Dr Reddy's Labs reports marginal decline in profit in Q1

Published On 2024-07-30 05:00 GMT | Update On 2024-07-30 05:00 GMT

New Delhi: Dr Reddy's Laboratories reported a marginal decline in its consolidated profit after tax (PAT) for the first quarter ending June 30, 2024. The company's PAT stood at Rs 1,392 crore, down from ₹1,402 crore recorded in the same period of the previous fiscal year.

In a regulatory filing, Dr Reddy's revealed that its revenue for the quarter reached ₹7,673 crore, marking an increase from ₹6,738 crore in the corresponding quarter of the previous year.

"We had a good start to the new fiscal year and our growth & profitability were mainly driven by our generics business," Dr Reddy's Co-Chairman and MD, G V Prasad said.

The company continues to strengthen its core businesses and have made strategic investments in biologics, consumer healthcare and innovation to drive patient impact and value creation, he added.

North American generics business revenues rose by 20 per cent year on year to Rs 3,846 crore for the first quarter as against Rs 3,200 crore in the year-ago period.

India generics business revenue stood at Rs 1,325 crore for the first quarter as against Rs 1,148 crore in the June quarter of last fiscal.

The company said its board approved sub-division of each share having face value of Rs 5 each into five shares having face value of Re 1 each.

The board also approved fund infusion of up to GBP 500 million in its Switzerland -based unit -- Dr Reddy's Laboratories SA, by way of investment in preference shares, PTI freported.

The fund will be used by the subsidiary for the acquisition of Nicotinell and related brands by way of acquisition of all of the quotas of Northstar Switzerland SARL, owned by the Haleon Group.

Article Source : with inputs

Disclaimer: This website is primarily for healthcare professionals. The content here does not replace medical advice and should not be used as medical, diagnostic, endorsement, treatment, or prescription advice. Medical science evolves rapidly, and we strive to keep our information current. If you find any discrepancies, please contact us at corrections@medicaldialogues.in. Read our Correction Policy here. Nothing here should be used as a substitute for medical advice, diagnosis, or treatment. We do not endorse any healthcare advice that contradicts a physician's guidance. Use of this site is subject to our Terms of Use, Privacy Policy, and Advertisement Policy. For more details, read our Full Disclaimer here.

NOTE: Join us in combating medical misinformation. If you encounter a questionable health, medical, or medical education claim, email us at factcheck@medicaldialogues.in for evaluation.

Ruchika Sharma

Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751

Comments Policy

Our comments section is governed by our Comments Policy . By posting comments at Medical Dialogues you automatically agree with our Comments Policy , Terms And Conditions and Privacy Policy .

Dr Reddy's Labs reports marginal decline in profit in Q1

Similar News

Moderna scraps mRNA vaccine in congenital CMV on trial failure

India to Regulate Cell and Gene Therapies Under Drug Licensing Rules

Roche appoints Nina Schwab-Hautzinger as Head of Group Communications

Lilly to buy Adverum Biotechnologies

Dr Reddy's Labs assigns additional responsibilities of CHRO office to Sanjay Sharma

DoP Invites Retired Central Govt Officers for Consultant Roles, Apply by Oct 31

AP Drug Control Launches Mega GMP Inspection Across 400 Pharma Firms

Modi Mundipharma Gets SEC Approval to Study Cingal, a Hyaluronic Acid-Steroid Device for Osteoarthritis Knee Pain