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Dr Reddy's Laboratories Q2 results: Net profit falls 30% to Rs 762 crore; revenue up 2%

Dr Reddy's Laboratories (DRL) on Wednesday posted a 30 per cent fall in net profit to Rs 762.3 crore in the second quarter of FY21 as against Rs 1,092.5 crore in the corresponding period of last year

twitter-logoBusinessToday.In | October 28, 2020 | Updated 15:09 IST
Dr Reddy's Laboratories Q2 results: Net profit falls 30% to Rs 762 crore; revenue up 2%
Dr Reddy's Laboratories

Dr Reddy's Laboratories (DRL) on Wednesday posted a 30 per cent fall in net profit to Rs 762.3 crore in the second quarter of FY21 as against Rs 1,092.5 crore in the corresponding period of last year. However, revenue of the pharma company surged 2 per cent to Rs  4,897 crore from Rs 4,800.1 crore last year. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) during the given period dipped 11 per cent to Rs 1,267.3 crore from Rs 1,433.7 crore. EBITDA margin shrank by 400 bps to 25.9 per cent from 29.9 per cent.

Gross margin for the quarter under review reduced by 360 bps to 53.9 per cent. The profit margin fell  to 15.6 per cent from 22.8 per cent earlier.

Research & Development (R&D) expenses stood at Rs 436 crore or 8.9 per cent of revenues, against 7.6 per cent last year.

"We are pleased to report continued growth across all the markets and improved productivity which is reflected in the healthy EBITDA margin and RoCE. Our research teams are working on several potential remedies for COVID in addition to the already launched products," said G V Prasad, Co-chairman

 & MD, Dr Reddy's Laboratories.

The revenue of the company from the Global Generics (GG) segment was recorded at Rs 39.8 billion. It implies Y-o-Y growth of 21 per cent and sequential quarter growth of 14 per cent.

Europe portfolio accounted for the largest growth (36 per cent) for the company, while least growth (4 per cent) was recorded in emerging markets.

Meanwhile, shares of Dr Reddy's Laboratories were trading at Rs 5,018.70, down 80.70, or 1.58 per cent on NSE at the time of reporting.

Also read: Dr Reddy's under cyber attack: How India will investigate the matter

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