Dr Reddy's Laboratories announced on Tuesday that its consolidated net profit for the third quarter ending December 2023 increased by 11% to Rs 1,379 crore. The company attributed this gain to growth in Europe and a larger market share of its current products in North America.
The Hyderabad-based pharmaceutical company declared a net profit for the October–December quarter of the previous fiscal year of Rs 1,247 crore. As per the regulatory filing, consolidated sales increased to Rs 7,215 crore in the third quarter of the current financial year from Rs 6,770 crore in the same time last year.
"We delivered another quarter of highest ever sales and robust financial performance aided by new products performance and base business market share gain in the US, new products launch momentum and strong performance in Europe," GV Prasad, Dr. Reddy's vice chairman
According to him, the pharmaceutical company is still focusing on growing its core businesses and investing in new products and strategic partnerships to develop novel compounds that will address unmet patient needs. According to Dr. Reddy's North American sales increased by 9% year over year in the third quarter to Rs 3,349 crore.
During the reviewed period, revenue in Europe increased by 15% annually to Rs 500 crore. In the domestic market, revenues increased by 5% year over year to Rs 1,180 crore during the October to December fiscal quarter. The board of the firm has authorized the infusion of up to Rs 650 crore in the form of equity shares of Aurigene Oncology, the company's wholly-owned subsidiary. On the BSE, Dr Reddy's shares closed unchanged at Rs 5,845.75 a share.
