Net Profit from operations stood at ₹6,331.8 crore with a growth of over 9% in total revenue. Happened
Net Profit from operations stood at ₹6,331.8 crore with a growth of over 9% in total revenue. Happened
Pharma major Dr. Reddy’s Laboratories reported a nearly 12% increase in consolidated net profit for the September quarter to ₹1,114.2 crore from the year-ago period, aided by the introduction of new products, especially for cancer cases in the US. The copy of the drug Revlimid, even as Covid sales showed signs of decline and price drop remained a challenge.
Overall, it was a very strong performance and helping the topline in the Russian market was also a rebound, CFO Parag Agarwal said in a media interaction on Friday.
Net profit from operations stood at ₹6,331.8 crore with a growth of over 9% in total revenue. As per the results prepared in accordance with the Indian Accounting Standards (Ind AS), the total income grew by more than 6% to ₹6,372.6 crore.
Based on the global generics business, the company said revenue of ₹5,590 crore from the segment was an increase of 18% year-on-year and up 26% sequentially driven by the launch of lenalidomide capsules in the US (part of the volume). As part of the limited volume agreement with the innovator) and a sequential quarterly improvement in Russia sales. However, the growth was partially offset by a fall in prices and higher base in its general markets due to COVID product sales in the previous year.
“We continue to make good progress in our productivity, innovation and sustainability agenda,” GV Prasad, Co-Chairman and MD, said in a statement.
Responding to queries, Mr. Agarwal said favorable product mix, including new products and a good cost control were the key drivers of margins. Dr. Reddy’s had six product launches in the US during the quarter. On the fall in prices, he said it is part of the business model in North America and remains within normal limits.