Dr Reddy's Laboratories released its fiscal third-quarter results for 2023-24 (Q3FY24), revealing a 10.6% increase in net profit to ₹1,379 crore, compared to ₹1,247 crore in the corresponding period of the previous year. The boost in profit was attributed to a higher market share in existing products in North America and growth in Europe.
GV Prasad, Co-Chairman and MD of Dr Reddy's Laboratories, expressed satisfaction with the quarter's performance, citing the company's delivery of its highest-ever sales and robust financial results. He credited the success to the performance of new products, market share gains in the US, momentum in new product launches, and strong performance in Europe.
Prasad highlighted the company's ongoing efforts to strengthen core businesses and invest in innovative products through strategic collaborations for novel molecules to address unmet patient needs.
On Tuesday, shares of Dr Reddy's Laboratories closed 0.03% higher at ₹5,845.75 apiece on the BSE. The positive financial results indicate the company's resilience and growth in the pharmaceutical industry.
(With Agency Inputs)