Dr Reddy's Labs reported Q1FY18 revenue of INR 33,332 mn which grew 1.98% Y-o-Y but degrew 7.13% Q-o-Q due to price erosion and channel consolidation in the US along with destocking of inventories due to GST in India. However, the company has witnessed a growing trend in the emerging market and Europe due to volume uptake and new product launches.. EBITDA stood at INR 3232 mn and has witnessed sharp fall in margin which stood 9.9% in Q1 FY18 as against 16.9% in Q4 FY17. The higher R&D; cost, employee cost and raw material cost has impacted the EBITDA margins. R&D; for the quarter was INR 5100 mn which is 15.7% of total sales vs INR 4600 mn in Q4 2017 which was 13.1% of the total sales. PAT for the quarter came in at INR 666 mn with margins of 2% which has decreased drastically by 760 bps q-o-q and 277 bps y-o-y. The decrease in...