New Delhi: Dr Reddy's Laboratories on Tuesday reported a 36 per cent increase in its consolidated profit after tax at Rs 1,307 crore for the quarter ended March 2024, aided by robust sales in the US market.
The Hyderabad-based drug major had reported a profit after tax of Rs 959 crore in the January-March quarter of 2022-23 fiscal.
Revenue increased to Rs 7,083 crore in the period under review from Rs 6,297 crore in the fourth quarter of FY23.
For the full year ended on March 31, 2024, the drug major said its PAT rose to Rs 5,568 crore as compared with Rs 4,507 crore in 2022-23 financial year.
Revenue rose to Rs 27,916 crore for FY24 as against Rs 24,588 crore in FY23.
"Our growth and profitability in FY2024 has been driven by our performance in the US. We have also made significant progress on future growth drivers through licensing, collaboration and pipeline building," Dr Reddy's Co-Chairman and Managing Director GV Prasad said.
The company saw its revenue grow by 28 per cent in the North American market at Rs 129.9 billion in FY24.
"The growth was largely on account of increase in base business volumes, integration of Mayne portfolio, forex gains partly offset by price erosion," the company said.
The company said its FY24 revenues in the domestic market stood at Rs 46.4 billion, a decline of 5 per cent as against FY23.
Dr Reddy's board, which met on Tuesday, recommended a final dividend of Rs 40 per share of Rs 5 each for the financial year 2023-24.
The company said it has appointed M V Narasimham as the Chief Financial Officer of the company.
Shares of the company ended 0.38 per cent down at Rs 6,277.10 apiece on the BSE.
Published 07 May 2024, 12:41 IST