Dr. Reddy’s Q3 & 9M FY24 Financial Results
Dr. Reddy’s Laboratories Ltd. announced consolidated financial results for Q3FY24 and 9MFY24, with a 7% YoY revenue increase. The company reported a 58.5% gross margin for Q3FY24 and a 30.9% EBITDA margin for 9MFY24. Dr. Reddy’s Laboratories also highlighted key business developments and ESG achievements, positioning the company as a leader in the pharmaceutical industry.
Positive
Consolidated revenue increased by 7% YoY for Q3FY24 and 14% for 9MFY24, driven by market share gains in North America and growth in Europe.
Gross margin for Q3FY24 was 58.5%, down by 0.7% YoY, attributed to lower prices in generic markets, partially offset by an improved product mix and productivity.
The EBITDA margin for 9MFY24 was 30.9%, showcasing a strong financial performance and operational efficiency.
The company achieved several business milestones, including the acquisition of MenoLabs, an exclusive collaboration for ALS treatment, and successful inspections by the U.S. FDA.
Dr. Reddy’s Laboratories was recognized for its commitment to ESG initiatives, being featured in the Dow Jones Sustainability World Index and receiving awards for Corporate Social Responsibility and Governance excellence.
Negative
The effective tax rate for the quarter increased to 24.5% due to a higher proportion of profits from higher tax jurisdictions.
QoQ decline in profit before tax and profit after tax for Q3FY24, indicating a potential slowdown in financial performance compared to the previous quarter.
An examination of Dr. Reddy's Laboratories Ltd.'s financial results for Q3 and the nine months ending December 31, 2023, reveals several key performance indicators crucial for investors and market analysts. The company's revenue has seen a year-over-year (YoY) increase of 7% in Q3 and 14% over the nine months, indicating a solid growth trajectory. This growth is particularly driven by market share gains in North America and Europe, which are significant markets for pharmaceutical companies. The reported gross margin, however, shows a slight decrease both YoY and quarter-over-quarter (QoQ), suggesting potential pressure on profitability.
SG&A expenses have risen by 12% YoY, which could be indicative of increased investment in marketing and sales efforts to capture market share. R&D expenditure remains consistent at 7.7% of revenues, emphasizing the company's commitment to innovation and future product pipelines. The EBITDA margin is relatively stable and the company maintains a healthy debt-to-equity ratio, indicating sound financial management. Investors should note the company's operational efficiency and robust free cash flow, despite a minor QoQ decrease in profit after tax, which could be attributed to higher tax rates in profitable jurisdictions.
From a market perspective, Dr. Reddy's performance in various segments provides insights into the company's strategic positioning. The North American market, which showed a 9% YoY growth, is particularly noteworthy as it is a highly competitive and lucrative market for generic drugs. The company's ability to launch new products and gain market share here is a positive indicator of its competitiveness and regulatory prowess, given the stringent FDA requirements. Europe's 15% YoY growth, despite a QoQ decline, suggests effective market penetration and favorable currency movements, although price erosion remains a challenge.
Emerging markets present a mixed picture with a 2% YoY decline, yet a 6% QoQ growth, highlighting the volatility and currency risks in these regions. Dr. Reddy's strategic collaborations, such as the one with Coya Therapeutics and its focus on women's health supplements in the U.S., indicate targeted efforts to diversify and strengthen its portfolio in niche therapeutic areas. These strategic moves may enhance the company's long-term market position and mitigate risks associated with generic drug commoditization.
Dr. Reddy's investment in R&D, maintaining at 7.7% of revenues, is critical for sustaining long-term growth in the pharmaceutical industry, where innovation is a key differentiator. The company's focus on differentiated assets and the development of both small molecules and biosimilars aligns with industry trends towards personalized medicine and biologics. The ongoing clinical trials and the pipeline of new products could lead to future revenue streams and help the company maintain its competitive edge.
The regulatory landscape, as indicated by the U.S. FDA inspections and the issuance of Form 483s, is an important consideration for investors. While these observations can be a normal part of the regulatory process, the company's response and remediation efforts will be crucial in maintaining manufacturing credibility and avoiding potential market access delays. The company's inclusion in the Dow Jones Sustainability World Index and its ESG initiatives reflect a commitment to corporate responsibility, which is increasingly important to investors and may positively influence the company's reputation and stock valuation.
