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Dr Reddy's share price hits 52-week high on Q1 numbers

Revenue from operations during the June quarter stood at Rs 4,418 crore, up 15 percent YoY.

July 29, 2020 / 03:12 PM IST
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Dr Reddy's Laboratories share price touched a 52-week high of Rs 4,331, rising 7 percent intraday on July 29 after the pharmaceutical company came out with its June quarter numbers.

The company has reported a 12.6 percent year-on-year (YoY) drop in consolidated net profit at Rs 579 crore for the quarter ended June 2020.

The profit in the corresponding quarter of the last fiscal stood at Rs 662.8 crore, which was boosted by a settlement claim of Rs 345.7 crore received from Celgene in April 2019 with respect to the cancer drug.

Revenue from operations during Q1FY21 stood at Rs 4,418 crore, up 15 percent YoY.

Gross margin came at 56 percent in Q1FY21, up 430 bps over the previous year against 51.7 percent in Q1FY20 and up 450 bps against 51.5 percent in Q4FY20.

The company's Pharmaceutical Services and Active Ingredients (PSAI) saw 88 percent YoY growth on account of higher volumes of certain products, an increase in new product sales and favorable forex.

At 1456 hours, Dr Reddys Laboratories was quoting at Rs 4,322.35, up Rs 271.90, or 6.71 percent, on the BSE.

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first published: Jul 29, 2020 03:12 pm