Dr Reddy’s Laboratories shares decline over 3% after Q4 results; check details

Shares of Dr Reddy's Laboratories were trading in the negative territory on Wednesday after the company announced its financial results for the last quarter of fiscal year 2023-24 (Q4 FY24).

The stock was trading at ₹6,050, down 3.3%, on the National Stock Exchange (NSE) at 10:55 am. On the BSE, the scrip was trading 3.3% lower at ₹6051.

Dr Reddy's had reported a consolidated profit after tax (PAT) of ₹1,307 crore for the January-March quarter ended March 2024 compared to PAT of ₹959 crore in the year-ago period, reflecting a growth of 36%.

Hyderabad-based drug major's revenue increased to ₹7,083 crore in Q4FY24 from ₹6,297 crore in the same period last year.

For FY24, the pharmaceuticals firm said its PAT jumped to ₹5,568 crore compared to ₹4,507 crore in FY23.

Revenue rose to ₹27,916 crore for FY24 as against ₹24,588 crore in FY23.

"Our growth and profitability in FY2024 has been driven by our performance in the US. We have also made significant progress on future growth drivers through licensing, collaboration and pipeline building," Dr Reddy's Co-Chairman and Managing Director GV Prasad said.

The company saw its revenue grow by 28% in the North American market at ₹129.9 billion in FY24.

"The growth was largely on account of an increase in base business volumes, integration of Mayne portfolio, and forex gains partly offset by price erosion," the company said.

The company said its FY24 revenues in the domestic market stood at ₹46.4 billion, a decline of 5% as against FY23.

Dr Reddy's board has also recommended a final dividend of ₹40 per share of ₹5 each for FY2023-24.

With PTI inputs