Dr Reddy's Lab Q3 Profit Rises 11% to Rs 1,379 Cr

New Delhi, Jan 30 (PTI) Dr Reddy's Laboratories on Tuesday posted an 11 per cent increase in consolidated net profit at Rs 1,379 crore for the third quarter ended December 2023, driven by higher market share in existing products in North America and growth in Europe.

The Hyderabad-based drug major had reported a net profit of Rs 1,247 crore for the October-December quarter of the last fiscal.

Consolidated revenue rose to Rs 7,215 crore in the third quarter of the current financial year as against Rs 6,770 crore in the year-ago period, according to a regulatory filing.

"We delivered another quarter of highest ever sales and robust financial performance aided by new products performance and base business market share gain in the US, new products launch momentum and strong performance in Europe," Dr Reddy's Co-Chairman and MD GV Prasad said.

The drug maker continues to strengthen its core businesses and invest in innovative products in strategic collaborations for novel molecules to meet unmet needs of patients, he added.

Dr Reddy's said its revenues in North America grew 9 per cent year-on-year to Rs 3,349 crore in the third quarter.

In Europe, the revenue grew 15 per cent year-on-year to Rs 500 crore in the period under review.

Revenues in the domestic market saw a rise of 5 per cent year-on-year to Rs 1,180 crore in the October-December period of this fiscal.

The company's board also approved fund infusion of up to Rs 650 crore by way of investment in equity shares of Aurigene Oncology, a wholly-owned subsidiary of the company.

Shares of Dr Reddy's ended flat at Rs 5,845.75 apiece on the BSE.