Pharma major Dr Reddy’s Laboratories Ltd net profit decreased 28 per cent at ₹554 crore in the fourth quarter ended March 31, 2021 as against ₹764 crore in the corresponding quarter of the previous financial year.
The total revenue of the Hyderabad-based drug maker increased 7 per cent at ₹4,728 crore compared to ₹4,432 crore in the year-ago period.
For the full year ended March 31, 2021, net profit decreased 2 per cent at ₹1,915 crore ( ₹1,950 crore). The total revenue increased 9 per cent at ₹18,972 crore ( ₹17,460 crore).
There was an impairment charge at ₹6.8 billion in FY21, which was taken considering the triggers which occurred during the year.
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“In FY21, we continued to grow across our businesses, enhance productivity and strengthen our development pipeline. We are prioritising our efforts to launch Sputnik V vaccine across India while working on the development and commercialisation of several drugs for the treatment of mild to severe Covid-19 infections,” GV Prasad, Co-Chairman & MD, Dr Reddy’s said in a statement.
Covid drugs
Dr Reddy’s will continue to focus on Covid-19 portfolio to bring multiple preventive and curative treatment options, including a vaccine.
The company, which launched Spuntnik V in India on Friday will ensure “widest reach in the shortest possible time. It ramped up supplies of Remedisivir to meet with the higher demand due to the surge of Covid-19 cases in India. It is also selling Avigan (Favipiravir) in India and is conducting phase 3 trials in North America for outpatient settings with mild-to-moderate symptoms.
“We developed 2-deoxy-D-glucose (2-DG) in collaboration with DRDO lab and also working on Molnupiravir, Baricitinib and several other Covid drugs for treatment ranging from mild to severe conditions,’’ it said.