Dr Reddy’s Q4 net profit rises 36% to ₹1,307 crore, surpasses market expectations
₹1,307 crore for the quarter ended March (Q4FY24), surpassing analysts' expectations. Net profit rose 36% year-on-year, primarily driven by strong performance in the US market. In an exchange filing, the Hyderabad-based company said that revenue increased to ₹7,083 crore during the quarter, a 12% year-on-year (YoY) growth, fuelled by solid sales in North America and emerging markets.
Analysts polled by Bloomberg had estimated revenues of ₹7,026.5 crore and a net profit of ₹1,214.8 crore for the quarter in consideration. “Our growth and profitability in FY24 has been driven by our performance in the US. We have also made significant progress on future growth drivers through licensing, collaboration, and pipeline building," said G V Prasad, co-chairman & MD, DRL.
For the full year FY24, DRL reported a net profit of ₹5,568.4 crore, a 36% increase, and total revenues of ₹27,920 crore, up 14% on year, again led by performances in North America, Europe, and emerging markets. “We expect FY25 will be consistent to allow a double-digit growth with a 25% Ebitda (on average) and believe that we will go double digit in the US…We are optimistic as we are planning to launch new products across markets consistently," said Erez Israeli, CEO, DRL. The company reported earnings before interest, taxes, depreciation, and amortization (Ebitda) of ₹1,872 crore for the March quarter, translating to an Ebitda margin of 25.4%.
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