Dr. Reddy's Laboratories (DRL) posted robust 2Q numbers as operating performance bettered expectations despite in-line sales. The operations were boosted by improved leverage and favorable product mix. Benefit of gNexium approval is expected in 3Q. While we are structurally positive on the R&D; investments made for longer term, near term risks of Srikakulam F483, delayed US approvals and currency headwinds in Venezuela make us cautious. We introduce our FY18E numbers in this note and roll forward our...