01/31/2024 - 09:44 AM
HYDERABAD, India --(BUSINESS WIRE)--
Dr. Reddy’s Laboratories Ltd. (BSE: 500124 | NSE: DRREDDY | NYSE: RDY | NSEIFSC: DRREDDY) today announced its consolidated financial results for the quarter and nine months ended December 31, 2023. The information mentioned in this release is based on consolidated financial statements under International Financial Reporting Standards (IFRS).
Q3FY24 9MFY24
Revenues Rs. 72,148 Mn 7% YoY; Up: 5% QoQ]Rs. 208,334 Mn 14% YoY; Up]
Gross Margin 58.5% 59.2% ; Q2FY24: 58.7% ]58.6% 56.5% ]
SG&A Expenses Rs. 20,228 Mn 12% YoY; 8% QoQ]Rs. 56,725 Mn 13% YoY]
R&D Expenses Rs. 5,565 Mn 7.7% of Revenues]Rs. 15,996 Mn 7.7% of Revenues]
EBITDA Rs. 21,107 Mn 29.3% of Revenues]Rs. 64,278 Mn 30.9% of Revenues]
Profit before Tax Rs. 18,257 Mn 12% YoY; Down: 5% QoQ]Rs. 55,854 Mn 19% YoY]
Profit after Tax Rs. 13,789 Mn 11% YoY; Down: 7% QoQ]Rs. 42,614 Mn 20% YoY]
Commenting on the results, Co-Chairman & MD, G V Prasad said: “We delivered another quarter of highest-ever sales and robust financial performance aided by new products performance and base business market share gain in the U.S. , new products launch momentum and strong performance in Europe . We continue to strengthen our core businesses and invest in innovative products including strategic collaborations for novel molecules to meet unmet needs of patients. ”
All amounts in millions, except EPS
1 USD = Rs. 83.19
Dr. Reddy’s Laboratories Limited & Subsidiaries
Revenue Mix by Segment [Q3FY24]
Particulars
Q3FY24
Q3FY23
YoY
Q2FY24
QoQ
(Rs.)
(Rs.)
Gr %
(Rs.)
Gr%
Global Generics
63,095
59,241
7%
61,084
3%
North America
33,492
30,567
9%
31,700
5%
Europe
4,970
4,303
15%
5,286
-6%
India
11,800
11,274
5%
11,860
-1%
Emerging Markets
12,833
13,097
-2%
12,163
6%
Pharmaceutical Services and Active Ingredients (PSAI)
7,839
7,758
1%
7,034
11%
Others
1,214
701
73%
684
78%
Total
72,148
67,700
7%
68,802
5%
Revenue Mix by Segment [9M FY24]
Particulars
9MFY24
9MFY23
YoY
(Rs.)
(Rs.)
Gr%
Global Generics
184,262
159,511
16%
North America
97,245
76,383
27%
Europe
15,326
12,644
21%
India
35,141
36,113^
-3%
Emerging Markets
36,550
34,371
6%
Pharmaceutical Services and Active Ingredients (PSAI)
21,582
21,282
1%
Others
2,490
2,119
18%
Total
208,334
182,911
14%
^ includes divestment income in India in Q1FY23, excluding which India YoY growth is at 4% and total company growth is at 15%
Consolidated Income Statement [Q3FY24]
Particulars
Q3FY24
Q3FY23
YoY
Q2FY24
QoQ
($)
(Rs.)
($)
(Rs.)
Gr %
($)
(Rs.)
Gr%
Revenues
867
72,148
814
67,700
7
827
68,802
5
Cost of Revenues
360
29,945
332
27,607
8
342
28,434
5
Gross Profit
507
42,203
482
40,093
5
485
40,368
5
% of revenues
58.5%
59.2%
58.7%
Operating Expenses
Selling, General & Administrative expenses
243
20,228
216
17,981
12
226
18,795
8
% of revenues
28.0%
26.6%
27.3%
Research & Development expenses
67
5,565
58
4,821
15
65
5,447
2
% of revenues
7.7%
7.1%
7.9%
Impairment of non-current assets
1
110
2
134
(18)
1
55
100
Other operating (income)/expense
(12)
(967)
9
732
(232)
(22)
(1796)
(46)
Results from operating activities
208
17,267
197
16,425
5
215
17,867
(3)
Net finance (income)/expense
(12)
(963)
2
139
(793)
(15)
(1225)
(21)
Share of profit of equity accounted investees, net of tax
(0)
(27)
(1)
(60)
(55)
(1)
(42)
(36)
Profit before income tax
219
18,257
196
16,346
12
230
19,134
(5)
% of revenues
25.3%
24.1%
27.8%
Income tax expense
54
4,468
47
3875
15
52
4,334
3
Profit for the period
166
13,789
150
12,471
11
178
14,800
(7)
% of revenues
19.1%
18.4%
21.5%
Diluted Earnings Per Share (EPS)
0.99
82.68
0.90
74.95
10
1.07
88.78
(7)
EBITDA Computation [Q3FY24]
*Includes income from Investments
Particulars
Q3FY24
Q3FY23
Q2FY24
($)
(Rs.)
