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Dr Reddys Laboratories Results: Latest Quarterly Results & Analysis

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Dr. Reddy's Laboratories Ltd. 24 Oct 2025 17:30 PM
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Q2FY26 Quarterly Result Announced for Dr. Reddy's Laboratories Ltd.

Pharmaceuticals company Dr. Reddy's Laboratories announced Q2FY26 results

  • Revenue: Rs 88,051 million, change 9.8% YoY; 3% QoQ.
  • EBITDA: Rs 23,511 million for Q2FY26.
  • EBITDA Margin: 26.7% for Q2FY26.
  • PBT: Rs 18,350 million, change -4% YoY; -4% QoQ.
  • PAT: Rs 14,372 million, change 14% YoY; 1% QoQ.

G V Prasad, Co-Chairman & MD, said: "Growth in Q2 was driven by momentum in branded markets and steady contributions from the Nicotine Replacement Therapy (NRT) portfolio, which helped offset the decline in U.S. Lenalidomide sales. We remain focused on strengthening our core business, advancing key pipeline assets, driving productivity and Pursuing business development initiatives."

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Pharmaceuticals company Dr. Reddy's Laboratories announced Q1FY26 results

  • Revenues: Rs 85,452 million, change Up  by 11 % YoY.
  • EBITDA: Rs 22,784 million, with Margin of 26.7% of Revenues.
  • Profit before Tax: Rs 19,047 million, change Up by 1 % YoY; Down by 5% QoQ.
  • Profit after Tax: Rs 14,178 million attributable to Equity Holders, Up: 2% YoY; Down 11 % QoQ.

G V Prasad, Co-Chairman & MD, said: "We delivered double-digit growth this quarter over the same period last year, reflecting our strength in branded markets and positive momentum in the Nicotine Replacement Therapy portfolio. The pricing pressure on Lenalidomide is expected to intensify in the U.S. generics market. We remain focused on strengthening our base business by delivery of our pipeline assets, improving overall productivity and business development."

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Pharmaceuticals company Dr. Reddy's Laboratories announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenues rose 20% YoY to Rs 85,060 million in Q4FY25.
  • Gross margin declined to 55.6% vs 58.6% in Q4FY24.
  • SG&A expenses increased 17% YoY to Rs 24,055 million, flat QoQ.
  • R&D expenses stood at Rs 7,258 million (8.5% of revenues).
  • EBITDA reached Rs 24,749 million, at 29.1% of revenues.
  • Profit before tax rose 25% YoY to Rs 20,054 million.
  • PAT (attributable to equity holders) grew 22% YoY to Rs 15,939 million.

FY25 Financial Highlights:

  • Revenues grew 17% YoY to Rs 3,25,535 million in FY25.
  • Gross margin remained steady at 58.5% vs 58.6% in FY24.
  • SG&A expenses rose 22% YoY to Rs 93,870 million.
  • R&D expenses were Rs 27,380 million, forming 8.4% of revenues.
  • EBITDA stood at Rs 92,133 million, or 28.3% of revenues.
  • Profit before tax increased 7% YoY to Rs 76,784 million.
  • PAT (attributable to equity holders) rose 2% YoY to Rs 56,544 million.

G V Prasad, Co-Chairman & MD, said: "We achieved double-digit growth across our businesses, driven by successful product launches, increased revenues from key products in the U.S. and the integration of the acquired NRT business. We will continue to strengthen and grow our core businesses through portfolio management and operational excellence, while pursuing strategic partnerships and inorganic growth opportunities."

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Pharmaceuticals company Dr. Reddy's Laboratories announced Q3FY25 results

  • Revenue: Rs 83,586 million, change Up: 16% YoY, 4% QoQ.
  • Gross Margin: 58.7%for Q3FY25, compared to Q3FY24: 58.5% & Q2FY25: 59.6%.
  • EBITDA: Rs 22,982 million 27.5% of Revenues.
  • Profit before Tax: Rs 18,742 million Up: 3% YoY & Down: 2% QoQ.
  • Profit after Tax: Rs 14,133 million Up: 2% YoY & 13% QoQ.

