Financial results Hyderabad: Hyderabad-based Pharma giant Dr Reddy’s Lab on Wednesday reported a consolidated net profit of Rs 959 crore for the fourth quarter ended March 2023, up 996 percent over Rs 87.5 crore reported in the corresponding quarter in the previous year.
The company's Board has recommended payment of a dividend of Rs 40 per equity share of face value Rs 5 each (800% of face value) for the year ended March 31, 2023.
For the full year, consolidated net profit stood at Rs 4507 crore against Rs 2357 crore, a growth of 91 percent while revenues for FY23 were up by 15 percent to Rs 24,588 crore against Rs 21439 crore in FY 22, the pharma company said in a release here.
Commenting on the results, Co-Chairman and Managing Director G V Prasad said: “FY 23 has been a year of record sales, profits and cash flow, driven by our performance in US Generics. We progressed well in our productivity and sustainability agenda. We will continue to deliver on our purpose, invest in growth drivers and promote a culture that is innovative and collaborative ensuring the future of our business.”
The double-digit growth supported by new product launches, the company said that its healthy cash flow with a net cash surplus of 5,046 crore.
The revenues from global Generics (GG) in FY23 stood at Rs. 213.8 billion, higher by 19 percent over the previous year.
This growth was driven by North America, Europe, and India, while Emerging markets remained flat.
However, during the fourth quarter, the revenues stood at Rs 54.3 billion, YoY growth of 18 percent. The YoY growth was driven by growth in North America, Europe and Indian markets.
During the quarter, the company launched 6 new products – Difluprednate, Lurasidone Tablets, Lubiprostone Capsules, Sunitinib Capsules, Nelarabine Injection and Timolol Gel. This takes company's full-year launch count to 25 products.
In FY23, revenues from Pharmaceutical Services and Active Ingredients (PSAI) stood at Rs. 29.1 billion. YoY decline of 5 percent.
The decline was mainly on account of a decline in base business volumes and price erosion in some of our products, partially offset by new product launches and favorable forex rate movements.
(Using UNI inputs)
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