Dr Reddy's Labs net profit declines 12.6 pc to Rs 579.3 cr in June qtr
Hyderabad/IBNS: Drug manufacturer Dr Reddy's Labs has said its net profit in the June quarter declined 12.60 per cent to Rs 579.3 crore compared with Rs 662.8 crore during the same quarter last month.
The company said its gross margin rose to 56 per cent from 51.7 per cent while its while its revenue from operations rose 15 per cent annually to Rs 4,417.5 crore.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) or operating profit rose 2 per cent to Rs 1,162 crore.
The Hyderabad based company said revenue from India plummeted 10 per cent annually to Rs 630 crore due to lower prescriptions generated and decline in patients visiting clinics and pharmacies.
"The current quarter's financial performance has been strong across all parameter. l am glad that we have been able to serve our patients well and ensured continuity of business operations despite the challenging times. We have started integration and acquired business from Wockhardt and executed two important licencing arrangements for treatment options for COVID-19. Currently, we are working towards bringing both these drugs to multiple markets," G V Prasad, co-chairman and managing director of Dr Reddy's labs said in a statement
Its revenue from North America, its biggest market, rose 6 per cent to Rs 1730 crore, mainly due to new products and favourable foreign exchange rate, which was offset by price erosion.
"Our operations have continued without much impact. We continued our engagement with doctors through digital channels, ensured regular supplies of our products to meet with the market demand and continued our R&D activities including few projects pertaining to COVID-19," Dr Reddy's Labs said.