Mar-23 Mar-24

ROCE P

15.5%
13.7% 14.7% 13.7% 14.6%
11.1% 11.7% 11.8%
% 10.1%
8.2% 7.3%

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

 VERSION 8.100

REVENUE (YoY) Revenue Growth (%)

14.50% 0.2
13.11% 13.54%
28011 0.15
4%
24670 0.1
21545
48 0.05
0
-0.05
-0.1
Oct-21 Mar-23 Jul-24 Dec-25

7696 8038
7237 7114

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

This chart isn't available in your version of Excel.

CF
Editing this shape or saving this workbook into a
4,543 different file format will permanently break the chart.
5,888

2,811

3,570

2,984

Debt to Equity Ratio

0.17x 0.18x

0.06x 0.07x

Mar-21 Mar-22 Mar-23 Mar-24

 26.2% 26.9%
ROCE Polynomial (ROCE)
21.2% 21.6%

14.6%
1.7% 11.8%

1 Mar-22 Mar-23 Mar-24

COMPANY NAME

Particulars
REVENUE (YoY)
Revenue Growth (%)

Particulars
PRICE
Particulars
REVENUE (QoQ)

Particulars
Operating Margin (%)
Net Profit Margin (%)

Particulars
ROCE
ROE
 COMPANY GRAP
DR REDDYS LABORATORIES

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19

15023 15568 14196 14281 15448
3.63% -8.81% 0.60% 8.17%

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19

698 607 526 416 556

1.5 2.5
Year Mar-20 Mar-21 Mar-22 Mar-23
Debt to Equity Ratio 0.14x 0.17x 0.18x 0.06x

Sales 28,011 Sales 28,011

Raw Material Cost 8,889 DC -13,661 DC
Change in Inventor 681 OC -9,248 OC
Power and Fuel 534 OI 909 OI
Other Mfr. Exp 2,087 NOC -171 NOC
Employee Cost 5,044 Tax -1,623 NI
Selling and admin 3,696 NI 667
Other Expenses 508
Other Income 909
Depreciation 1,470
Interest 171
Profit before tax 7,201
Tax 1,623
Net profit 5,578
Dividend Amount 667

Mar-20 Mar-21 Mar-22 Mar-23

Free Cash Flow 3,560 956 2,002 3,803
Mar-20 Mar-21 Mar-22 Mar-23
NOCF 2,984 3,570 2,811 5,888
Jun-22 Sep-22 Dec-22 Mar-23 Jun-23
5233 6332 6790 6315 6758

Mar-13 Mar-16 Mar-17 Mar-18 Mar-19

23% 23% 17% 16% 21%
16% 14% 9% 6% 13%

Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

19.6% 9.8% 8.2% 13.7% 11.1%
18.8% 10.1% 7.3% 14.7% 13.7%
NY GRAPHICS
S LABORATORIES LTD

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

17517 19048 21545 24670 28011
13.39% 8.74% 13.11% 14.50% 13.54%

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

624 903 859 925 1232

2.5
Mar-24
0.07x

49%
33%
3%
1%
2%

Mar-24
1,478
Mar-24
4,543
Sep-23 Dec-23 Mar-24 Jun-24 Sep-24
6903 7237 7114 7696 8038

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

14% 20% 17% 26% 28%
12% 10% 10% 18% 20%

Mar-21 Mar-22 Mar-23 Mar-24

15.5% 14.6% 26.2% 26.9%
11.7% 11.8% 21.2% 21.6%
Multibagger List

Income Statement
(Yearly)
Income Statement
(Quarterly)
Balance Sheet

Cash Flow
Statement
Ratio Analysis

Info-graphics & Charts

DCF Valuation

Investment Decission

Stock Watchlist
 DCF Valuat

COMPANY NAME DR
Initial Cash Flow (Rs Cr) ₹ 2,363
Estimated Growth Rate NO
Years 1-10
FCF Growth Rate 20.00%
Discount Rate 9.50%
Terminal Growth Rate 5.00%

