Dr Reddy's Q1 Profit Dips Slightly, Revenue Up

New Delhi, Jul 27 (PTI) Dr Reddy's Laboratories on Saturday said its consolidated profit after tax dropped marginally to Rs 1,392 crore for the first quarter ended June 30, 2024.

The drug major had reported a profit after tax (PAT) of Rs 1,402 crore in the April-June quarter of last fiscal.

Revenue stood at Rs 7,673 crore for the first quarter against Rs 6,738 crore in the year-ago period, Dr Reddy's Laboratories said in a regulatory filing.

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

The company continues to strengthen its core businesses and have made strategic investments in biologics, consumer healthcare and innovation to drive patient impact and value creation, he added.

North American generics business revenues rose by 20 per cent year on year to Rs 3,846 crore for the first quarter as against Rs 3,200 crore in the year-ago period.

India generics business revenue stood at Rs 1,325 crore for the first quarter as against Rs 1,148 crore in the June quarter of last fiscal.

The company said its board approved sub-division of each share having face value of Rs 5 each into five shares having face value of Re 1each.

The board also approved fund infusion of up to GBP 500 million in its Switzerland -based unit -- Dr Reddy's Laboratories SA, by way of investment in preference shares.

The fund will be used by the subsidiary for the acquisition of Nicotinell and related brands by way of acquisition of all of the quotas of Northstar Switzerland SARL, owned by the Haleon Group.