Dr Reddy Laboratories Profit Declines Slightly to ₹1,392 Cr; Revenue at ₹7,673 Cr

Dr Reddy’s Laboratories on Saturday said its consolidated profit after tax declined marginally to Rs 1,392 crore for the first quarter ended June 30, 2024.

The pharma major had reported a net profit (PAT) of Rs 1,402 crore in the April-June quarter of the previous fiscal.

Dr Reddy’s Laboratories’ revenue stood at Rs 7,673 crore in the first quarter compared with Rs 6,738 crore in the same period a year earlier, regulatory filings showed.

“We had a strong start to the new fiscal year with our growth and profitability driven primarily by our generics business,” said Dr Reddy’s Co-Chairman and Managing Director GV Prasad.

He added that the company continues to strengthen its core businesses and has made strategic investments in biologics, consumer healthcare and innovation to enhance patient impact and create value.

Revenue from the generics business in North America grew by 20 per cent year-on-year to Rs 3,846 crore in the first quarter as compared to Rs 3,200 crore in the same period last year.

The Indian generics industry’s revenue in the first quarter stood at Rs 1,325 crore, compared to Rs 1,148 crore in the June quarter of the previous fiscal.

The company said its board has approved the split of each share of face value of Rs 5 each into five shares of face value of Rs 1 each.

The Board also approved the infusion of up to £500 million into Dr Reddy’s Laboratories SA, Switzerland, through an investment in preference shares.

The funds will be used by the subsidiary to acquire Nicotinell and related brands through the acquisition of all shares in Northstar Switzerland SARL, owned by the Haleon Group.