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Dr. Reddy's Laboratories Ltd.

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Although Dr. Reddy's recorded a year-over-year increase in both earnings and revenues in the third-quarter of fiscal 2016 on the back of a strong performance in the North American market, the performance in emerging markets was disappointing as revenues in Russia suffered from a depreciating ruble. Weak performance in Venezuela continues to dampen the top line. The FDA warning letter for some manufacturing facilities in India will also remain an overhang, even though the company is working to resolve the same. Nevertheless, the company's efforts to strengthen its portfolio through collaborations are encouraging. Moreover, the acquisition of UCB’s established brands business in India should help expand its footprint into the fast growing areas of dermatology, respiratory and pediatric products.

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