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Pharma major Dr Reddy’s Laboratories Ltd registered a steep surge (3468 per cent) in consolidated net profit at ₹707 crore for the quarter ended December 31, 2021, as compared with ₹20 crore same period last year.
Consolidated revenues increased by 8 per cent at ₹5320 crore during the quarter under review, as against ₹4930 crore same period last year.
On a sequential basis, however, consolidated net profit was down by 29 per cent from ₹992 crore during the second quarter ended September 30, 2021. Revenues also came down by 8 per cent quarter-on-quarter (QoQ) from ₹5763 crore during Q2 FY22.
The QoQ growth was impacted due to higher Covid-related sales and PP out-licencing deals in Q2 FY22, the company said in a press statement.
Steady performance
According to G V Prasad, Co-chairman and Managing Director, Dr Reddy’s, the company continued to deliver a steady performance in Q3 with healthy EBITDA and strong cash generation, while continuing to invest in building a pipeline of products across businesses.
“I am pleased that our early adoption and consistency in furthering our sustainability agenda have been recognised with prestigious awards in the last few months. ESG will remain a key focus area for us,” he said in the statement.
The growth in turnover was driven largely by the global generics and pharmaceutical services and active ingredients (PSAI) business. The global generics segment grew by 9 per cent at ₹4451 crore. However, sequentially, it came down from ₹4743 crore.
“The year-on-year growth of 9 per cent was primarily driven by new product launches and higher sales volume, offset partially due to price erosion in the base business. Sequential decline was due to lower volumes and price erosion in some of our products,” the release said.
PSAI segment
The pharmaceutical services and active ingredients (PSAI) segment grew by four per cent year-on-year (YoY) at ₹727 crore.
“The YoY growth was driven majorly by new product launches. Sequential decline of 13 per cent on account of lower volumes of certain products including Covid-related products, offset partially due to new products launched,” the release said.
The company’s scrip was trading at ₹4258, up by 0.04 per cent on the BSE on Friday.
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