Dr Reddy's Labs Q2 Results: Co reports highest-ever net profit at Rs 1480 crore
The Hyderabad-based drug maker reported a net profit of Rs 1113 crore in the corresponding quarter of the previous year.
Revenues rose 9% YoY to Rs 6880 crore in Q2FY24.
The earnings before interest, tax, depreciation and amortisation (EBITDA) rose 13% YoY to Rs 2181 crore. EBITDA margin improved 110 basis points YoY to 31.7%.
The company said the EBITDA growth was enabled by geographic diversification and productivity improvement in operations.
The North America business, which is primarily US that constitutes 46% of the company's business, grew 13% YoY to Rs 3170 crore.
On a quarter-on-quarter (QoQ) basis, North America revenue declined 1%.
«The growth was on account of growing momentum in our core portfolio, Mayne integration, favorable move from foreign exchange which was partly offset by price erosion,» the company said.
During the second quarter, Dr Reddy's said it has launched 4 new products in the US and we filed two new Abbreviated New Drug Applications (ANDAs) with the US Food and Drug Administration (USFDA).
As of September, 30, Dr Reddy's has 79 generic filings pending for
approval with the USFDA which include four new drug applications (NDAs) under 505(b)(2) route). Out of the pending 79 20 have ‘First to File’ status.
Europe business grew 26% YoY in Q2 FY24 driven by leveraging existing portfolio, contribution from new products and favorable forex.
