Dr Reddy’s Laboratories has reported a significant 36% increase in its net profit for the fourth quarter ending March 31, 2024. The Hyderabad-based company recorded a net profit of ₹1,307 crore, marking substantial growth compared to ₹959 crore in the same period last year.
The company’s total revenue also witnessed robust growth, surging by 12% to reach ₹7,083 crore in Q4 FY24, up from ₹6,296 crore in the corresponding quarter of the previous year. For the full fiscal year FY24, Dr. Reddy’s Laboratories reported a net profit of ₹5,568 crore, representing a notable 24% increase from ₹4,506 crore in FY23. The company’s revenue for the entire fiscal year stood at ₹27,916 crore, marking a commendable 14% growth from ₹24,587 crore recorded in FY23.
G V Prasad, Co-Chairman & MD of Dr. Reddy’s Laboratories, attributed the growth and profitability in FY2024 to the company’s performance in the United States market. He also highlighted significant progress in future growth drivers through licensing, collaboration, and pipeline building.
New CFO Appointment
In response to the resignation and retirement of the incumbent Chief Financial Officer, Parag Agarwal, the board of Dr. Reddy’s Laboratories has approved the appointment of M V Narasimham as the new CFO, effective from August 1, 2024.
M V Narasimham currently serves as the Deputy Chief Financial Officer, overseeing global commercial business finance and global taxation functions. He brings over 30 years of experience in various finance roles and is a qualified chartered accountant.
Narasimham has been associated with Dr. Reddy’s Laboratories since 2000 and has held several positions of increasing responsibility across the finance domain. His appointment reflects the company’s commitment to maintaining strong financial leadership and driving sustainable growth strategies.