DCF Value ₹ 178,190.52

Current Market Cap ₹ 101,248.42
DCF as % of Current Mkt Cap 175.99%

Terminal Year ₹ 15,359.81

PV of Year 1-10 Cash Flows ₹ 40,459.39
Terminal Value ₹ 137,731.13
Total PV of Cash Flows ₹ 178,190.52
Current Market Cap (Rs Cr) ₹ 101,248.42
Current Share Price
Value Per Share
₹ 1,213.45
₹ 2,135.59 C
FUNDAMENTAL 🧩 MANUAL ✒️
Current Share Price ₹ 1,213.45 ₹ 1,213.45
Estimated 10th Year Share Price ₹ 6,069.01 ₹ 6,069.01
Estimated 10th Year Share Price + Dividends ₹ 6,069.11 ₹ 6,071.34
Total Return 17.47% 17.47%

Investment Return = % EPS Growth + Dividend Income

FUNDAMENTAL 🧩
EPS% ⬆️ DIVIDEND% ⬆️
Investment return = 14.72% 0.00%
Total Investment return = 14.72%

MANUAL ✒️
EPS% ⬆️ DIVIDEND% ⬆️
Investment return = 20.00% 0.00%
Total Investment return = 20.00%
 FUNDAMENTAL 🧩 MANUAL ✒️
₹ 8.06 ₹ 2.33
Capital Gains + Dividends = ₹ 556,287 ₹ 516,373
Estimated 10th Year Market Cap = ₹ 506,389.10 ₹ 506,389.10
Discounted Estimated 10th Year Market Cap ₹ 204,335.19 ₹ 204,335.19
Discounted Dividends = ₹ 325.29 ₹ 125.94
Discounted Value = ₹ 204,660.48 ₹ 204,461.12
Disounted Earnings Valuation = ₹ 2,452.83 ₹ 2,450.44

`
DCF Valuation

DR REDDYS LABORATORIES LTD

Year FCF Growth Present Value
1 ₹ 2,835.08 20.00% ₹ 2,589.11
2 ₹ 3,402.10 20.00% ₹ 2,837.39
3 ₹ 4,082.52 20.00% ₹ 3,109.46
4 ₹ 4,899.02 20.00% ₹ 3,407.63
5 ₹ 5,878.82 20.00% ₹ 3,734.39
6 ₹ 7,054.59 20.00% ₹ 4,092.48
7 ₹ 8,465.50 20.00% ₹ 4,484.91
8 ₹ 10,158.60 20.00% ₹ 4,914.97
9 ₹ 12,190.33 20.00% ₹ 5,386.27
10 ₹ 14,628.39 20.00% ₹ 5,902.76

ROE X (1- PAYOUT RATIO) = GROWTH

YEAR ROE (1-DPR) GROWTH
CURRENT 21.6% 88.0% 19.06%
1 21.6% 88.0% 19.06%
2 21.6% 88.0% 19.06%
3 21.6% 88.0% 19.06%
4 21.6% 88.0% 19.06%
5 21.6% 88.0% 19.06%
6 21.3% 75.4% 16.24%
7 21.0% 62.8% 13.43%
8 20.7% 50.2% 10.62%
9 20.3% 37.6% 7.81%
10 20.0% 25.0% 5.00%
TERMINAL (STA 20.0% 25.0% 5.00%

GROWTH RATE (MANUALLY INPUTTED)

`
YEAR ROE (1-DPR) GROWTH
CURRENT 21.64% 92.40% 20.00%
1 21.64% 92.40% 20.00%
2 21.64% 92.40% 20.00%
3 21.64% 92.40% 20.00%
4 21.64% 92.40% 20.00%
5 21.64% 92.40% 20.00%
 6 21.64% 92.40% 20.00%
7 21.64% 92.40% 20.00%
8 21.64% 92.40% 20.00%
9 21.64% 92.40% 20.00%
10 21.64% 92.40% 20.00%

