Dr Reddy's Laboratories Q2 net falls 30% to ₹762 crore

Our Bureau Hyderabad | Updated on October 28, 2020

Pharma major Dr Reddy's Laboratories Ltd's consolidated net profit for the second quarter ended September 30, 2020 declined 30 per cent to ₹762 crore, compared to ₹1,092 crore in the corresponding quarter of the previous financial year. Its total revenue grew 2 per cent to ₹4,897 crore (₹4,800 crore).

The second quarter's sales growth of 20 per cent was adjusted for proprietary products out-licensing income in the previous year, the company said in a release.

Also read: Spotlight on Indian pharma’s resilience during pandemic times

Commenting on the results, Co-Chairman and MD, Dr Reddy’s, GV Prasad, said: “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."

Referring to Covid-19 impact, the company said: “During the quarter we saw gradual recovery in demand across India, Russia and other markets after low demand in Ql FY21, although the demand is yet to fully recover to pre-Covid levels.”

Also read: Dr Reddy’s comes under cyber attack, isolates data centre services

With reference to a recent data breach, it said the company's investigation “has not ascertained if any data breaches in the incident pertain to personally identifiable information stored in the company's systems.''

Recovery and restoration of all applications and data are underway. All critical operations are being enabled in a controlled manner, it said.

Published on October 28, 2020

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