Dr Reddy's Q4 net profit rises by 319%
Dr Reddy's Laboratories on Friday reported a whopping 319% rise in its consolidated net profit for the fourth quarter ended March 31, 2017 result.
The company posted consolidated net profit of Rs 312.5 crore this Q4, rising by 319% compared to Rs 74.6 crore in the corresponding period of the previous year.
A Bloomberg poll estimated Dr Reddy's net profit to be at Rs 418 crore this Q4.
GV Prasad, Co-Chairman and CEO of Dr Reddy's Laboratories said, “FY17 has been challenging year due to lack of new product approvals for the US market. However, our other geoghraphies delivered good performance with several new product launches.”
Consolidated revenue of Dr Reddy's stood at Rs 3,554.2 crore, down 14% as against Rs 3,756.2 crore a year ago similar period.
EBITA (operating profit) stood at Rs 630.3 crore, increasing by 31.20% year-on-year (YoY). The EBIDTA margins also improved to 17.7%, expanding by 490 basis points yoy.
Meanwhile, Research & Development expenses stood at Rs 460 crore – which was 12.9% of revenues. Also SG&A expenses declines by 6% yoy to Rs 1,100 crore.
Prasad added, “We are also seeing expanded global access to our Biosimilars, as a result of successful registrations in Emerging markets. We will continue our focus on rationalisation of cost structures and building a sustainable quality culture across the organisation.”
Share price of Dr Reddy was trading at Rs 2582.75 per piece on BSE, down Rs 10 or 0.37% at 1331 hours.