Dr Reddy's net up 76% in Q4 at 764 crore
Pharma major has soft-launched Hydroxychloroquine in India
Hyderabad: City-based Dr Reddy's Laboratories Limited on Wednesday said the drugmaker has reported 76 per cent growth in profit after tax to Rs 764.2 crore for quarter ended March 31, 2010 against Rs 434.4 crore in the corresponding period of FY19.
The performance was backed by tax deferment and growth in global generics, Dr Reddy's said. Saumen Chakraborty, President, CFO and Global Head of HR of Dr Reddy's, told the media here that the revenues for the quarter under discussion was up by 10 per cent to Rs 4,431.8 crore against Rs 4,016.6 crore in Q4 of last fiscal. The revenue from global generics stood at Rs. 3,640 crore a YoY growth of 20 per cent.
The company reported highest sales ever during the quarter. Net profit is also higher than PBT (profit before tax), both for the quarter and year. The net profit is higher because of the deferred tax recognition. But for the year it is not only deferred tax recognition but also MAT credit. Overall it has been a good financial year for us, Saumen Chakraborty told reporters.
The Pharmaceutical Services and Active Ingredients (PSAI) segment revenues were up six per cent to Rs 719.5 crore against Rs 676.5 crore in Q4 of FY19. For the full financial year 2019-20, revenues were up 13 per cent over FY19 while profit after tax was at Rs 1950 crore up four per cent over previous year, Dr Reddys said.
GV Prasad Prasad, Dr Reddy's co-chairman and MD, said the company is looking at working with other firms in developing drugs to combat Covid-19. "I think we are looking at working with other companies into developing the products that are around that (COVID-19).
We are going to develop Hydroxychloroquine. We have already soft launched those products into Indian market as part of CSR (Corporate Social Responsibility). But we are looking at other opportunities also as they come", he said. He said FY20 has been a very positive year for the company.