($)
(Rs.)
($)
(Rs.)
Profit before Income Tax
219
18,257
196
16,346
230
19,134
Interest (income) / expense - Net*
(12)
(1,030)
(1)
(93)
(14)
(1,166)
Depreciation
29
2,437
27
2,245
29
2,437
Amortization
16
1,333
12
1,026
16
1,353
Impairment
1
110
2
134
1
55
EBITDA
254
21,107
236
19,658
262
21,813
% of revenues
29.3%
29.0%
31.7%
Consolidated Income Statement [9MFY24]
Particulars
9MFY24
9MFY23
YoY
($)
(Rs.)
($)
(Rs.)
Gr %
Revenues
2,504
208,334
2,199
182,911
14
Cost of Revenues
1,036
86,210
956
79,565
8
Gross Profit
1,468
122,124
1,242
103,346
18
% of revenues
58.6%
56.5%
Operating Expenses
Selling, General & Administrative expenses
682
56,725
601
50,034
13
% of revenues
27.2%
27.4%
Research & Development expenses
192
15,996
168
14,015
14
% of revenues
7.7%
7.7%
Impairment of non-current assets
2
176
2
159
11
Other operating (income)/expense
(43)
(3,543)
(68)
(5,626)
(37)
Results from operating activities
634
52,770
538
44,764
18
Net finance (income)/expense
(36)
(2,972)
(25)
(2,054)
45
Share of profit of equity accounted investees
(1)
(112)
(4)
(294)
(62)
Profit before income tax
671
55,854
566
47,112
19
% of revenues
26.8%
25.8%
Income tax expense
159
13,240
140
11,637
14
Profit for the period
512
42,614
426
35,475
20
% of revenues
20.5%
19.4%
Diluted Earnings Per Share (EPS)
3.07
255.68
2.56
213.24
20
EBITDA Computation [9MFY24]
*Includes income from Investments
Particulars
9MFY24
9MFY23
($)
(Rs.)
($)
(Rs.)
Profit before Income Tax
671
55,854
566
47,112
Interest (income) / expense - Net*
-35
-2,881
1
52
Depreciation
86
7,155
77
6,402
Amortization
48
3,974
37
3,045
Impairment
2
176
2
159
EBITDA
773
64,278
682
56,769
% of revenues
30.9%
31.0%
Key Balance Sheet Items
Particulars
As on 31st Dec 2023
As on 30th Sep 2023
As on 31st Dec 2022
($)
(Rs.)
($)
(Rs.)
($)
(Rs.)
Cash and cash equivalents and other investments
922
76,665
839
69,784
603
50,164
Trade receivables
943
78,417
838
69,722
902
75,046
Inventories
731
60,796
680
56,592
593
49,326
Property, plant, and equipment
875
72,795
847
70,478
781
64,996
Goodwill and Other Intangible assets
495
41,192
496
41,278
426
35,401
Loans and borrowings (current & non-current)
239
19,851
159
13,230
212
17,663
Trade payables
374
31,113
366
30,485
313
26,023
Equity
3,220
267,850
3,042
253,086
2,648
220,273
Key Business Highlights [Q3FY24]
Acquired the MenoLabs branded portfolio of women’s health focused supplements in the U.S.
Exclusive collaboration with Coya Therapeutics for development and commercialization of COYA 302 , an Investigational Combination Therapy for treatment of Amyotrophic Lateral Sclerosis (ALS)
Inspections completed by U.S. FDA
Product specific Pre-Approval Inspection (PAI) at biologics manufacturing facility in October 2023, post which a Form 483 with 9 observations was issued,
Routine cGMP inspection at formulations manufacturing facility (FTO-3 ) in October 2023, post which a Form 483 with 10 observations was issued and
GMP and Pre-Approval Inspection (PAI) at R&D unit in December 2023, post which a Form 483 with 3 observations was issued.
