Dr Reddy's PAT up 108% at Rs 1,188 crore in Q1

Hyderabad: Backed by a substantial rise in other income, Dr Reddy's Laboratories Ltd on Thursday said its consolidated profit after tax (PAT) for the quarter ended June 30, 2022 was up by 108 per cent at Rs 1187.6 crore against Rs 570.8 crore in the same quarter a year ago.

Revenues during the quarter under discussion were up by six per cent to Rs 5,215.4 crore compared to Rs 4,919.4 crore in the first quarter of FY '22.

Other operating income was at Rs 600 crore compared to Rs 50 crore in Q1 FY '22. The increase was mainly on account of recognition of income from settlement agreement with Indivior Inc., Indivior UK Limited and Aquestive Therapeutics, Inc., resolving all claims between the parties relating to the generic buprenorphine and naloxone sublingual film, Dr Reddy’s said in a press release.

Commenting on the results, co-chairman and MD G V Prasad said, "Our underlying business revenues adjusted for Covid products contribution during last year have grown well. The profits were aided by a few non-recurring incomes, offsetting the near-term headwinds. We continue to improve the health of our core businesses through productivity improvement and robust product pipelines."