Dr. Reddy’s top line gains 28% in the US market in Q4

Due to strong sales in the US market, Dr. Reddy’s Laboratories, located in the city, reported a 36% increase in its consolidated profit after tax (PAT) to Rs 1,307 crore for the quarter that ended in March 2024.

Dr. Reddy’s co-chairman and managing director, GV Prasad, stated: “Our performance in the US has been the driving force behind our growth and profitability in FY2024.” In terms of future growth drivers, we have also achieved great strides in licensing, teamwork, and pipeline construction.

In the January–March quarter of the 2022–2023 fiscal year, the pharmaceutical giant declared a profit after taxes of Rs959 crore. Revenue increased from Rs6,297 crore in the fourth quarter of FY23 to Rs7,083 crore in the period under review. The PAT increased to Rs5,568 crore for the 2023–24 fiscal year from Rs4,507 crore for the 2022–2023 fiscal year. Compared to Rs 24,588 crore in FY23, revenue increased to Rs 27,916 crore in FY24. In FY24, the company’s sales in the North American market increased by 28% to Rs129.9 billion. The firm said that price erosion was somewhat offset by FX gains, the integration of the Mayne portfolio, and an increase in base business volumes, which were the main causes of the rise.

According to the corporation, its domestic market sales for FY24 were Rs 46.4 billion, a 5% decrease from FY23. At its Tuesday meeting, Dr. Reddy’s board proposed a final dividend for the fiscal year 2023–2024 of Rs. 40 per share, or Rs. 5 per share. The business announced that M. V. Narasimham has been named as the Chief Financial Officer. On the BSE, the company’s shares closed 0.38 percent down at Rs 6,277.10 a share.