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Dr. Reddy's stock price down by more than 3% today

8 May 2024 , 12:40 PM

Dr. Reddy’s Laboratories witnessed a 5% decline in share price during opening trades on Wednesday following the release of its Q4 earnings report after market hours on Tuesday.  At the time of writing, shares of Dr. Reddy’s were trading at ₹6065.60 which is a 3.07% dip than the previous close.

For the quarter ended March (Q4FY24), Dr. Reddy’s Laboratories Ltd (DRL) reported a net profit of ₹1,307 Crore, marking a 36% increase year-on-year from ₹159.2 Crore in the same quarter last year. However, the net profit showed a 5% decrease sequentially compared to ₹13,738 Crore in the December 2023 quarter.

Dr. Reddy’s North America sales, contributing 45% to overall revenues, grew by 29% year-on-year to ₹3,262.6 Crore, although there was a 5% decline sequentially.

The growth in sales in the US market for Dr. Reddy’s has been primarily fueled by the launch of the generic version of the multiple myeloma treatment drug Revlimid. However, it’s anticipated that contributions from this drug have likely peaked due to increased competition, resulting in a sequential decline.

Dr. Reddy’s reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of ₹1,872 Crore for the March quarter, translating to an EBITDA margin of 25.4%. Although this represented an improvement over ₹1,631 Crore in the year-ago quarter, it declined from ₹2,110 Crore in the previous quarter.

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Related Tags

  • Dr. Reddy share price
  • Dr. Reddy shares
  • Q4 results
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