Dr Reddy’s Laboratories Ltd announced a 76.5% increase in consolidated net profit to ₹1,247 crore for the quarter ending December 2022 on Wednesday. This compares to a combined net profit of ₹706.5 crore in the previous fiscal quarter.
Total revenue from operations increased by 27% to ₹6770 crore, compared to ₹5319.7 crore in the previous quarter.
EBITDA (earnings before interest, taxes, depreciation, and amortisation) increased 14.3% year on year to ₹1,407.56 crore.
“Our strong financial performance was supported by growth in the US and the Russia markets. We continue to strengthen our development pipeline to reach more patients globally,” said Co-chairman & MD, G V Prasad, Dr Reddy’s.
The worldwide generics segment generated ₹5924.1 crore in revenue. It climbed 33% year on year and 6% sequentially, principally owing to new product launches, increased volumes in our core business, and favourable currency movement, offset slightly by price erosion in our generic markets, according to the firm.
Revenue increased by 64% year on year in North America, 6% in Europe, 10% in India, and 14% in developing countries.
North American revenues totaled Rs. 30.6 billion. According to Dr. Reddy Labrotories, it grew 64% year on year, led by new product releases, volume increases, and positive FX movement, which was somewhat offset by price erosion.
While revenues from the European and Indian markets were respectively Rs. 4.3 billion and Rs. 11.3 billion.
On the BSE, the company’s stock was down 1.24 percent at ₹4200.