Dr Reddy's Labs advances 4%, hits a record high on healthy Q1 numbers

Shares of Dr Reddy’s Laboratories hit a record high of Rs 4,224, up 4 per cent on the BSE on Wednesday after the company reported a better-than-expected net profit of Rs 579 crore in April-June quarter (Q1FY21), on the back of strong revenue growth. The pharmaceutical company had posted a profit of Rs 663 crore in the year-ago period. The stock surpassed its previous high of Rs 4189.35, touched on June 10, 2020.

The company’s consolidated revenues rose 15 per cent to Rs 4,418 crore, mainly due to growth in US formulations driven by currency tailwinds and strong traction from