Dr Reddy’s Laboratories posted revenue from operations at Rs 7236.80 crore, up 6.6 per cent as against Rs 6789.80 crore during the third quarter of FY23.
Pharmaceutical company Dr Reddy’s Laboratories on Tuesday recorded its third quarter profit for the financial year 2023-24 at Rs 1380.90 crore, up 11 per cent in comparison to Rs 1243.90 crore during the corresponding quarter of previous year, beating estimates. It posted revenue from operations at Rs 7236.80 crore, up 6.6 per cent as against Rs 6789.80 crore during the third quarter of FY23. The revenue growth, it said, was primarily driven by market share gains for the company’s existing products in North America and continuation of the growth journey in Europe.
According to a CNBC TV18 poll, Dr Reddy’s was expected to report Q3FY24 profit at Rs 1293.9 crore and revenue for the quarter in review was estimated at Rs 6903.6 crore. While the total income reported by the pharmaceutical firm during the quarter in review was at Rs 7453.00 crore, total expenses incurred by the company during Q3FY24 stood at Rs 5626.60 crore.
GV Prasad, Co-Chairman & MD, said, “We delivered another quarter of highest ever sales and robust financial performance aided by new products performance and base business market share gain in the US, new products launch momentum and strong performance in Europe. We continue to strengthen our core businesses and invest in innovative products in including strategic collaborations for novel molecules to meet unmet needs of patients.”