YEAR NOCF CAPEX FCF

CURRENT ₹ 3,959.20 40.40% ₹ 2,359.66
1 ₹ 3,960.39 40.40% ₹ 2,360.37
2 ₹ 3,961.58 40.40% ₹ 2,361.08
3 ₹ 3,962.77 40.40% ₹ 2,361.79
4 ₹ 3,963.96 40.40% ₹ 2,362.50
5 ₹ 3,965.15 40.40% ₹ 2,363.21
6 ₹ 3,966.32 40.40% ₹ 2,363.90
7 ₹ 3,967.45 40.40% ₹ 2,364.58
8 ₹ 3,968.56 40.40% ₹ 2,365.24
9 ₹ 3,969.63 40.40% ₹ 2,365.88
10 ₹ 3,970.68 40.40% ₹ 2,366.50
 VERSION 8.100

TORIES LTD

STOCK IS UNDERVALUED C
STOCK IS OVERVALUED D
EXPECTED DIVIDEND INCOME ANALYSIS (FUNDAMENTAL GROWTH)
YEAR EPS DPR Dividends
CURRENT 66.8732766 12.0% 8.00
1 79.62 12.0% 9.52
2 94.79 12.0% 11.34
3 112.85 12.0% 13.50
4 134.35 12.0% 16.07
5 159.96 12.0% 19.13
6 185.94 24.6% 45.68
7 210.92 37.2% 78.41
8 233.32 49.8% 116.16
9 251.55 62.4% 156.95
10 264.12 75.0% 198.09
Expected Dividend Income From This Stock In Next The 10 Years 672.86

EXPECTED DIVIDEND INCOME ANALYSIS (MANUAL GROWTH)

YEAR EPS DPR Dividends
CURRENT 79.62 7.60% 6.05
1 95.54 7.60% 7.26
2 114.65 7.60% 8.71
3 137.58 7.60% 10.45
4 165.09 7.60% 12.54
5 198.11 7.60% 15.05
6 237.73 7.60% 18.06
 7 285.28 7.60% 21.68
8 342.34 7.60% 26.01
9 410.80 7.60% 31.21
492.96 7.60% 37.46
Expected Dividend Income From This Stock In Next The 10 Years 194.49
GROWTH)
Pr. Value

₹ 8.70
₹ 9.46
₹ 10.28
₹ 11.18
₹ 12.15
₹ 26.50
₹ 41.54
₹ 56.20
₹ 69.35
₹ 79.93
₹ 325.29

OWTH)
Pr. Value

₹ 6.63
₹ 7.27
₹ 7.96
₹ 8.73
₹ 9.56
₹ 10.48
 ₹ 11.48
₹ 12.58
₹ 13.79
₹ 37.46
₹ 125.94
 INVEST

COMPANY NAME
Particulars
Multibagger List Net Profit (Rs Crore)
Net Profit Margin
Income Statement Return on Equity
(Yearly)
Income Statement Calculations
(Quarterly) Estimated CAGR in Net Profit over next 10 years
Balance Sheet Estimated Net Profit after 10 years (Rs Cr)
Current P/E (x)
Cash Flow Statement Exit P/E in the 10th year from now (x, Estimated)
Esti. Market Cap (10th year from now; Rs Cr)
Ratio Analysis
Cost of Capital/Discount Rate
Discounted Value (Rs Cr)
Info-graphics & Current Market Cap (Rs Cr)
Charts
DCF Valuation
If you invest 1 lakh today, in 10 yrs it will grow into
Investment Return from this stock in the next 10 years
Investment Decission Speculative Return from this stock in the next 10 years
Capital Gains
Stock Watchlist Dividend Return
Total Return = Investment Return + Speculative Retur
INVESTMENT DECISSION

DR REDDYS LABORATORIES LTD

Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
2,336 2,108 1,257 912 1,950 2,026 1,952 2,182
16% 14% 9% 6% 13% 12% 10% 10%
19% 10% 7% 15% 14% 12% 12% 21%

