DR REDDY'S Q4 NET PROFIT INCREASE 36% TO RS 1,307 CRORE; REVENUE AT RS 7,083 CRORE

NEW DELHI: Dr Reddy's Laboratories announced a 36% rise in its consolidated profit after tax (PAT), reaching Rs 1,307 crore for the March 2024 quarter, primarily driven by strong sales in the US market. The company had reported a profit after tax of Rs 959 crore in the same quarter of the previous fiscal year.

Additionally, company's revenue also increased to Rs 7,083 crore in Q4FY24 from Rs 6,297 crore in the fourth quarter of FY23.

Dr Reddy's further announced that its PAT increased to Rs 5,568 crore from Rs 4, 507 crore for the full financial year ended March 31, 2024. The company's revenue for FY24 stood at Rs 27,916 crore, up from Rs 24,588 crore in FY23.

"Our growth and profitability in FY2024 has been driven by our performance in the US. We have also made significant progress on future growth drivers through licensing, collaboration and pipeline building," Dr Reddy's Co-Chairman and Managing Director GV Prasad said.

The North American market emerged as a key growth contributor for the drug manufaturer, with revenue growing by 28% to Rs 129.9 billion in FY24. The company linked this growth to increased base business volumes, the integration of the Mayne portfolio, and forex gains, which were partially offset by price erosion.

However, the company's domestic market revenue declined by 5 percent to Rs 46.4 billion in FY24 compared to the previous fiscal year.

The board of Dr Reddy's, during its meeting on Tuesday, recommended a final dividend of Rs 40 per share of Rs 5 each for the financial year 2023-24. Additionally, the company announced the appointment of M V Narasimham as its new Chief Financial Officer. Despite the positive financial results, the company's shares closed 0.38 percent lower at Rs 6,277.10 apiece on the BSE.