Dr. Reddy's Laboratories Ltd., a global pharma company, reported a higher net profit for the fourth-quarter, as per Indian GAAP basis, both on consolidated and stand-alone, primarily driven by strong generic drug sales in its North American and emerging markets.
Stand-alone Results
On Indian GAAP basis, the Hyderabad-based company posted a fourth-quarter stand-alone net profit of Rs.378.15 crore or Rs.22.16 per share, higher by 79 percent than the Rs.211.79 crore or Rs.12.43 per share in the fourth-quarter of 2012.
Quarterly net sales rose by 24 percent to Rs.2,160.90 crore from the Rs.1,748.71 crore in the year-ago quarter, while 'license fees, service income and other income totaled Rs.201.58 crore, compared with Rs.39.59 crore in the corresponding quarter last year.
During the quarter, income from 'Pharmaceutical Services and Active Ingredients' segment increased by 15 percent to Rs.917.81 crore from the Rs.798.55 crore in the prior-year quarter, while that of 'Global Generics' was Rs.1,531.02 crore, up by 31 percent from the Rs.1,165.64 crore in the corresponding quarter last year. Income from 'Property Products' for the quarter was Rs.3.32 crore, compared with Rs.0.59 crore for the same period a year ago.
R&D expenses on stand-alone during the quarter grew by 11 percent to Rs.185.05 crore from the Rs.167.44 crore in the previous year quarter.
For the 12 months, the company reported a stand-alone net profit of Rs.1,265.47 crore, up by 39 percent from the Rs.912.36 core for the comparable period a year ago. Total income, including license fee, service income and other income, compared with Rs.8,434.01 crore from the Rs.6,739.70 crore last year, an increase of 25 percent.
Consolidated Results
On a consolidated basis, the company posted a fourth-quarter consolidated net profit attributable to shareholders of Rs.571.01 crore, higher by 67 percent than the Rs.342.70 crore in the fourth-quarter of 2012. Net income from sales and services increased by 26 percent to Rs.3,339.94 crore from the Rs.2,658.45 crore last year, while other income stood at Rs.163.10 crore, compared with Rs.19.80 crore in Q4FY12.
Consolidated results for the preceding year quarter included Rs.104.04 crore towards impairment loss on intangible assets.
During the quarter, the company launched 18 new generic products, filed 14 new product registrations and filed 17 Drug Master Files (DMFs) globally, the company said.
Dr. Reddy's Lab's fiscal year consolidated net profit attributable to shareholders stood at Rs.1,677.74 crore, higher by 18 percent than the Rs.1,426.21 crore in 2012.
Net income from sales and services rose by 20 percent to Rs.11,626.56 crore from the Rs.9,673.74 crore a year ago. Excluding the beneficial impact of olanzapine exclusivity in FY12, registered year-on-year growth of 26 percent, the company said. Other income for the year stood at Rs.247.90 crore, compared with Rs.76.50 crore in Q4FY12.
The company said growth in income was primarily driven by North America and Emerging Markets in the generics segment, and overall performance by Pharmaceutical Services and Active Ingredients segment.
During the year, the company launched 78 new generic products, filed 56 new product registrations and filed 47 DMFs globally.
The company's Board has recommended a final dividend of 300 percent or Rs.15.00 per equity share of Rs.5 each for the fiscal year 2013 to be paid on or after August 7.
At the BSE, Dr. Reddy's Lab closed Tuesday's trading at Rs.2,025.65, down Rs.55.30 or 2.66 percent on a volume of 131,000 shares.
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