Latest News | Dr Reddy's Q1 Profit Dips Marginally to Rs 1,392 Cr; Revenue at Rs 7,673 Cr
Get latest articles and stories on Latest News at LatestLY. Dr Reddy's Laboratories on Saturday said its consolidated profit after tax dropped marginally to Rs 1,392 crore for the first quarter ended June 30, 2024.
New Delhi, Jul 27 (PTI) Dr Reddy's Laboratories on Saturday said its consolidated profit after tax dropped marginally to Rs 1,392 crore for the first quarter ended June 30, 2024.
The drug major had reported a profit after tax (PAT) of Rs 1,402 crore in the April-June quarter of last fiscal.
Revenue stood at Rs 7,673 crore for the first quarter against Rs 6,738 crore in the year-ago period, Dr Reddy's Laboratories said in a regulatory filing.
"We had a good start to the new fiscal year and our growth & profitability were mainly driven by our generics business," Dr Reddy's Co-Chairman and MD, G V Prasad said.
The company continues to strengthen its core businesses and have made strategic investments in biologics, consumer healthcare and innovation to drive patient impact and value creation, he added.
North American generics business revenues rose by 20 per cent year on year to Rs 3,846 crore for the first quarter as against Rs 3,200 crore in the year-ago period.
India generics business revenue stood at Rs 1,325 crore for the first quarter as against Rs 1,148 crore in the June quarter of last fiscal.
The company said its board approved sub-division of each share having face value of Rs 5 each into five shares having face value of Re 1each.
The board also approved fund infusion of up to GBP 500 million in its Switzerland -based unit -- Dr Reddy's Laboratories SA, by way of investment in preference shares.
The fund will be used by the subsidiary for the acquisition of Nicotinell and related brands by way of acquisition of all of the quotas of Northstar Switzerland SARL, owned by the Haleon Group.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)