Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Markets / Stock Markets/  Dr. Reddy’s Q4FY23 results: Consolidated PAT at 959 cr, rises by 10-folds YoY; 800% dividend for shareholders
BackBack

Dr. Reddy’s Q4FY23 results: Consolidated PAT at ₹959 cr, rises by 10-folds YoY; 800% dividend for shareholders

The company's Q4 PAT jumped by 9.9 times or 889.79% from a profit of ₹97 crore in Q4FY23. However, sequentially, the PAT witnessed a decline as against ₹1,243.9 crore in Q3FY23.

Dr. Reddy’s announces its Q4FY23 results on Wednesday.Premium
Dr. Reddy’s announces its Q4FY23 results on Wednesday.

Pharma giant, Dr Reddy's Lab posted a consolidated net profit of 959 crore for the fourth quarter of FY23, rising by multi-fold on a year-on-year basis. Revenue also picked up traction YoY. However, the Q4FY23 performance was feeble on a quarter-on-quarter basis across key parameters. The company has declared a hefty dividend of 800% for shareholders. 

The drug maker saw a strong growth in Q4FY23 PAT by 10-folds or 996% from a profit of 87.5 crore in Q4FY22, while revenue jumped by 16% to 6,296.8 crore as compared to 5,436.8 crore in the corresponding period of last fiscal.

However, on quarter-on-quarter basis, both PAT and revenue were down by 23% and 7% respectively in Q4FY23.

Year-on-year revenue growth in Q4FY23 was driven by growth in North America (27% YoY), Europe (12% YoY) and India (32% YoY) markets. However, partially impacted due to a decline of 7% YoY in revenues in Emerging Markets. Sequentially, the revenue dipped due to fall in North America (-17% QoQ), and Emerging Markets (-15% QoQ), partially offset by growth in Europe (15% QoQ growth) and India (14% QoQ growth).

While EBITDA stood at 1,631 crore up by 26% YoY but lower by 17% QoQ. EBITDA accounted for 25.9% of revenue. Gross margin stood at 57.2% in Q4FY23, contracting as against 52.9% in Q4FY22 and 59.2% in Q3FY23.

In the quarter, R&D expenses stood at 537 crore --- 8.5% of revenues. While SGNA expenses came in at 1,799 crore --- holding 28.6% of revenue.

On the performance, co-chairman & MD, G V Prasad said, “FY23 has been a year of record sales, profits and cash flow, driven by our performance in US Generics. We progressed well in our productivity and sustainability agenda."

For the full-year FY23, PAT stood at 4,507 crore up by a whopping 91% YoY. EBITDA meanwhile stood 7,308 crore higher by 42% compared to the previous fiscal. On the top-line front, revenue was at 24,588 crore up by 15% as against the FY22 level.

Going ahead, Prasad said, "We will continue to deliver on our purpose, invest in growth drivers and promote a culture that is innovative and collaborative ensuring the future of our business."

In a meeting held on Wednesday, the company has recommended a final dividend of 40 (800%) per equity share of 5 each for the financial year 2022-23. The dividend will be paid on or after five days from the date of declaration of the final dividend by the shareholders at the annual general meeting (AGM).

The company's scrip ended 1.33 per cent down at 4,865 on BSE.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 10 May 2023, 05:42 PM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie