Dr Reddy's Q3 results: Net profit rises 11% to Rs 1,379 cr

Pharma firm Dr Reddy's Laboratories on Tuesday reported 11% jump in net profit at Rs 1,379 crore for the quarter ending December 31, 2023, helped by strong performance in its generic drugs business in key US and European markets. 

Dr Reddys Laboratories Ltd's revenue rose 7% to Rs 7,215 crore in Q3FY24, with the North American generics segment's revenue - the biggest contributor to the total - rising 9.6%. Revenue from the European and Indian segments jumped 15.5% and 4.7%, respectively.. 

Commenting on the results, Co-Chairman & MD, G V Prasad said: "We delivered,  another quarter of highestever 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 strategic collaborations for novel molecules to meet unmet needs of patients." 

On Tuesday, Dr Reddy's scrip on BSE closed trading flat at Rs 5,845.75.

Lenalidomide, a generic version of Bristol Myers Squibb's cancer drug Revlimid, boosted the company's generics business in the US, Dr Reddy's launched the generic version in 2022.

However, the company said that revenue growth in the generics business was partially offset by "price erosion" in certain markets.