Pharma major Dr Reddy’s Laboratories Ltd’s net profit decreased 28 per cent at ₹554 crore in the fourth quarter ended March 31, 2021 against ₹764 crore in the corresponding quarter of the previous financial year.
Total revenues 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).
“In FY21, we continued to grow across all 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 drugs for the treatment of mild to severe Covid-19 infections,’’ GV Prasad, Co-Chairman & MD, Dr Reddy’s, said in a virtual press conference on Friday.
“The net profit was down due to lower tax base last year and deferred tax adjustments, among others, Parag Agarwal, Chief Finanical Officer said.
Revenue from North America declined by 4 per cent in the fourth quarter compared to last year due to higher sales in the previous year on account of panic-buying by customers and stock-piling by distributors, Agarwal said.
Covid drugs
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. In India, revenue increased 15 per cent, the CFO said.
Dr Reddy’s will continue to focus on Covid-19 portfolio to bring multiple preventive and curative treatment options besides Russian Sputnik V vaccine which was launched today.
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.