Dr Reddy's Labs Sees Revenue Surge Amid Profit Dip in Q2 2024

Pharmaceutical leader Dr Reddy’s Laboratories announced a 9.35% decline in net profit for Q2 2024, with profits dropping to Rs 1,341.5 crore. Despite this, the company's revenue grew by 16.51% to Rs 8,016.2 crore, driven by global generics and heightened sales in emerging markets.

Pharmaceutical giant Dr Reddy's Laboratories has reported a 9.35% drop in its consolidated net profit for the second quarter of 2024, now at Rs 1,341.5 crore. This compares to a profit of Rs 1,480 crore during the same quarter last year, the Hyderabad-based firm revealed in a regulatory filing.

Despite the profit drop, the company saw a revenue increase of 16.51% to Rs 8,016.2 crore, up from Rs 6,880.2 crore in the previous year. This growth was notably driven by a rise in global generics revenues across emerging markets, India, and Europe.

Dr Reddy's Laboratories continues to focus on strengthening its core businesses and impacting patients through science and innovation, according to Co-Chairman and MD GV Prasad. The company's shares finished at Rs 1,272.55 on the BSE, marking a 0.36% gain from the prior close.

(With inputs from agencies.)