20.00%
YOU CAN INVEST C
25,319
19.0
20.0
DON'T INVEST D

C
506,389 Investment Signal
10%
204,461
101,248

516,373
20.00%
-2.53%
17.47%
0.00% Volatility ANALYSIS
17.47% LAST 3 MONTHS
 VERSION 8.100

S LTD
Mar/23 Mar/24 AGR (9-Yr) AGR (5-Yr)
4,507 5,578 10% 22%
18% 20%
22% 0%
 Warren Bu
DR RED

1. What is BUSINESS POSITIONING and scope?

2. What is the NETWORK EFFECT of the company?

3. What is the LEVERAGE POSITION of the compan

4. What is the OWNERSHIP STRUCTURE of promot

5. How is the management achieving the ECONOM

6. How superior is the TECHNOLGY being offered b

7. Does the company have a HABIT FORMING ecos

8. Is the company has COST LEADERSHIP?

9. What is the PLEDGE CAPITAL position of the com

10. How much BRAND VISIBILITY does the Compan

11. Does the management of the company is hone

 Warren Buffett Economic Moat
DR REDDYS LABORATORIES LTD

ING and scope? Monopolistic Compe

CT of the company? Moderate Network
TION of the company? Low Leverage
RUCTURE of promoters? Sudden Decrease
hieving the ECONOMIC OF SCALE? Decreasing DC & O
OLGY being offered by the company?Decreasing R&D
ABIT FORMING ecosystem? Strong
EADERSHIP? Price Setter
L position of the company? Less than 15%
TY does the Company product have?Strong

Strongly
he company is honest and competen Agree
 AVERA
D GE GO
BA O
D
R
WO

BE S
ST

L
T
ECONOMIC
MOAT
INDICATOR
 Monopoly 0.9 Increasing

Oligopoly 0.7 Gradually Decreasing

Perfect Competition 0.2 Stable
Monopolistic Competition 0.6 Sudden Decrease
Monopsony 0.8
Oligopsony 0.6 Decreasing DC
Natural Monopoly 1.0 Decreasing OP
Decreasing DC & OP
Increasing DC
Narrow Network 0.3 Increasing OP
Wide Network 1.0 Increasing DC & OP
Moderate Network 0.6
Increasing R&D
Highly Leverage -1.0 Decreasing R&D
Low Leverage 1.0 Stable R&D
Moderately Leverage 0.7
No Leverage 0.8 Price Setter
Price Follower
Strong 1 Average
Moderate 0.7
Insignificant 0.4 Grater than 15%
Less than 15%

0% Worst 10% L
30% Bad 30% L
50% Average 50% K
75% Good 70% J
90% Best 90% J

Bad
30% 1% 169.00%
 1 Strong 1 1 0.6

0.6 Moderate 0.7 2 0.6

0.8 Insignificant 0.4 3 1
-4 4 -4
5 1
0.7 Strongly Agree 1 6 0.4
0.8 Agree 0.6 7 1
1 Disgree -4 8 1
0.6 9 1
0.5 10 1
0.2 11 1
Score 4.6
1
0.4 42%
0.6

1
0.2
0.6

0.3
1

L
 benjamin graham Form
DR REDDYS LABORATORIES LTD

Year Ended Mar/24

Avg 5-Yr Net Profit (Rs Crore) 3,249.1

PE Ratio at 0% Growth 10.0x
Long-Term Growth Rate 11.2%

Ben Graham Value (Rs Crore) 33,220

Current Market Cap (Rs Crore 101,248

Ben Graham'sFormula: Value = EPS x (8.5 + 2G)

Here, EPS is the trailing 12-month EPS, 10x is the P/E ratio of a stock with a grow
rate for the next 7-10 years
aham Formula
BORATORIES LTD

