Dr Reddy's Q1 Profit Down 1% to Rs 1,392 Cr

Hyderabad, Jul 27 (PTI) Dr Reddy's Laboratories Ltd on Saturday said its consolidated profit after tax for the quarter ended June 30 was down by one per cent to Rs 1,392 crore compared to Rs 1,403 crore during the same period last fiscal.

A press release from the city-based drugmaker said revenues for the quarter under discussion was up by 14 per cent to Rs 7,673 crore. It was Rs 6,738 crore during the first quarter of FY 24.

Commenting on the results, Co-Chairman and MD, G V Prasad said the firm had a good start to the new fiscal year and the growth and profitability were mainly driven by our generics business.

"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," Prasad said.

Revenues from North America grew at 20 per cent to Rs 3,850 crore largely on account of increase in volumes of base business, contribution from new launches, partly offset by price erosion.

Europe revenues were at Rs 530 crore, a year on year growth of four per cent while Indian income stood at Rs 1330 crore registering a growth of 15 per cent during the quarter.

With three per cent growth emerging markets reported Rs 1,190 crore.

Revenues from Pharmaceutical Services and Active Ingredients stood at Rs 770 crore (14 per cent Y-o-Y growth) during the first quarter.