Dr Reddy’s Laboratories on Tuesday reported a 36% rise in its consolidated profit after tax to Rs 1,307 Crore for the quarter ending March 2024 due to strong sales in the US market.
The Hyderabad-based drug major had reported a profit after tax of Rs 959 Crore in the January-March quarter of financial year 2022-23. Revenue increased to Rs 7,083 Crore in the period under review from Rs 6,297 Crore in Q4FY13.
For the full year ending March 31, 2024, the drug major said its PAT increased to Rs 5,568 Crore compared to Rs 4,507 Crore in financial year 2022-23. Revenue increased to Rs 27,916 Crore in FY24, compared to Rs 24,588 Crore in FY23.
“Our growth and profitability in FY2024 is driven by our performance in the US. We have also made significant progress on future growth drivers through licensing, collaboration and pipeline building,” said GV Prasad, Co-Chairman and Managing Director, Dr Reddy’s.
The company’s revenue in North American market increased by 28% to Rs 129.9 billion in FY 2024. The company said, “This growth was largely driven by growth in base business volumes, integration of the MENA portfolio, Foreign exchange gains were partially offset by price declines.”
The company said its revenue in the domestic market in FY2014 stood at Rs 46.4 billion, which was 5 percent less than in FY2013. The Dr Reddy’s board meeting held on Tuesday recommended a final dividend of Rs 40 against Rs 5 per share for the financial year 2023-24.