Dr Reddy's Laboratories Ltd on Thursday said its consolidated profit after tax (PAT) for the quarter ended March 31 was down by 76 percent to Rs 87.5 crore against Rs 362.4 crore in the same quarter a year ago.
Revenue during the quarter under discussion was up by 15 percent to Rs 5,436.8 crore compared with Rs 4,728.4 crore in the last quarter of FY '21, Dr Reddy's senior management told reporters.
GV Prasad, co-chairman and managing director of Dr Reddy's, said the drug-maker clocked nearly $1 billion revenue from the North American markets. Prasad said though there was a healthy growth in revenue, profits were affected by impairment charges.
The bottomline was hit by impairment charges mostly by-product impairment of PPC-06 (Tepilamide Fumarate Extended Release Tablets) of Rs 430 crore on account of its decrease in market potential and impairment of Shreveport plant assets and Goodwill of Rs 310 crore which were taken considering the triggers which occurred during the year.
"In spite of multiple external challenges, our core business performed well driven by an increase in marketshare, some launches and productivity improvement. We will continue to focus on growing our core businesses, invest in future growth drivers and work towards greater integration of sustainability in our businesses," Prasad further said.
For the full financial year, the company clocked Rs 2,356.8 crore as PAT on Rs 21,439- crore revenue. Replying to a query, a senior official of the company said there have been no impact of the Russia-Ukrainian war and payment issues so far.
Revenue from the emerging markets, including Russia, during the fourth quarter, was at Rs 1201 crore, a jump of 36 percent over the same quarter a year ago.
Revenue from Russia for the year was at Rs 2,090 crore, YoY growth of 32 percent driven by improved base business performance, the launch of new products during the year and divestment of a few non-core brands.
Revenue from India stood at nearly Rs 969 crore up 15 percent over last year's same period. Income from pharmaceutical services and active ingredients (PSAI) was down by five percent to Rs 755.5 crore primarily on account of price erosion and lower volumes.
First Published: IST