G V Prasad, Co-Chairman & MD, Dr. Reddy's Laboratories, said: "We delivered double digit growth aided by our newly acquired NRT business, new launches and improved operational efficiencies. We remain committed to addressing patient needs by advancing healthcare through access, affordability and innovation."

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Pharmaceuticals company Dr. Reddy's Laboratories announced H1FY25 & Q2FY25 results

Q2FY25 Financial Highlights:

  • Revenues: Rs 80,162 million, change 17% YoY & 4% QoQ.
  • Gross Margin: 59.6%, Q2FY24: 58.7% & Q1FY25: 60.4%.
  • EBITDA: Rs 22,803 million, 28.4% of Revenues.
  • Profit before Tax: Rs 19,167 million, change 2% QoQ.
  • Profit after Tax: Rs 12,553 million, change -15% YoY & 10% QoQ.

H1FY25 Financial Highlights:

  • Revenues: Rs 156,889 million, change 15% YoY.
  • Gross Margin: 60.0%, H1FY24: 58.7%.
  • EBITDA: Rs 44,402 million, 2s.3% of Revenues.
  • Profit before Tax: Rs 37,988 million, change 1% YoY.
  • Profit after Tax: Rs 26,473 million, change -8% YoY.

Business Highlights:

  • Completed acquisition of the Nicotine Replacement Therapy ('NRT') portfolio outside of the United States and paid upfront cash consideration of GBP 458 million.
  • Operationalized, Dr. Reddy's and Nestle Health Science, in August 2024 to undertake the business of nutraceutical products and supplements in India and Nepal. 49% of the shares in the subsidiary were transferred to Nestle India.
  • Secured Marketing Authorization from the European Commission for our rituximab biosimilar, following a positive opinion from the C_HMP of the European Medicines Agency.
  • Received approval from the USFDA for Investigational New Drug (IND) application for AUR-112, a highly differentiated potent and selective inhibitor of MAL Tl, being developed for the treatment of lymphoid malignancies.
  • Entered into a non-exclusive patent licensing agreement with Takeda to commercialise Vonoprazan, a novel gastrointestinal drug, in India.

G V Prasad, Co-Chairman & MD, Dr. Reddy's Laboratories, said: "We delivered another good quarter and maintained the growth momentum across businesses. We made progress on our future growth drivers, operationalized our venture with Nestle, and completed the acquisition of Nicotinell® and related brands. We will continue to drive efficiency, strengthen our core businesses, and positively impact patient lives through science and innovation."

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Pharmaceuticals company Dr. Reddy's Laboratories announced Q1FY25 results:

  • Revenues: Rs 76,727 million [Up: 14% YoY; 8% QoQ]
  • Gross Margin: 60.4% [Q1FY24: 58.7%; Q4FY24: 58.6%]
  • SG&A Expenses: Rs 22,691 million [Up: 28% YoY; 11% QoQ]
  • R&D Expenses: Rs 6,193 million [8.1% of Revenues]
  • EBITDA: Rs 21,599 million [28.2% of Revenues]
  • Profit before Tax: Rs 18,821 million [Up: 2% YoY; 18% QoQ]
  • Profit after Tax: Rs 13,920 million- [Down: 1% YoY; Up: 7% QoQ)

Commenting on the results, Co-Chairman & MD, G V Prasad said: "We had a good start to the new fiscal year and our growth & profitability was mainly driven by our generics business. We continue to strengthen our core businesses and have made strategic investments in biologics, consumer healthcare and innovation to drive patient impact and value creation."