ESG & other Highlights [Q3FY24]
1st Indian pharma company to be featured in the Dow Jones Sustainability World Index for 2023 and retaining our place in the Emerging Markets Index for the 8th year in a row.
Awarded ‘Gold Medal’ status by EcoVadis.
MSCI ESG ratings upgraded from BB to BBB
Awarded Golden Peacock awards for Corporate Social Responsibility, 2023 and Excellence in Corporate Governance, 2023
Received ICSI Corporate Social Responsibility Excellence award - 2023, in recognition of our contribution to society through our CSR initiatives.
1st Indian pharma company to pledge towards a plantation initiative covering 2,900 hectares by 2028 as part of the World Economic Forum’s 1t.org.
Revenue Analysis [Q3FY24]
Q3FY24 consolidated revenue at Rs. 72.1 billion , YoY growth of 7% and QoQ growth of 5% . The YoY growth was primarily driven by market share gains for our existing products in North America and continuation of our growth journey in Europe .
Global Generics (GG)
Q3FY24 revenue at Rs. 63.1 billion , YoY growth of 7% and QoQ growth of 3% . YoY growth was primarily driven by increase in volumes of our base business, new product launches, partially offset by price erosion in certain markets. Sequential growth was driven by increase in volumes of our base business, offset partially due to price erosion in certain markets.
North America
Q3FY24 revenue at Rs. 33.5 billion , YoY growth of 9% and QoQ growth of 5% . YoY growth was on account of market share expansion in certain existing key products and revenues from new product launches, partly offset by price erosion. Sequential growth was driven by net increase in volumes of our base business.
During the quarter, we launched 4 new products in the region, of which 2 were launched in the U.S.
During the quarter, we filed 2 new Abbreviated New Drug Applications (ANDAs) with the US Food and Drug Administration (USFDA). As of 31st December 2023, cumulatively 79 generic filings are pending for approval with the USFDA (75 ANDAs and 4 NDAs under 505(b)(2) route). Out of the pending 79 generic filings, 41 are Para IVs, and we believe 21 have ‘First to File’ status.
Europe
Q3FY24 revenue at Rs. 5.0 billion , YoY growth of 15% and QoQ decline of 6% . YoY growth was primarily on account of contribution from new product launches, improvement in base business volumes and favourable currency exchange rate movements, partly offset by price erosion. QoQ decline was primarily on account of price erosion in certain countries, partly offset by increase in volumes of our base business.
Germany Rs. 2.7 billion , YoY growth of 21% and QoQ growth of 0.1% .
UK /OL Rs. 1.4 billion , YoY growth of 9% and QoQ decline of 22% .
Rest of Europe at Rs. 0.9 billion , YoY growth of 11% and QoQ growth of 7% .
During the quarter, we launched 6 new products in the region.
India
Q3FY24 revenue at Rs. 11.8 billion , YoY growth of 5% and QoQ decline of 1% . YoY growth was largely attributable to revenues from new products launches while QoQ decline was largely on lower volumes in base business.
During the quarter, we launched 3 new brands in the country.
Emerging Markets
Q3FY24 revenue at Rs. 12.8 billion , YoY decline of 2% and QoQ growth of 6% . YoY decline is attributable to unfavorable forex movement, while QoQ growth was driven by volume gains for few existing products and partially offset by unfavorable currency exchange rate movements.
Revenue from Russia at Rs. 5.9 billion , YoY decline of 14% and QoQ growth of 2% .
Revenue from other CIS countries and Romania at Rs. 2.3 billion , YoY growth of 4% and QoQ growth of 7% .
Revenue from Rest of World (RoW) territories at Rs. 4.6 billion , YoY growth of 16% and QoQ growth of 10% .
Pharmaceutical Services and Active Ingredients (PSAI)
Q3FY24 revenue at Rs. 7.8 billion , with a growth of 1% YoY and 11% QoQ. YoY growth was mainly driven by revenues from new products, favourable forex, partially offset by price decline and low business volumes. QoQ growth was driven by improved volumes in base business and contributions from new product launches. Excluding revenue in base period from COVID-19 products, PSAI business grew in double-digit.
During the quarter, we filed 38 Drug Master Files (DMFs) globally .
