Dr. Reddy's Laboratories Q1 Results FY2023, PAT at Rs. 11.9 billion

On 28th July 2022, Dr. Reddy's Laboratories announced its quarterly results for the first quarter of FY2023.

Q1FY23 Key Highlights:

- The company reported revenue from operations at Rs. 52.15 billion with a growth of 6.02% YoY.

- Profit before Tax at Rs. 14.7 billion, increased by 97.44% YoY 

- Profit after Tax at Rs. 11. 9 billion, with a growth of 108.25% YoY. 

-  EBITDA is at Rs. 17.8 billion and the EBITDA margin is 34.1 %

Business Highlights:

- Revenues from Global Generics segment at Rs. 44.3 billion with a yearly growth of 8%, driven by new product launches across most of our businesses and divestment of a few non-core brands in India, partly offset by price erosion in our generic markets, and higher base due to covid product sales in previous year

- Revenues from North American market stood at Rs. 17.8 billion with a yearly growth of 2%, driven by launch of new products and favorable forex rates, which was offset by price erosion in some of our key molecules. During this quarter, we launched 7 new products. This includes launch of Ketorolac, OTC Nicotine Lozenges Original, Methylprednisolone Sodium Succinate, Pemetrexed Injection, Posaconazole Tabs and Sorafenib in the US and Pemetrexed Inj. in Canada.

- Revenues from European market stood at Rs. 4.1 billion with a growth of 4%, driven by launch of new products and scale up of base business, which was partly offset by price erosion in some molecules and adverse forex rates during the quarter. 

- Revenues from Indian market stood at Rs. 13.3 billion with yearly growth of 26% was driven by divestment of a few non-core brands, revenue contribution from the products acquired / in-licensed from Novartis, growth in base business and new products contribution. The growth was partially offset due to covid product sales in Ql FY22 which was not there in the current quarter. 

- Revenues from Emerging Markets stood at Rs. 9.0 billion with a decline of 1 % and sequential decline of 25%.

- Revenues from Pharmaceutical Services and Active Ingredients stood at Rs. 7.1 billion yearly and sequential decline of 6% each.