On Thursday Dr Reddy’s Laboratories posted an impressive 108 percent rise in its year-on-year consolidated net profits pegged at Rs 1,187.60 crore for the first quarter as against the last year same quarter figures of Rs 570.80 crores.
Analysts had predicted the profit estimates at Rs 595 crore, which were surpassed with its 108% massive rise.
The revenue of the first quarter too rose by 6% year on year to Rs 5,215.40 crore from Rs 4,919.40 crore posted in Q1 last year.
Co-chairman and MD, G V Prasad said “Our underlying business revenues adjusted for covid products contribution during last year have grown well. The profits were aided by a few non-recurring incomes, offsetting the near-term headwinds.”
Driven by revenue contribution from the products acquired and in-licensed from Novartis, new product contribution, growth in base business and divestment of a few non-core brands, all contributed to its 26% year-on-year growth with the revenue at ₹13.3 billion.
