Dr Reddy’s Laboratories clocks 36 pc surge in Q4 net profit

Mumbai, May 7 (IANS) Dr Reddy’s Laboratories on Tuesday reported a 36 per cent jump in net profit at Rs 1,307 crore for the Jan-March quarter of 2023-24 compared to the corresponding figure of Rs 960 crore in the same period of the previous year.

The Hyderabad-based pharma major posted a 12 per cent increase in total revenue at Rs 7083 crore, compared to Rs 6,297 crore in the fourth quarter of the previous year.

Dr Reddy’s board declared a final dividend of Rs 40 per share (800 per cent) of Rs 5 each for the financial year 2023-24, the company said in a stock exchange filing.

At the operating level, EBITDA rose 14 per cent to Rs 1872 crore as against Rs 1631.2 crore last fiscal. EBITDA margin stood at 26.4 per cent as compared to 25.9 per cent.

According to market analysts, the success of the blockbuster cancer drug Revlimid played a key role in driving up the company’s profit and revenue in the fourth quarter.

The company also said that Parag Agarwal will retire as the Chief Financial Officer of the Company effective from the close of working hours on July 31, 2024. M V Narasimham, the Deputy Chief Financial Officer of the Company is being elevated to the role of the Chief Financial Officer of the Company with effect from August 1, 2024.

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