Dr Reddy's Laboratories: Surge in Profits with Global Market Growth

Dr Reddy's Laboratories posted a 2% rise in net profit for Q3 2024, reaching Rs 1,413 crore, driven by strong market performance. Revenue grew to Rs 8,359 crore, with notable growth in Europe and India. US market revenue saw a 1% increase, while shares dipped slightly on BSE.

Dr Reddy's Laboratories announced on Thursday a 2% increase in its net profit for the third quarter ended December 31, 2024, amounting to Rs 1,413 crore. The rise was attributed to a strong performance across various markets.

The Hyderabad-based pharmaceutical giant had reported a profit of Rs 1,379 crore in the same period last fiscal. The company's revenue saw an impressive increase, reaching Rs 8,359 crore, compared to Rs 7,215 crore the previous year.

Company Co-Chairman and MD G V Prasad highlighted the impact of the newly acquired NRT business, new product launches, and enhanced operational efficiencies in driving the double-digit growth. The US market saw a modest 1% revenue increase, while Indian sales rose by 14% to Rs 1,346 crore. Notably, the European market witnessed substantial growth, with sales jumping to Rs 1,210 crore from Rs 497 crore last fiscal. Despite the positive results, Dr Reddy's shares closed 0.54% lower on the BSE at Rs 1,289.35.

(With inputs from agencies.)