Dr Reddy's Labs reports marginal decline in profit in Q1
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.
Read also: Dr Reddy's Labs gets positive EMA Committee opinion for proposed Rituximab biosimilar
Next Story
