Dr Reddy's Labs Q1FY24 results: Net profit up 18% YoY to Rs 1,402.5 cr

As compared to Rs 959.2 crore in the quarter that ended on March 31, the net profit was up 46%

Dr Reddy's Laboratories on Wednesday reported an 18 per cent rise in its consolidated net profit to Rs 1,402.5 crore in the quarter ended June 30 as compared to Rs 1,187.6 crore in the same quarter last year. Compared to Rs 959.2 crore in the quarter that ended on March 31, the net profit was up 46 per cent.

During the quarter, the company recorded a 149 per cent rise in its revenue to Rs 1,763.3 crore as compared to Rs 1,221.2 crore last year. Sequentially, the revenue rose 42 per cent from Rs 1,238 crore.

In India, the company's revenue fell 14 per cent YoY to Rs 11,500 crore.

Its earnings before interest, taxes, depreciation, and amortisation (Ebitda) for the quarter was at Rs 21,400 crore and the Ebitda margin was 31.7 per cent.

During the quarter, the company's gross margin was 58.7 per cent. It increased by 880 basis points year-on-year (YoY) and by 150 bps quarter-on-quarter (QoQ).

"The improvement in gross margin was primarily driven by favourable product mix and higher manufacturing leverage partly offset by the benefit from brand divestment income during the previous year and price erosion in certain products. QoQ growth was primarily on account of favourable product mix partly offset by brand divestment income benefit during the preceding quarter," the company said.

On Wednesday, the company's share closed nearly oner per cent in the green at Rs 5,476.5 apiece on BSE.