Income Statement Highlights:
Q3FY24 gross margin at 58.5% (GG: 61.9% , PSAI: 29.4% ). Gross margin decreased by ~73 bps YoY and 18 bps sequentially. The decline in margin was primarily driven by lower prices for certain products in generic markets, partly offset by improvement in product mix and productivity.
Selling, general & administrative (SG&A) expenses for Q3FY24 at Rs. 20.2 billion , YoY increase of 12% and by 8% QoQ. The YoY SG&A spend increase is largely on account of investments in sales & marketing activities, digitalization capabilities, and new business initiatives.
Research & development (R&D) expenses in Q3FY24 at Rs. 5.6 billion . As % to Revenues – Q3FY24: 7.7% | Q2FY24: 7.9% | Q3FY23: 7.1% . R&D investments are driven by ongoing clinical trials on differentiated assets, as well as other developmental efforts to build a healthy pipeline of new products across our markets for both small molecules and biosimilars.
Other operating income for Q3FY24 at Rs. 0.9 billion compared to other operating expenses of Rs. 0.7 billion in Q3FY23. Other operating income was largely on account of sale of non-current assets.
Net Finance income for Q3FY24 at Rs.0.9 billion compared to net finance expense of Rs. 0.1 billion in Q3FY23. The higher income was primarily on account of profit on sale of units of mutual funds and other investments.
Profit before Tax for Q3FY24 at Rs. 18.3 billion , YoY growth of 12% . QoQ decline of 5% .
Profit after Tax for Q3FY24 at Rs. 13.8 billion , YoY growth of 11% . QoQ decline of 7% . The effective tax rate for the quarter has been 24.5% as compared to 23.7% in Q3FY23. The higher tax rate is mainly due to increase in the proportion of the Company's profits coming from higher tax jurisdictions, partly offset by adoption of corporate tax rate under section 115BAA of the Income Tax Act of India .
Diluted earnings per share for Q3FY24 is Rs. 82.68
Other Highlights:
EBITDA for Q3FY24 at Rs. 21.1 billion and the EBITDA margin is 29.3% .
Operating Working Capital at Rs. 108.1 billion .
Capital expenditure for Q3FY24 at Rs. 3.1 billion .
Free cash-flow for Q3FY24 at Rs. 0.2 billion .
Net cash surplus at Rs. 59.1 billion as on December 31, 2023.
Debt to Equity is (0.21).
ROCE for the company is 37% (annualized).
About key metrics and non-GAAP Financial Measures
This press release contains non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. Such non-GAAP financial measures are measures of our historical performance, financial position or cash flows that are adjusted to exclude or include amounts from the most directly comparable financial measure calculated and presented in accordance with IFRS.
The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with IFRS. Our non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. These measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes.
We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business.
For more information on our non-GAAP financial measures and a reconciliation of GAAP to non-GAAP measures, please refer to "Reconciliation of GAAP to Non-GAAP Results " table in this press release.
All amounts in millions, except EPS
Reconciliation of GAAP measures to non-GAAP measures
Free Cash Flow
Particulars
Three months ended Dec. 31, 2023
(Rs.)
Net cash generated from operating activities
10,762
Less:
Taxes
6027
Investments in PPE and Intangibles
4518
Free Cash Flow
217
Operating working capital
Particulars
As on 31st Dec 2023
(Rs.)
Inventories
60,796
Trade Receivables
78,417
Less:
Trade Payables
31,113
Operating Working Capital
108,100
Net cash surplus
Particulars
As on 31st Dec 2023
(Rs.)
Cash and cash equivalents
7,535
Investments
69,130
Short-term borrowings
(12,343)
Long-term borrowings, non-current
(6,152)
Less:
Restricted cash balance – Unclaimed dividend
122
Lease liabilities (included in Long-term borrowings, non-current)
(2,352)
Equity Investments (Included in Investments)
1328
Net Cash Surplus
59,072
Computation of Return on Capital Employed
Particulars
As on 31st Dec 2023
(Rs.)
