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Dr Reddy's Laboratories on Thursday reported a consolidated net profit of Rs 1,187.60 crore for the first quarter of the current financial year as compared to Rs 570.80 crore in the corresponding period of the last year, registering a year-on-year growth of 108 per cent.
The company's revenue from operations rose by 6 per cent YoY to Rs 5,215.40 crore for the quarter ended June 30 as compared to Rs 4,919.40 crore recorded in the corresponding quarter last year. Commenting on the results, Dr Reddy's Laboratories Co-Chairman and Managing Director G V Prasad said, "Our underlying business revenues adjusted for covid products contribution during last year have grown well. The profits were aided by a few non-recurring incomes, offsetting the near-term headwinds. We continue to improve the health of our core businesses through productivity improvement and robust product pipelines". Dr Reddy's Laboratories' EBITDA margin rose to 34.1 per cent during the April-June 2022 quarter from 20.7 per cent recorded in the corresponding period of the last year. The company reduced its spending on Research & Development (R&D) during the quarter. During the first quarter of the current financial year, the company's spending on R&D fell to 8.3 per cent of revenues from 9.2 per cent in the corresponding period of the last year. (ANI)
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