DRREDDY · Healthcare
Dr. Reddy's Laboratories Ltd. reported revenue of ₹7,696 cr for April to June 2024, +13.9% on the year and +8.2% on the quarter.
Operating profit (EBITDA) was ₹2,130 cr, a margin of 27.7%, −284 bps on the year and +194 bps on the quarter. Operating costs grew +18.5%, faster than revenue at +13.9%, so operating profit grew less than sales.
Net profit was ₹1,392 cr, −0.9% on the year and +6.3% on the quarter, with earnings per share of ₹16.69. Profit before other income, one-offs and tax grew 1.1%, so the profit growth came from the business itself. The tax rate of 26% is in line with its recent average.
On earnings per share of ₹66.72 over the last four quarters, the stock at ₹1,229.70 trades at 18.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Operating margin slipped on the year.
EBITDA margin 27.7%, −284 bps on the year (+194 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹6,903 cr | ₹7,237 cr | ₹7,114 cr | ₹7,696 cr | ₹8,038 cr | ₹8,381 cr | ₹8,528 cr | ₹8,572 cr | ₹8,828 cr | ₹8,753 cr | ₹7,546 cr | ₹8,100 cr |
| YoY | — | — | — | +14% | +16% | +16% | +20% | +11% | +10% | +4% | −12% | −6% |
| EBITDA margin | 29.1% | 28.0% | 25.7% | 27.7% | 25.8% | 27.1% | 23.4% | 25.4% | 22.8% | 21.6% | 5.1% | 10.6% |
| Other income, % of PBT | 17% | 12% | 13% | 10% | 16% | 8% | 26% | 15% | 19% | 18% | 240% | 64% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 23% | 24% | 18% | 26% | 30% | 25% | 21% | 26% | 23% | 23% | −11% | 21% |
| Net profit | ₹1,482 cr | ₹1,381 cr | ₹1,310 cr | ₹1,392 cr | ₹1,342 cr | ₹1,404 cr | ₹1,587 cr | ₹1,410 cr | ₹1,337 cr | ₹1,190 cr | ₹221 cr | ₹436 cr |
| YoY | — | — | — | −1% | −9% | +2% | +21% | +1% | −0% | −15% | −86% | −69% |
| Core profit YoY | — | — | — | +1% | +0% | +7% | +5% | −4% | −12% | −26% | −119% | −88% |
| EPS | ₹17.77 | ₹16.56 | ₹15.70 | ₹16.69 | ₹15.05 | ₹16.94 | ₹19.09 | ₹16.99 | ₹16.14 | ₹14.50 | ₹2.65 | ₹5.32 |
| Flags | · | · | · | ✓ | 1 | ✓ | 1 | ✓ | 1 | 1 | 4 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Dr. Reddy's Laboratories Ltd. reported revenue of ₹7,696 cr (+13.9% on the year) and net profit of ₹1,392 cr (−0.9% on the year) for April to June 2024.
Profit before other income, exceptional items and tax moved +1.1% on the year, against −0.9% for reported profit.
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