Dr Reddy's Laboratories Profit More Than Doubles To Rs 1,093 Crore In September Quarter

Dr Reddy's Laboratories on Friday reported a net profit of Rs 1,092.5 crore for the quarter ended September 30, marking an increase of more than two-fold compared with the corresponding period a year ago. In a regulatory filing to the stock exchanges, Hyderabad-based Dr Reddy's said its revenue stood at Rs 4,800.9 crore in the second quarter of current financial year, as against Rs 3,797.8 crore in the year-ago period.

Shares in Dr Reddy's Laboratories rose as much as 1.66 per cent to Rs 2,829.00 apiece on the BSE after the earnings announcement by the drug maker.

"I am pleased with our performance across the businesses and strong cash generation during the quarter," said GV Prasad, co-chairman and managing director, Dr Reddy's Laboratories.

In a press release, the pharmaceuticals major said its gross margin stood at 57.5 per cent in the second quarter of financial year 2019-20, as against 51.7 per cent in the previous quarter and 55.0 per cent in the quarter ended September 30, 2018.

"We are progressing well in execution of our strategy and in our transformation journey on quality and efficiency," Mr Prasad added.

At 11:35 am, Dr Reddy's shares traded 1.14 per cent higher at Rs 2,814.45 apiece on the bourse, outperforming the benchmark Sensex index which was flat.