Year Ended Mar/24

Avg 5-Yr Net Profit (Rs Crore) 3,249.1

PE Ratio at 0% Growth 10.0x
Long-Term Growth Rate 22.5%

Ben Graham Value (Rs Crore) 33,950

Current Market Cap (Rs Crore 101,248

x (8.5 + 2G)
ratio of a stock with a growth rate (g%) is the growth
where this
model will
not work,
you must
use a
normalize
d positive
FCF as
the
starting
number.
Dhandho Intrinsic Valu
This DR REDDYS LABORATORIE
number is
your
assumptio Dhandho - Lower Range
n of FCF
Year FCF (Rs Cr) PV of FCF (Rs Cr)
the
business 0 Excess Cash (Latest) 1,728
will earn 1 FY24 2,717 2,426
in a
normal 2 FY25 3,124 2,491
year, 3 FY26 3,593 2,558
without
capex. 4 FY27 3,952 2,512
Check the 5 FY28 4,348 2,467
history of
6 FY29 4,783 2,423
this
business 7 FY30 5,022 2,272
while 8 FY31 5,273 2,130
arriving at
your 9 FY32 5,536 1,996
assumptio 10 FY33 5,813 1,872
n, and use
your 10 58,132 18,717
judgment Intrinsic Value 43,590
wisely
Current Mkt. Cap. 101,248
without
twisting Premium/(Discount) to IV 132%
the model
to fit your
version of
reality.
Intrinsic Value Calculation
DR REDDYS LABORATORIES LTD

Dhandho - Higher Range

Assumed FCF Growth Year FCF (Rs Cr) PV of FCF (Rs Cr)
Year 1-3 15% 0 Excess Cash (Latest) 1,728
Year 4-6 10% 1 FY24 2,835 2,531
Year 7-10 5% 2 FY25 3,260 2,599
Discount Rat 12% 3 FY26 3,749 2,669
4 FY27 4,132 2,626
Assumed FCF Growth 5 FY28 4,545 2,579
Year 1-3 20% 6 FY29 5,000 2,533
Year 4-6 15% 7 FY30 5,261 2,380
Year 7-10 10% 8 FY31 5,524 2,231
Discount Rat 12% 9 FY32 5,800 2,092
10 FY33 6,090 1,961
Last 5-Years' CAGR 10 60,900 19,608
Sales 10% Intrinsic Value 45,536
PBT 31% Current Mkt. Cap. 101,248
FCF -16% Premium/(Discount) to IV 122%
Other Current
Assets
Mar-23 Mar-24

3,128 5,892
88.33% ⬆️ FIXED Assets
+ Mar-23
6,470
Mar-24
7,933
INVENTORY 22.61% ⬆️
Mar-23
4,867
Mar-24
6,355
+
⬆️

+
30.58% Current Assets
Mar-23 Mar-24

16,974 22,004
Accounts
29.63% ⬆️
Receivable
Mar-23 Mar-24

7,249 8,030
10.78% ⬆️

+ Operating
Income
Cash & Mar-23 Mar-24
Equivalents 6,470 7,933
Mar-23 Mar-24
22.61% ⬆️
1,730
-0.14%
1,728
⬇️ -
Non-Operating
Expenses
Mar-23 Mar-24

1,963 2,355
19.99% ⬆️
19.99% ⬆️
 Du-Point Analysis
DR REDDYS LABORATORIES LTD

D Assets Sales
Mar-24 Mar-23 Mar-24

7,933 24,670 28,011

⬆️ 13.54% ⬆️

÷
2.61%

Total Assets Assets

nt Assets
Turnover
Mar-24 Mar-23 Mar-24
Mar-23
22,004 32,209 38,780
76.59%
⬆️ 20.40% ⬆️
9.63% -436 bps

Net Profit
rating Margin
Net Profit
come Mar-23
Mar-24 Mar-23 Mar-24
18.27%
7,933 4,507 5,578
164 bps
2.61% ⬆️ 23.75% ⬆️

