HYDERABAD: Pharma major Dr Reddy’s Laboratories on Tuesday said it has posted a 36% jump in
consolidated
profit after tax (PAT) for the fourth quarter ended March 31, 2024, at Rs 1,307 crore as against Rs 959 crore in the corresponding quarter of financial year 2022-23 (FY23).
This was on a 12% rise in
revenues
for Q4FY24 at Rs 7083 crore from Rs 6297 crore in Q4FY23.
For FY24 it posted a 24% increase in consolidated PAT at Rs 5,568 crore as compared to Rs 4,507 crore in FY23 on a 14% rise in revenues for FY24 at Rs 27,916 crore from Rs 24,588 crore in FY23.
The growth was largely driven by a 15% rise in global generics, which was powered by the robust 28% revenue growth from the North American market followed by Europe (17%). However, generics revenues from the Indian market declined 5% while those from emerging markets clocked a 7% increase.
The company attributed the revenue decline in the Indian market due to divestment of certain brands to Eris Lifesciences and said it was looking to grow its India business and emerge among the top five companies.
Dr Reddy’s co-chairman & managing director GV Prasad said growth and profitability was driven by performance in the US market. “We have also made significant progress on future growth drivers through licensing, collaboration and pipeline building. We will continue to strengthen our core businesses through superior execution as we invest and build the future growth drivers,” Prasad added.
Responding to queries from mediapersons post the results announcement, top company officials said its anti-BCMA (B cell maturation antigen) CAR-T cell asset for multiple myeloma is currently undergoing clinical trials in India and has the potential to become the first of its kind in the country.
