Hyderabad, May 14 (FN Agency) Hyderabad-based Pharmaceutical giant Dr Reddy’s Laboratories Ltd net profit declined by 28 per cent at Rs 554 crore in the fourth quarter ended March 31, 2021 against Rs 764 crore in the corresponding period in the previous year even as the total revenues increased 7 per cent. The company’s total revenue registered at Rs 4,728 crore compared to Rs Rs 4,432 crore in the year-ago period, the pharma major said in a release here.
For the full year ended March 31, 2021, net profit decreased 2 per cent at Rs1,915 crore while the total revenue increased 9 per cent at Rs 18,972 crore. Commenting on the results, Co-Chairman and Managing Director G V Prasad said “In FY 21, we continued to grow across all our businesses, enhance productivity and strengthen our development pipeline. We are prioritizing our efforts to launch Sputnik V vaccine across India while working on the development and commercialization of several drugs for the treatment of mild to severe COVID-19 infections.” The net profit was down due to lower tax base last year and deferred tax adjustments, among others, the company official said.
Revenues from Global Generics segment at Rs. 154.4 billion higher by 12 per cent over FY20, on account of growth across all our markets. For the full year, revenues from North America and Europe grew 9 per cent and 32 per cent while revenue from emerging markets increased 7 per cent while in India, revenue increased 15 per cent. In North America, the year was benefited by new launches, scale up of existing products and a favorable forex rate, which was partially offset by price erosion. Our focus continues on building a healthy pipeline of new products across our markets including development of products pertaining to COVID-19 treatment, the Pharma said. The production of Covid-19 drug, 2-deoxy-D-glucose (2-DG), in collaboration with DRDO has started and it will be released by the third week of June.
The company is also working on Molnupiravir, Baricitinib and several other Covid drugs for treatment of mild to severe conditions. The company is also selling Avigan (Favipiravir) in India and is conducting phase 3 trials in North America for outpatient settings with mild to moderate symptoms. The Board has recommended payment of a dividend of Rs. 25 per equity share of face value Rs 5 each (500% of face value) for the year ended March 31, 2021.