Dr Reddy’s Q1 net profit rises 45% to ₹663 cr

Dr Reddy’s Laboratories on Monday posted a 45.31 per cent rise in consolidated net profit at ₹662.8 crore for the June quarter.

The company had reported a net profit of ₹456.1 crore in the corresponding period of 2018-19.

Revenues during the period rose to ₹3,843.5 crore as compared with ₹3,720.7 crore in the year-ago period, Dr Reddy’s Laboratories said in a regulatory filing.

G V Prasad, CEO and Co-Chairman, Dr Reddy’s Laboratories said, “This quarter, we grew in most of our key markets and hope to continue this momentum with a sharper focus on performance.”

The Hyderabad-based firm said that with effect from August 1, Erez Israeli will be elevated as the CEO of the company.

Prasad will continue as the Co-Chairman and Managing Director, and Israeli will continue to report to him, it added.

Since joining the company as the chief operating officer in April 2018, Israeli has spearheaded the transformation agenda of the organisation by ensuring clear focus and strategy, setting foundations for a sustainable financial growth and leading business delivery, the drug firm said.

His appointment as the CEO will help propel the organisation’s growth agenda forward, it added.

Shares of Dr Reddy’s ended 1.92 per cent down at ₹2,652.55 apiece on the BSE.