yes but you have to look at it from a context of time. pfizer, merck etc are atleast past 100 years from inception. most indian companies started after 1950. Plus, india had draconian laws to suppress private competition. It was all socialism and 'no-fair-competition-ism' until the 90's.
So indian companies with so little history have a lot of catching up to do.
Going back to our Reddy's investment; just look at what REDY.bo has given in terms of returns over the last 12 years in the indian market. %age returns are huge something like 10 times or more.