Dr Reddys Lab Q4 PAT skids 28% to Rs 554 cr

On a consolidated basis, Dr Reddy's Laboratories' net profit dropped 28% to Rs 553.50 crore on 7% increase in revenues to Rs 4,728.40 crore in Q4 March 2021 over Q4 March 2020.

Profit before tax jumped 13% to Rs 807.10 crore in Q4 FY21 as against Rs 714.20 crore in Q4 FY20. EBITDA rose 13.15% to Rs 1,133 crore in Q4 FY21 over Q4 FY20. EBITDA margin stood 24% in Q4 FY21 higher than 22.6% in Q4 FY20.

Revenue in the Global Generics (CG) segment rose 6% to 3873.70 crore in Q4 FY21 over Q4 FY20. The YoY growth was driven by branded markets (India and emerging markets), while Europe was partly offset by decline in North America Generics (NAG).

 

Pharmaceutical Services and Active Ingredients (PSAI) segment revenue rose 10% to Rs 791.50 crore in Q4 FY21 over Q4 FY20.

Selling, general & administrative (SG&A) expenses for Q4 at Rs 1427.90 crore, YoY increase of 17% and QoQ decline of 1%.

Research & development (R&D) expenses for Q4 stood at Rs 410 crore, down 2% YoY. R&D expense as % to revenues stood at 8.7%.

The company's net profit slipped 2% to Rs 1,949.80 crore on 9% fall in revenues to Rs 17,460 crore in FY 2021 over FY 2020. The board has recommended a payment of dividend of Rs 25 per equity share for the year ended 31 March 2021 subject to approval of members.

Commenting on the Q4 results, G V Prasad, the co-chairman and managing director (MD) of Dr Reddy's Laboratories, has said that: "In FY21, we continued to grow across all our businesses, enhance productivity and strengthen our development pipeline. We are prioritizing our efforts to launch Sputnik V vaccine across India while working on the development and commercialization of several drugs for the treatment of mild to severe COVID-19 infections."

Meanwhile, Dr Reddy's Laboratories announced that the first dose of the Sputnik V vaccine was administered in Hyderabad today on 14th May 2021. Further consignments of imported doses are expected over the upcoming months. Subsequently, supply of the Sputnik V vaccine will commence from Indian manufacturing partners. The imported doses of the vaccine are presently priced at Rs Rs 948 (plus 5% GST) per dose, with the possibility of a lower price point when local supply begins. The company said it is working closely with its six manufacturing partners in India to fulfill regulatory requirements to ensure smooth and timely supply.

Dr Reddy's Laboratories is an integrated pharmaceutical company. Through its three businesses - pharmaceutical services & active ingredients, global generics and proprietary Products.

Shares of Dr Reddy's Laboratories gained 0.30% to Rs 5,318 on BSE. The stock traded in the range of Rs 5,233.60 to Rs 5,398 so far.

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