Pharmaceutical company Dr Reddy Laboratories (DRL) witnessed almost a percent decline in its net profit at ₹1,392 crore for the April to June 2024 quarter, the firm’s financial results released on July 27 showed. The profit, however, is nearly 4% higher than the CNBC-TV18 poll expectation of ₹1,335 crore.

DRL’s revenue also surpassed projections by almost 7% to come in at ₹7,672 crore for the quarter under review. It is 14% higher than the company’s revenue in the corresponding quarter last fiscal.

The firm’s margin and EBITDA, or earnings before interest, taxes, depreciation, and amortisation also beat CNBC-TV18 poll expectations. The EBITDA rose 1.1% year-on-year to come in at ₹2,159.9 crore whereas the margin dipped 80 basis points from the same quarter last year to 28.2% for the June ended quarter.

Hyderabad-based DRL’s co-Chairman and MD, G V Prasad said the firm had a good start to the new fiscal year and the growth and profitability were 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,” Prasad said.

Revenues from North America grew at 20% to ₹3,850 crore largely on account of increase in volumes of base business, contribution from new launches, partly offset by price erosion.

Europe revenues, on the other hand, were at ₹530 crore, a year-on\-year growth of 4% while Indian income stood at ₹1330 crore registering a growth of 15% during the quarter. With 3% growth emerging markets reported ₹1,190 crore.

Revenues from Pharmaceutical Services and Active Ingredients stood at ₹770 crore (14% Y-o-Y growth) during the first quarter.