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Pharmaceuticals company Dr. Reddy's Laboratories announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Q4FY24 consolidated revenues at Rs 70.8 billion, YoY growth of 12%, and QoQ decline of 2%.
  • Gross Margin in Q4FY24 was at 58.6% (GG: 62.0%, PSAI: 28.6%), an increase of 140 basis points (bps) over the previous year and 7 bps sequentially. 
  • Selling, General & Administrative (SG&A) Expenses in Q4FY24 were Rs 20.5 billion, YoY increase of 14% and by 1 % QoQ
  • Research & Development (R&D) Expenses Q4FY24 were at Rs 6.9 billion. As % to Revenues - Q4FY24: 9.7% I Q3FY24: 7.7% I Q4FY23: 8.5%.
  • PBT: Q4FY24 at Rs 16.0 billion, YoY growth of 21 %, QoQ decline of 12%.
  • PAT: Q4FY24 at Rs 13.1 billion, YoY growth of 36%, QoQ decline of 5%
  • Diluted Earnings per Share (EPS): Q4FY24 is Rs 78.4
  • Earnings before Interest, Tax, Depreciation and Amortization (EBITDA): Q4FY24 at Rs 18.7 billion, YoY growth of 15% and QoQ decline of 11%. EBITDA margin is 26.4%.

FY24 Financial Highlights:

  • FY24 consolidated revenues at Rs 279.2 billion, YoY growth of 14%.
  • Gross Margin in FY24 was at FY24 at 58.6% (GG: 62.9%, PSAI: 23.2%). Gross margin increased by 193 bps YoY. 
  • Selling, General & Administrative (SG&A) Expenses in FY24 were Rs 77.2 billion, YoY increase of 13%.
  • Research & Development (R&D) Expenses FY24 were at Rs 22.9 billion. As % to Revenues - FY24: 8.2% I FY23: 7.9%.
  • PBT: FY24 at Rs 71.9 billion, an increase of 19%. As % to Revenues - FY24: 25. 7% I FY23: 24.6%.
  • PAT: FY24 at Rs 55.7 billion, a growth of 24%. As % to Revenues - FY24: 19.9% I FY23: 18.3%.
  • Diluted Earnings per Share (EPS): FY24 is Rs 334.0
  • Earnings before Interest, Tax, Depreciation and Amortization (EBITDA): FY24 at Rs 83.0 billion, a YoY growth of 14%. EBITDA margin is 29.7%.

Commenting on the results, Co-Chairman & MD, G V Prasad said: "Our growth and profitability in FY2024 has been driven by our performance in the US. We have also made significant progress on future growth drivers through licensing, collaboration and pipeline building. We will continue to strengthen our core businesses through superior execution as we invest and build the future growth drivers."

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Pharmaceuticals company Dr. Reddy's Laboratories announced Q2FY24 results:

  • Revenues of Rs 68,802 million, up 9% YoY and 2% QoQ.
  • Gross Margin of 58.7%, compared to 59.1% in Q2FY23 and 57% in Q1FY24.
  • SG&A Expenses of Rs 18,795 million, up 13% YoY and 6% QoQ.
  • R&D Expenses of Rs 5,447 million, representing 7.9% of revenues.
  • EBITDA of Rs 21,813 million, accounting for 31.7% of revenues.
  • Profit before Tax of Rs 19,134 million, up 19% YoY and 4% QoQ.
  • Profit after Tax of Rs 14,800 million, up 33% YoY and 6% QoQ.

Commenting on the results, Co-Chairman & MD, G V Prasad said, "We delivered another quarter of strong results with highest ever sales and profits, driven by market share gains & momentum in our US generics business and robust growth in Europe. We are continuing to strengthen our pipeline both organically and through business development to drive growth and create differentiation."

