Drugmaker reports profit of ₹557.3 cr. as revenue rises 7%
Dr. Reddy’s Laboratories on Friday reported fourth-quarter consolidated net profit fell 29% to ₹557.3 crore, while operational revenue rose 7% to ₹4,768.2 crore.
Chief Financial Officer Parag Agarwal said profit was lower as the company had recognised a deferred tax asset in the March ’20 quarter, resulting in a lower tax outgo in the year-earlier period. He added that profit before tax had in fact risen 10% last quarter to ₹815.2 crore.
For the full year, net profit slid to ₹1,951.6 crore, from ₹2,026 crore in the previous fiscal. This came on a higher revenue of ₹19,047.5 crore (₹17,517 crore), based on the results prepared as per Indian Accounting Standards.
Co-Chairman and MD G.V. Prasad said, “In FY21, we continued to grow across all our businesses, enhance productivity and strengthen our development pipeline.”
Besides prioritising efforts to introduce the Sputnik V vaccine in India as well as market it in other countries, the company is also working on development and commercialisation of several drugs for the treatment of mild-to-severe COVID-19 infections.
One of them, 2-deoxy-D-glucose (2-DG) has been developed by Defence Research and Development Organisation (DRDO) lab INMAS (Institute of Nuclear Medicine and Allied Sciences) in collaboration with the company.
CEO-API and Services Deepak Sapra said the production of the drug, which received approval from the Drugs Controller General of India recently, had begun and was expected to be unveiled by mid-June. The product, in powder form, would be marketed in sachets.
The drugmaker declared a final dividend of ₹25 per equity share of ₹5 (face value) for FY21.
Source: Read Full Article