Dr Reddy's Labs Q2 Result Mumbai/IBNS: Dr. Reddy’s Laboratories Ltd. (BSE: 500124 | NSE: DRREDDY | NYSE: RDY | NSEIFSC: DRREDDY) Friday declared a year-on-year (YoY) rise in consolidated net profit at Rs 992 crore, up 30 per cent.
The company also reported an 18 per cent on-year rise in consolidated revenues to Rs 5,763 crore for the reported period.
The proprietary products business witnessed its sales rise 195 per cent YoY to Rs 182.9 crore during the quarter, contributing to the company's stellar performance.
Its Indian business sales jumped 25 percent on-year to Rs 1,140 crore.
The revenue in North America grew 3 percent on-year to Rs 1,891 crore.
Consolidated operating profit rose 23 percent on-year to Rs 1,557.2 crore.
Operating margin expanded 110 basis points on-year to 27 percent.
The drug manufacturer spent Rs 446 crore on Research & Development, 7.7 percent of the quarterly sales.
“I am pleased with the improvement in the financial performance across our businesses. While we continue to strengthen our core businesses of generics and APIs, we are also making investments in our long-term growth drivers and deeper innovation capabilities,” said G.V. Prasad, co-chairman and managing director at Dr Reddy’s.
The company said it is conducting clinical trials for Sputnik Light, Molnupiravir and also developing several other covid drugs for treatment ranging from mild to severe conditions.
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