 

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Pharmaceuticals company Dr. Reddy's Laboratories announced Q1FY24 results:

  • Revenues of Rs 67,384 million, Up 29% YoY; Up 7% QoQ
  • Gross margin of 58.7% (Q1FY23: 49.9%; Q4FY23: 57.2%)
  • SG&A expenses of Rs 17,702 million (Up 14% YoY; Down 2% QoQ)
  • R&D expenses of Rs 4,984 million (7.4% of Revenues)
  • EBITDA of Rs 21,372 million (31. 7% of Revenues)
  • Profit before tax of Rs 18,463 million (Up 26% YoY; Up 39% QoQ)
  • Profit after tax of Rs 14,025 million (Up 18% YoY; Up 46% QoQ)

Commenting on the results, Co-Chairman & MD, G V Prasad, said: "We delivered strong sales growth and witnessed robust margin expansion in Q1FY24 driven by market share gains & new product momentum in our US generics business and superior performance in Russia. We are on track in executing our strategy, delivering growth while continuing to invest in future growth drivers and innovation to create sustainable value."

 

 

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Pharmaceuticals company Dr. Reddy's Laboratories announced Q4FY23 & FY23 results:

  • Q4FY23:
    • Gross margin at 57.2% (GG: 61.7%, PSAI: 25.2%). Gross margin increased by ~430 bps YoY, while it declined by ~210 bps QoQ.
    • SG&A expenses for Q4FY23 at Rs 18.0 billion, YoY increase of 15% and remained flat QoQ
    • The impairment charge for Q4FY23 at Rs 0.5 billion
    • R&D expenses at Rs 5.4 billion, 8.5% of revenue
    • Other operating income for Q4FY23 was Rs 0.3 billion
    • Net finance income in Q4FY23 was Rs 0.8 billion.
    • Profit before Tax for Q4FY23 is at Rs 13.3 billion
    • Profit after Tax for Q4FY23 at Rs 9.6 billion. The effective tax rate for Q4FY23 has been at 27.6% as compared to 64.8% in Q4FY22. The previous year's ETR was higher due to the impairment charge impact.
    • Diluted earnings per share for Q4FY23 is Rs 57.6
    • EBITDA for Q4FY23 at Rs 16.3 billion and the EBITDA margin at 25.9%
    • Capital expenditure for Q4FY23 at Rs 2.6 billion
    • Free cash flow for Q4FY23 at Rs 16.0 billion
  • FY23:
    • FY23 gross margin at 56.7%, an increase of ~360 bps over FY22
    • Selling, general & administrative (SG&A) expenses for FY23 at Rs 68.0 billion, an increase of 10%
      on a YoY basis. SG&A as a % of sales for FY23 was 27.7%, a decline of 130 basis points over FY22.
    • The impairment charge for FY23 at Rs 0.7 billion
    • Research & development (R&D) expenses in FY23 at Rs 19.4 billion. As % to Revenues - FY23: 7.9%
      vs FY22: 8.2%.
    • Other operating income for FY23 at Rs 5.9 billion compared to Rs 2.8 billion in FY22
    • Net Finance income for FY23 at Rs 2.9 billion compared to Rs 2.1 billion in FY22. The increase is primarily on account of higher foreign exchange gain in the current year as compared to FY22 and an increase in profit on the sale of mutual funds compared to FY22.
    • Profit before Tax for FY23 at Rs 60.4 billion, YoY growth of 87%
    • Profit after Tax for FY23 at Rs 45.1 billion. The effective tax rate for the year has been 25.3% as compared to 27.0% in FY22, due to changes in the company’s jurisdictional mix of earnings. 
    • Diluted earnings per share for FY23 is Rs 270.9 
    • EBITDA for FY23 at Rs 73.1 billion and the EBITDA margin is 29.7%
    • Capital expenditure for FY23 at Rs 11.3 billion
    • Free cash flow for FY23 at Rs 40.1 billion
    • Net cash surplus for the company at Rs 50.5 billion as on March 31, 2023
    • The Board has recommended payment of a dividend of Rs 40 per equity share of face value Rs 5/- each (800% of face value) for FY23 subject to the approval of the members of the company

 

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