NEW DELHI (dpa-AFX) - Dr. Reddy's Laboratories Limited (RDY, 500124, DRREDDY), a major Indian pharmaceutical company, on Thursday posted a decline in net income for the first quarter, hurt by decreased revenue and increased expenses.
Commenting on the results, Co-Chairman of Dr. Reddy's Laboratories, G V Prasad said: 'Our Q1FY27 performance reflected the expected transition beyond lenalidomide revenues, along with an unexpected impact related to semaglutide API. However, our underlying base business continued to deliver healthy double-digit growth across all key geographies.'
For the three-month period to June 30, the drug major reported net income of INR 4.435 billion, or INR 5.32 per share, less than INR 14.178 billion, or INR 17.02 per share, in the same period last year.
Earnings before income tax were INR 5.526 billion, compared with INR 19.047 billion in the previous year. Results from operating activities stood at INR 3.784 billion as against the prior year's INR 17.475 billion.
Selling, general, and administrative expenses moved up to INR 28.820 billion from INR 25.647 billion a year ago. Cost of revenues stood at INR 43.165 billion as against the prior year's INR 36.825 billion.
Revenue was INR 80.705 billion, down from INR 85.452 billion in the previous year, mainly due to lower lenalidomide revenues. The company's Global Generics segment generated revenue of INR 71.993 billion, less than INR 75.620 billion a year ago.
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