BackDr Reddy's shares down 1% on Wednesday's early session ahead of Q4 numbers; check details
Dr Reddy's share price: The stock opened at the intraday high level of ₹4,931.50 per share on NSE.
PremiumDr Reddy's share price falls over 1% on Wednesday ahead of its Q4FY23 (January-March) results. Dr Reddy's shares were trading flat in the early trading session on Wednesday. The stock opened at the intraday high level of ₹4,931.50 per share on NSE.
Dr Reddy's Laboratories is anticipated to release a good set of financial results for the quarter ended March 31, 2023. According to Zed Business Research, the pharmaceutical business is expected to record a 13% year-over-year (YoY) increase in its consolidated revenue to ₹6,174 crore from ₹5,475 crore logged in Q4FY2023.
The company announced a increase in net profit of 77% to ₹1,247 crore for the quarter that ended in December. In the past fiscal year's December quarter, its net profit was ₹706,5 crore. Compared to Q3FY22, its overall operational income increased by 27% to ₹6770 crore.
Dr Reddy's shares closed slightly higher on Tuesday at ₹4,930.55 a share on the BSE, reflecting optimistic market sentiments towards the company's quarterly results. Dr. Reddy's share value increased by 16.35% year-to-date (YTD) and by 26.15% in a year due to growth in the healthcare industry.
According to trendlyne data, the stock price rose 25.8% and outperformed its sector by 19.7% in the past year.
“Overall trend is positive, however last couple of weeks the stocks has moved in a range of 4800 - 5000 , going ahead next directional move can only be seen on a range breakout beyond the same," Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One.
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