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Pharma major Dr Reddy’s Laboratories today reported a nearly eight-fold jump in consolidated net profit to Rs 456.1 crore for the first quarter of 2018-19 year mainly on account of robust sales. The company had posted a net profit of Rs 59.1 crore for the corresponding period of the previous fiscal, Dr Reddy’s Laboratories said in a filing to BSE.
Consolidated revenue stood at Rs 3,720.7 crore in the April-June quarter this year against Rs 3,315.9 crore for the same period year ago. Dr Reddy’s Co-Chairman and CEO, G.V. Prasad, said the first quarter results were boosted by the launch of ‘gSuboxone’, which is indicated for treatment of opioid dependence. The company’s focus on operational efficiencies has helped in significantly improving its margin profile, he added.
“Looking ahead, while we may continue to experience price erosion in the North America generics market, we will also continue to drive growth and cost efficiencies, at the same time, enhancing our quality management systems and building healthy portfolios across the markets we serve,” Prasad said.
Shares of Dr Reddy’s Laboratories were today trading at Rs 2,137.95 per scrip on the BSE, up 2.34 per cent from its previous close.
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