Dr. Reddy’s Q4: Net Profit Up 36%, Declares Rs 40/Share Dividend

by | May 8, 2024 | 0 comments

Dr. Reddy’s Q4 earnings report shows a 12 percent increase in revenue from the previous year, reaching Rs 7,083 crore.

In the March quarter of FY24, Dr. Reddy’s Laboratories reported a net profit of Rs 1,307 crore, which is 36% more than what it was in the same period last year and this is above expectations.

A slightly lower net profit was expected at Rs 1,291 crore. Last year’s profit for the same quarter stood at Rs 960 crore.

The revenue in the three months grew by almost 12% to Rs 7,083 crore from Rs 6,297 crore that was recorded during the corresponding period of previous year. Nonetheless, company did well even when brokerages had anticipated their revenues would be at about Rs7,136 crores.

During FY23-24,the board of directors declared a final dividend of Rs 40 (800%) per equity share having a face value of Rs 5, On July 31st 2024,the current CFO Parag Agarwal will retire and be replaced by M.V.Narasimham who has been serving as the Deputy CFO since August 1st 2024.

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Dr. Reddy’s EBITDA (Earnings Before Interest, Taxes,Depreciation, and Amortization) increased by 14%, to reach Rs.1872 crore compared with last year figure that stood at Rs 1631.2 crore. EBITDA margin was higher than last years’,standing at 26.4%.

The gross sales for Revlimid,a blockbuster cancer drug were estimated between $100m- $115m in Q4.This boosted both bottom line and also profit margins.Dr.Reddy’s enjoys market leadership in Revlimid due to its early entry into this segment.

Q4FY24 US market revenues grew YoY by 29% to hit $ 3.26 billion.It however declined by 3% compared to previous quarter because of low base business volumes as well as brand erosion in some segments.

The Q4FY24 revenues in the country were at Rs 11.3 bn, indicating a YoY decrease by 12% and a QoQ reduction of 5%. However, the re-based YoY growth was 11% after adjusting for brand divestment. The decline on QoQ basis was due to lesser volumes from base business.

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In India, Dr.Reddy’s offers generics(Amoxicillin), APIs (active pharmaceuticals ingredients), biosimilars and custom pharmaceuticals services. Its major therapeutic areas are central nervous system,gastrointestinal,oncology ,cardiovascular, pain management with its top markets being located in the United States of America, India, Western Europe,Russia and CIS nations.

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