Dr Reddy's Q4 cons net jumps 67% to Rs 571 cr

Moneycontrol Bureau

Generics drugs maker Dr Reddy's Laboratories' fourth quarter consolidated net profit surged 67 percent year-on-year to Rs 571 crore, helped by a sharp increase in other income. 
 
Consolidated revenue for the three-month period gained 26 percent to Rs 3,340 crore, the Hyderabad-based company said on Tuesday.

Analysts on average were expecting Dr Reddy's to report a net profit of Rs 434 crore on revenue of Rs 2,966 crore, according to a CNBC-TV18 poll.

The company's other income in the quarter jumped to Rs 163 crore in Jan-March, compared with Rs 20 crore in the year ago quarter. Profit was also boosted by near 400 percent jump in net finance income at Rs 40 crore.

Its gross profit was up 21 percent to Rs 1,684 crore.

Margins, including other income were at 22 percent, while adjusted margins came in at 17.3 percent.

In the fourth quarter, Dr Reddy's launched 18 new generic products and filed 14 new product registrations.

The company said it was seeing huge slowdown in US FDA approval process.

Its revenue from global generics was up 23 percent to Rs 2,257 crore and pharmaceutical services and active ingredients revenue rose 25 percent to Rs 1,158 crore.

Dr Reddy's shares were down 2.2 percent at Rs 2,030.90 on NSE post the results. The stock had hit a high of Rs 2,120 earlier in the session. It had hit a 52-week high of Rs 2,152 on Monday.

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