Dr Reddy’s Laboratories Ltd on Wednesday said its profit after tax for the quarter ended June 30 was up by 18 per cent to Rs 1,402.50 crore while it was Rs 1,187.6 crore during the same quarter a year ago.
A press release from the city-based drug maker said revenues in the first quarter of the current fiscal grew by 29 per cent to Rs 6,738.40 crore. It was Rs 5215.40 crore in the first quarter of FY23.
Commenting on the results, co-chairman and MD G V Prasad said: "We delivered strong sales growth and witnessed robust margin expansion in Q1 FY24 driven by market share gains and new product momentum in our US generics business and superior performance in Russia. We are on track in executing our strategy, delivering growth while continuing to invest in future growth drivers and innovation to create sustainable value."
Revenues from global generics stood at Rs 6,101 crore a year-on-year growth of 36 per cent driven by North America, emerging markets and Europe.
The improvement in gross margin (58.7 per cent) was primarily driven by favourable product mix and higher manufacturing leverage partly offset by benefitting from brand divestment income during the previous year and price erosion in certain products, it further said.