Dr Reddy's Labs (DRRD) delivered a marginally lower-than-expected performance in 4QFY21, led by (a) weak US sales, (b) moderation in YoY growth in the India business, and (c) currency headwinds in Russia. DRRD is progressing well with building a preventive/curative COVID portfolio and gearing up for niche launches over the near-to-medium term. We raise our EPS estimate by 5%/6% for FY22/FY23E and continue to value DRRD at a P/E multiple of 25x, factoring in (a) improved visibility on the commercialization of limited-competition products in North America (NAM),...