Dr Reddy’s profit zooms 11% in Q3

Hyderabad: Hyderabad-based drug manufacturer Dr Reddy's Laboratories (DRL) has reported 11 per cent increase in consolidated net profit at Rs 1,379 crore for October-December quarter (Q3) of FY 2024 when compared to Rs 1,247 crore in the same quarter last fiscal. The profits were mainly driven by higher market share in existing products in North America and growth in Europe.

The company’s consolidated revenue has grown 7 per cent to Rs 7,215 crore in Q3 FY24 as against Rs 6,770 crore in the year-ago period.

During the quarter, it has acquired the MenoLabs branded portfolio of women’s health focused supplements in the US. It has also collaborated with Coya Therapeutics for development and commercialization of COYA 302, an Investigational Combination Therapy for treatment of Amyotrophic Lateral Sclerosis (ALS). "We delivered another quarter of highest ever 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," Dr Reddy's Co-Chairman and MD GV Prasad said.

“The drug maker continues to strengthen its core businesses and invest in innovative products in strategic collaborations for novel molecules to meet unmet needs of patients,” he added. Its revenues in North America grew 9 per cent year-on-year to Rs 3,349 crore in the third quarter. In Europe, the revenue grew 15 per cent year-on-year to Rs 500 crore in the period under review.