US market adds 28% to Dr Reddy’s top line in Q4

City-based Dr Reddy’s Laboratories has posted a 36 per cent growth in its consolidated profit after tax (PAT) at Rs1,307 crore for the quarter ended March 2024, on encouraging sales in the US market.

GV Prasad, Co-Chairman and Managing Director, Dr Reddy’s, said: “Our growth and profitability in FY2024 have been driven by our performance in the US. We have also made significant progress on future growth drivers through licensing, collaboration and pipeline building.”

The drug major had reported a profit after tax of Rs959 crore in the January-March quarter of 2022-23 fiscal. Revenue rose to Rs7,083 crore in the period under review from Rs6,297 crore in the fourth quarter of FY23. For the 2023-24 financial year, the PAT rose to Rs5,568 crore from Rs4,507 crore in 2022-23 financial year. Revenue rose to Rs27,916 crore for FY24 as against Rs 24,588 crore in FY23. The company saw its revenue grow by 28 per cent in the North American market at Rs129.9 billion in FY24. “The growth was largely on account of increase in base business volumes, integration of Mayne portfolio, forex gains partly offset by price erosion,” the company said.

The company said its FY24 revenues in the domestic market stood at Rs 46.4 billion, a decline of 5 per cent as against FY23. Dr Reddy’s board, which met on Tuesday, recommended a final dividend of Rs40 per share of Rs5 each for the financial year 2023-24. The company said it has appointed M V Narasimham as the Chief Financial Officer of the company. Shares of the company ended 0.38 per cent down at Rs 6,277.10 apiece on the BSE.