Dr Reddy's Reports Marginal Drop in Q1 Profit Amid Rising Revenues

Dr Reddy's Laboratories reported a marginal decline in consolidated profit after tax to Rs 1,392 crore for Q1 ending June 30, 2024, compared to Rs 1,402 crore in the same period last year. Revenue increased to Rs 7,673 crore, driven by strong growth in its generics business.

Dr Reddy's Laboratories on Saturday reported a marginal dip in its consolidated profit after tax to Rs 1,392 crore for the first quarter ending June 30, 2024, compared to Rs 1,402 crore during the same period last year.

In a regulatory filing, the company stated that revenues had risen to Rs 7,673 crore for Q1, up from Rs 6,738 crore in the year-ago period.

'We had a good start to the new fiscal year and our growth & profitability were mainly driven by our generics business,' said G V Prasad, Co-Chairman and Managing Director.

The North American generics sector experienced a 20% year-on-year revenue rise, posting Rs 3,846 crore for the first quarter. India's generics business also saw an increase, standing at Rs 1,325 crore.

The board has approved the sub-division of shares and a fund infusion of up to GBP 500 million into its Switzerland-based unit, earmarked for acquisitions.