Dr. Reddy’s logs 10% y-o-y growth in net profit to ₹1,379 Crore

31 Jan 2024 , 10:11 AM

Dr. Reddy’s Laboratories Ltd reported a 10.5% increase in consolidated profit after tax (PAT) for the December 31, 2023 quarter, reaching ₹1,378.9 Crore from ₹1,247.1 Crore the previous year.

The drugmaker’s consolidated sales reached ₹7,215 Crore, representing a 7% year-on-year and 5% QoQ increase. The YoY rise was largely driven by increased market share for the company’s current products in North America and the continuation of its growth trajectory in Europe.

The company’s net profit and sales exceeded market estimates of ₹1,293.9 Crore and ₹6,903.6 Crore, respectively.

Global generics revenue reached ₹6,310 Crore, up 7% year-on-year. YoY growth was driven by increased volumes of base business and new product launches, which were somewhat offset by price erosion in some regions. The sequential rise was driven by an increase in volumes from the company’s core business, which was somewhat offset by price erosion in certain areas.

During the quarter, the business introduced four new products in the area, two of which debuted in the United States. As of December 2023, about 79 generic applications were seeking clearance with the US FDA.

Dr. Reddy’s income from India reached ₹1,180 Crore, a 5% increase year on year and a 1% decrease quarterly. The YoY gain was predominantly related to revenues from new product launches, whereas the QoQ fall was primarily due to reduced volumes in base business.

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