÷
perating Sales
enses
Mar-24 Mar-23 Mar-24

2,355 24,670 28,011

9.99% ⬆️ 13.54% ⬆️
9.99% ⬆️ 13.54% ⬆️
 Assets
Turnover
Mar-23 Mar-24

76.59% 72.23%
-436 bps ⬇️ RETURN ON

X INVESTMENT
Mar-23 Mar-24

13.99% 14.38%
Net Profit 39 bps ⬆️
Margin
Mar-23 Mar-24

18.27% 19.91%
164 bps ⬆️
 3,128 5,892
88.33% ⬆️

4,867 6,355
30.58% ⬆️

7,249 8,030
10.78% ⬆️

1,730 1,728
-0.14% ⬇️

32,209 38,780 0
20.40% ⬆️

16,974 22,004
29.63% ⬆️

6,470 7,933
22.61% ⬆️

24,670 28,011
13.54% ⬆️

4,507 5,578
23.75% ⬆️

76.59% 72.23%
-436 bps ⬇️

18.27% 19.91%
164 bps ⬆️

13.99% 14.38%
39 bps ⬆️

1,963 2,355
19.99% ⬆️
 Piotroski F-Score Ca
DR REDDYS LABORATORIES

Parameters (in INR,Crs) Mar-23 Mar-24

Revenue 24,670 28,011
F-
Cost of Goods Sold 1,250 1,470 Score 9
90%
Gross Margin 5.07% 5.25%
80%
Net Income 4,507 5,578 7
70%
Year End Current Assets 13,846 16,113
60%
Year End Current Liabilities 7,576 8,523
50%
Year Beginning Total Asset 29,746 32,209
40%
Year End Total Assets 32,209 38,780
30% 4
Long-term Debt 1,347 2,002
20%
Operating Cash Flow 5,888 4,543 10%
Diluted Shares Outstandin 166,527,876 166,818,266 0
0%
56
%
positive
FCF as
the
starting
number.
This
number
is your
assumpti
on of
FCF the
business
will earn
in a
normal
year,
without
capex.
Check
the
history
of this
business
while
arriving
at your
assumpti
on, and
use your
judgmen
t wisely
without
twisting
the
model to
fit your
version
of
reality.
-Score Calculator
YS LABORATORIES LTD
>> F-Score
<<
Piotroski F Score Breakdown F-Score
Profitability
ROA 1
CFO 1

5
∆ ROA 1
ACCRUAL 0
Leverage, Liquidity, Source of Funds
∆ LEVERAGE 0
∆ LIQUID 1
EQ_OFFER 0

😓
Operating Efficiency
∆ MARGIN 0
∆ TURN 1
Total Score 5
Fscore 56% 44%
COMPANY NAME DR REDDYS LABORATORIES LTD
LATEST VERSION 2.10
CURRENT VERSION 2.10
PLEASE DO NOT
META
Number of shares 83.44
Face Value 1
Current Price 1213.45
Market Capitalization 101248.42

PROFIT & LOSS

Report Date Mar-15 Mar-16 Mar-17 Mar-18
Sales 15023.3 15568.3 14196.1 14281
Raw Material Cost 3842.2 3854.2 3819.8 4081
Change in Inventory 55.8 95.7 123.3 41.5
Power and Fuel 339.1 315.2 330.1 329.3
Other Mfr. Exp 1038.6 1027.7 852.1 1746.5
Employee Cost 2952.6 3125.2 3114.2 3221
Selling and admin 3100.3 2999.2 3279.7 2100
Other Expenses 298.3 757.2 451.3 493.5
Other Income 259.7 295 171.5 155.2
Depreciation 759.9 938.9 1026.6 1077.2
Interest 108.2 82.6 63.4 78.8
Profit before tax 2899.6 2858.8 1553.7 1350.4
Tax 563.2 751.1 296.5 438
Net profit 2336.4 2130.6 1292.1 946.8
Dividend Amount 340.8 341.2 331.6 332

