Dr Reddy's posts 1 pc drop in net profit at Rs 1,392 crore in Q1, revenue up 14 pc
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Dr Reddy's Laboratories on Saturday posted Rs 1,392 crore in net profit for the April-June quarter (year-on-year), down 1 per cent from Rs 1,402.5 crore in the same period in last fiscal.
The company clocked a 14 per cent rise in revenue in Q1 FY25 at Rs 7,672 crore, from Rs 6,738 crore in the same quarter last fiscal.
“We had a good start to the new fiscal year and our growth and profitability was mainly driven by our generics business,” said GV Prasad, Co-Chairman and MD, in a stock filing.
“We continue to strengthen our core businesses and have made strategic investments in biologics, consumer healthcare and innovation to drive patient impact and value creation,” he added.
In India, the revenue growth was mainly on account of new product launches including the recently in-licensed vaccine portfolio.
During the quarter, the company launched 13 new brands in the country, in addition to exclusive rights to promote and distribute Sanofi's vaccine brands.
Dr Reddy's also informed that Kalpana Morparia will cease to be the lead independent director of the company from July 30. The Board has designated Leo Puri as the lead independent director with effect from July 31.
In the quarter, it acquired Nicotinell and related brands in the nicotine replacement therapy category in markets outside the US from Haleon for 500 million pounds, with an upfront cash payment of 458 million pounds and performance-based contingent payments of up to 42 million pounds, payable in 2025 and 2026.
The pharmaceutical major also entered into a joint venture (JV) agreement with Nestle India to bring a science-backed nutritional portfolio to more consumers in India. The JV is expected to become operational in Q2 FY25.
