Re-iterate BUY with a TP of Rs 2,825 (18x Sep '20E EPS +Rs 520 for niche products). Despite witnessing steep QoQ fall (-18%) in the US dollar revenues (~US 197mn), Dr Reddys Lab (DRRD) reported in-line result in 2QFY19. Revenues were up 7% YoY/2% QoQ to Rs 38bn, EBITDA margin came in at 19.5% was up 75bps and PAT at Rs 5bn grew 77% YoY and 10% QoQ. Revenue growth was largely led by the branded generic markets like Russia, CIS and RoW. Improved profitability was primarily contributed by favorable business mix and currency fall in 2QFY19.