Quarters
Report Date Jun-22 Sep-22 Dec-22 Mar-23
Sales 5232.9 6331.8 6789.9 6315.2
Expenses 4291.7 4432.9 4851.3 4781.3
Other Income 863.3 54.8 64.6 146.1
Depreciation 301.8 309.2 323.7 315.5
Interest 34.7 30.9 41.8 35.4
Profit before tax 1468 1613.6 1637.7 1329.1
Tax 279 499.4 393.8 369
Net profit 1189 1114.2 1243.9 960.1
Operating Profit 941.2 1898.9 1938.6 1533.9
BALANCE SHEET
Report Date Mar-15 Mar-16 Mar-17 Mar-18
Equity Share Capital 85.2 85.3 82.9 83
Reserves 9767.9 12484.5 12179.2 12488.6
Borrowings 4314.1 3352.1 4918.5 5071.4
Other Liabilities 4289.9 4408.5 4473.9 4706.3
Total 18457.1 20330.4 21654.5 22349.3
Net Block 5377 6563 6930.7 6968
Capital Work in Progress 529 772.2 3324.5 3470.5
Investments 2247.8 3833.1 2109.7 2298.3
Other Assets 10303.3 9162.1 9289.6 9612.5
Total 18457.1 20330.4 21654.5 22349.3
Receivables 4101.2 4125 3798.6 4052.7
Inventory 2569.9 2557.9 2852.8 2908.9
Cash & Bank 1872.4 492.1 386.5 263.8
No. of Equity Shares 170381170 170607853 165741913 165910907
New Bonus Shares
Face value 5 5 5 5

CASH FLOW:
Report Date Mar-15 Mar-16 Mar-17 Mar-18
Cash from Operating Activity 2523.5 3262.6 2144.4 1803
Cash from Investing Activity -2369.8 -1609.9 -1889.6 -1482.6
Cash from Financing Activity -433.2 -1700.1 -369.1 -444
Net Cash Flow -279.5 -47.4 -114.3 -123.6

PRICE: 698 607 526 416

DERIVED:
Adjusted Equity Shares in Cr 85 85 83 83
PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

OVERVIEW

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

15448.2 17517 19047.5 21545.2 24669.7 28011.1
4770.2 5530.7 6869.4 7796.1 7586.8 8889.2
275.4 -23.7 790.5 353.9 -70.9 680.5
329.1 314.8 320.5 390.5 477.4 533.9
1434.8 1445.4 1574.4 1602.2 1738.6 2087.2
3364.2 3391 3639 3897.9 4658 5044.4
2227.3 2173.4 2389.2 2964 3187.9 3695.9
419.8 2160.9 1171.4 1480.7 480 507.9
381.3 670 335.2 554.7 971.4 909
1134.8 1163.1 1228.8 1165.2 1250.2 1470
88.9 98.3 97 95.8 142.8 171.1
2335.8 1885.7 2883.5 3061.4 6048.5 7201
385.8 -140.3 931.9 878.9 1541.2 1623.1
1950 2026 1951.6 2182.5 4507.3 5577.9
332 415.5 416 499.2 666.4 667.2

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

6757.9 6902.6 7236.8 7113.8 7696.1 8038.2
4695.8 4894.3 5213.7 5282.6 5566.2 5961.7
178.3 319.2 218.9 201 193.1 313.6
353.3 375.5 373.5 367.7 380.6 397
37.1 35.3 39.4 59.3 59.8 75.7
1850 1916.7 1829.1 1605.2 1882.6 1917.4
445 434.5 448.2 295.4 490.2 575.5
1405 1482.2 1380.9 1309.8 1392.4 1255.7
2062.1 2008.3 2023.1 1831.2 2129.9 2076.5
 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
83 83.1 83.2 83.2 83.3 83.4
13940.6 15515.7 17558.5 19129.2 23202.8 28171.4
3838.1 2210.2 3030.8 3384.5 1347.2 2002
4556.6 5414.3 5915.4 7148.6 7575.8 8522.9
22418.3 23223.3 26587.9 29745.5 32209.1 38779.7
7191 6850.3 8205.7 8121.5 9219.1 10425.6
2933.5 1535.1 1565.1 1293.4 1030.1 1419.3
2587.1 2677.8 2211.8 2615.9 4985.8 4930.5
9706.7 12160.1 14605.3 17714.7 16974.1 22004.3
22418.3 23223.3 26587.9 29745.5 32209.1 38779.7
3986.9 5027.8 4964.1 6676.4 7248.5 8029.8
3357.9 3506.7 4541.2 5088.4 4867 6355.2
222.8 205.3 2078.8 2419.2 1730.2 1727.7
166065948 166172082 166301231 166425849 166527876 166818266

