Dr.Reddy's shares were trading 2.91% higher at 3.34pm.  (Mint)
Dr.Reddy's shares were trading 2.91% higher at 3.34pm. (Mint)

Dr. Reddy's Q3 profit surges on strong growth in emerging markets

  • Dr. Reddy's Q3 net profit came in at 500 crore, compared with 303 crore a year earlier
  • Revenue from emerging markets rose 31% to 770 crore, aided by new product launches

BENGALURU: Indian generic drugmaker Dr. Reddy's Laboratories Ltd posted a 65.3% surge in quarterly profit on Friday, handily beating market expectations, helped by strong growth in emerging markets.

Third-quarter net profit came in at 500 crore ($70.10 million), compared with 303 crore a year earlier, the company said.

Analysts on average expected the Hyderabad-based company to post a profit of 394 crore, according to Refinitiv data.

"We continued to improve our performance in the third quarter, supported by significant growth in emerging markets and India," Chief Executive Officer G.V. Prasad said.

Revenue from emerging markets rose 31% to 770 crore, aided by new product launches, a pick-up in momentum in new markets and better volume offtake in existing markets, the company said.

Dr.Reddy's shares were trading 2.91% higher in a broader Mumbai market that was up 0.59% at 3.34pm.

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