Profit before tax
18,257
Less:
Interest and Investment Income (Excluding forex gain/loss)
1,030
Earnings Before Interest and taxes [A]
17,227
Average Capital Employed [B]
191,125
Annualized Return on Capital Employed (A/B) (Ratio)
37%
Computation of capital employed
Particulars
Year Ended
Dec 31, 2023
Mar 31, 2023
Property Plant and Equipment
72,795
66,462
Intangibles
36,905
30,849
Goodwill
4,287
4,245
Investment in equity accounted associates
4,218
4,702
Other Current Assets
23,512
20,069
Other investments
4,115
660
Other non-current assets
1,128
800
Inventories
60,796
48,670
Trade Receivables
78,417
72,485
Derivative Financial Instruments
-16
1,095
Less:
Other Liabilities
43,159
42,320
Provisions
5,394
5,513
Trade payables
31,113
26,444
Operating Capital Employed
206,491
175,760
Average Capital Employed
191,125
Computation of EBITDA
Refer page no. 3 & 4.
Earnings Call Details
The management of the Company will host an Earnings call to discuss the Company’s financial performance and answer any questions from the participants.
Option 2: Join through below Dial-In Numbers
Universal Access Number:
+91 22 6280 1219
+91 22 7115 8120
International Toll-Free Number:
USA :
UK :
Singapore :
Hong Kong :
No password/pin number is necessary to dial in to any of the above numbers. The operator will provide instructions on asking questions before and during the call.
Play Back: The play back will be available after the earnings call, till February 6th , 2024. For play back dial in phone No: +91 22 7194 5757, and Playback Code is 61003.
Transcript: Transcript of the Earnings call will be available on the Company’s website: www.drreddys.com
About Dr. Reddy’s: Dr. Reddy’s Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY, NSEIFSC: DRREDDY) is a global pharmaceutical company headquartered in Hyderabad, India . Established in 1984, we are committed to providing access to affordable and innovative medicines. Driven by our purpose of ‘Good Health Can’t Wait’, we offer a portfolio of products and services including APIs, generics, branded generics, biosimilars and OTC. Our major therapeutic areas of focus are gastrointestinal, cardiovascular, diabetology, oncology, pain management and dermatology. Our major markets include – USA , India , Russia & CIS countries, China , Brazil , and Europe . As a company with a history of deep science that has led to several industry firsts, we continue to plan and invest in businesses of the future. As an early adopter of sustainability and ESG actions, we released our first Sustainability Report in 2004. Our current ESG goals aim to set the bar high in environmental stewardship; access and affordability for patients; diversity; and governance. For more information, log on to: www.drreddys.com .
Disclaimer : This press release may include statements of future expectations and other forward-looking statements that are based on the management’s current views and assumptions and involve known or unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words "may", "will", "should", "expects", "plans", "intends", "anticipates", "believes", "estimates", "predicts", "potential", or "continue" and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to without limitation, (i) general economic conditions such as performance of financial markets, credit defaults , currency exchange rates , interest rates , persistency levels and frequency / severity of insured loss events (ii) mortality and morbidity levels and trends, (iii) changing levels of competition and general competitive factors, (iv) changes in laws and regulations and in the policies of central banks and/or governments, (v) the impact of acquisitions or reorganization , including related integration issues, and (vi) the susceptibility of our industry and the markets addressed by our, and our customers’, products and services to economic downturns as a result of natural disasters, epidemics, pandemics or other widespread illness, including coronavirus (or COVID-19), and (vii) other risks and uncertainties identified in our public filings with the Securities and Exchange Commission, including those listed under the "Risk Factors" and "Forward-Looking Statements" sections of our Annual Report on Form 20-F for the year ended March 31, 2023. The company assumes no obligation to update any information contained herein.” The company assumes no obligation to update any information contained herein.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240131470785/en/
INVESTOR RELATIONS
RICHA PERIWAL
richaperiwal@drreddys.com
AISHWARYA SITHARAM
aishwaryasitharam@drreddys.com
MEDIA RELATIONS
USHA IYER
ushaiyer@drreddys.com
Source: Dr. Reddy’s Laboratories Ltd.
Dr. Reddy's Laboratories' ticker symbol is RDY.
The YoY revenue growth for Dr. Reddy's Laboratories in Q3FY24 was 7%.
The EBITDA margin for Dr. Reddy's Laboratories in 9MFY24 was 30.9%.
The key business developments included the acquisition of MenoLabs, an exclusive collaboration for ALS treatment, and successful inspections by the U.S. FDA.
Dr. Reddy's Laboratories was featured in the Dow Jones Sustainability World Index, received awards for Corporate Social Responsibility and Governance excellence, and pledged towards a plantation initiative as part of the World Economic Forum's 1t.org.