5 5 5 5 5 5

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

2870.4 2984.1 3570.3 2810.8 5887.5 4543.3
-769.2 -494.8 -2254.7 -2565.4 -4108.7 -4034.2
-2132.6 -2515.9 -29.8 -242.2 -2686.1 -376.3
-31.4 -26.6 1285.8 3.2 -907.3 132.8

556 624 903 859 925 1232

83 83 83 83 83 83
How to use it?
OVERVIEW
You can customize this workbook as you want.
You can add custom formating, add conditional formating, add your own formulas… do ANYTHING.
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dalal-street.in
Hybrid Investing Excel Analysis - Version 7.0
HOW TO USE THIS SPREADSHEET
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Step 3 - Visit the home page of Screener.in and choose a company of your choice. Once you do that, you wi
details of your chosen company. Scroll down and come to the first financial statement table called "Quarterly
Results"
Step 4 -and click
Scroll on to
back "View Consolidated".
the top of the page,Now, all data
and you will you see
see a for this
button company
"Export will be
to Excel" onconsolidated.
the right side. Clic
button and the company's financial data will be exported in an excel file in the exact format as "Investors De
Stock Valuation Excel Ver. 2.0". Now onwards, any excel you export for any company on Screener.in will be
downloaded in this very format.
Step 5 - Email me your love and testimonial for helping you with this excel. :-)

READ THESE INSTRUCTIONS BEFORE YOU START

1. DON’T change anything on "Data Sheet" tab - this is dynamic template based
which company data we need is being pulled through Screener.in upload
2. If you see data is not flowing when you download excel from Screener.in, just
on "Enable Editing" on the top of your excel workbook

Data Sheet underlying data is from Screener.in

IMPORTANT INSTRUCTIONS
1. Ensure that the company whose data you are downloading has numbers at least starting from FY08 (Marc
This is because if, for instance, the company has financials starting from, say, FY10, you will see incorrect da
FY08
2. All and FY09data
financial (which will be
of your of Ambuja
chosen Cement
company on automatically
will be whose financials I havein
updated created thisyou
the sheet Analysis sheetexcep
download, forma
and Bank" (Balance Sheet sheet) and Capex (Cash Flow sheet) figures, which you must update manually from
company's annual reports. Don’t forget to make these changes as these numbers are key inputs in a few Intr
Value
3. Youcalculations.
may update the sheet and add your own analysis, formulae etc. and then upload again to Screener.in
using the Step 2 mentioned above. But DON'T touch the sheet titled "Data Sheet" because this will cause err
your future downloads.
4. DON’T touch any cell except the black ones, where you are required to update the numbers manually from
Reports (just Cash and Capex numbers) or where you may change the growth assumptions etc.
4. I have added Comments and Instructions wherever necessary so as to explain the concepts. Read those ca
before working on the sheet.
5. This sheet is not a replacement of the work required to read annual reports as part of the analysis process
please do that along with working on this sheet. You may sometime find some discrepancy in numbers (thou
but you will know this only when you read annual reports.
6. I could not find a bug/errors in this spreadsheet, but if you notice some, please email me at -
connectl@investorsdelight.in and I will try to fix the same and update the sheet
7. I will keep on updating the sheet from time to time and will update the same on the website. I invite you t
your feedback and thoughts on the sheet so that we can make it better together.
8. This excel won't work for banking and financial services companies.