Pharmaceuticals major Dr Reddy’s Laboratories on Monday reported a net profit of Rs. 662.8 crore for the April-June period. That marked an increase of 45.32 per cent compared to its net profit of Rs. 456.1 crore reported for the corresponding three-month period a year ago. In a regulatory filing after market hours, the company said its revenue grew 3.30 per cent on a year-on-year basis to Rs. 3,843.5 crore in the quarter ended June 30, 2019.
“This quarter, we grew in most of our key markets and hope to continue this momentum with a sharper focus on performance,” said GV Prasad, CEO and co-chairman, Dr Reddy’s Laboratories.
“We will continue our journey of operational excellence, cost leadership and innovation across our businesses,” he added.
The company said its research and development (R&D) expenses stood at Rs. 361 crore in the quarter ended June 30.
Gross margin came in at 51.7 per cent in the first quarter of the current financial year, as against 52.4 per cent in the previous quarter and 55.7 per cent in the quarter ended June 30, 2018.
With effect from August 1, 2019, chief operating officer Erez Israeli will be elevated as chief executive officer (CEO), the company said. Mr Prasad will continue as the co-chairman and managing director, and Mr Israeli will continue to report to him.
Shares in Dr Reddy’s Laboratories ended 1.92 per cent lower at Rs. 2,652.55 apiece on the BSE, underperforming the benchmark Sensex index which fell 0.52 per cent.