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Dr Reddy's Labs Shares Hit All-Time High After Q1 Results
On Thursday, shares of Dr Reddy's Laboratories rose nearly 6 percent to a new all-time high of Rs 4,544 after the company reported a higher than expected profit for the June-ended quarter.
The multinational pharma company posted a 12.6 percent fall in consolidated net profit at Rs 579 crore for the first quarter of 2020-21 from Rs 662.8 crore in the same period a year ago. However, its June 2019 profit was boosted by the settlement claim of Rs 345.7 crore received from Celgene in April 2019 with respect to the cancer drug.
Dr Reddy's Lab's revenue from operations during June ended quarter was up by 15 percent year-on-year to Rs 4,418 crore. Its gross margin was at 56 percent in the April-June period, up by 4.3 percent against 51.7 percent a year ago and 51.5 percent in the previous quarter.
Its EBITDA (earnings before interest, taxes, depreciation, and amortization) improved by 2 percent year-on-year to Rs 1,162 crore but margin dropped 320 basis points to 26.3 percent.
