Dr. Reddy’s Laboratories (DRREDDY) Q4 23/24 earnings summary

Executive summary

• FY24 revenue reached ₹27,916 Cr, up 14% YoY, with EBITDA of ₹8,301 Cr and PAT of ₹5,569 Cr; annual revenues and profits were the highest ever.

• Excluding prior-year income from divestment of non-core India brands, revenue growth was 17% in Q4 and 16% in FY24.

• Q4 growth was supported by US base-business volumes and Emerging Markets launches; full-year RoCE was 36%.

Financial highlights

• Q4 revenue was ₹7,083 Cr, up 12% YoY and 2% QoQ; FY24 revenue was ₹27,916 Cr, up 14% YoY.

• Q4 EBITDA was ₹1,872 Cr, 26% of revenue, up 15% YoY and 11% QoQ; FY24 EBITDA was ₹8,301 Cr, ~30% of revenue, up 14% YoY.

• Q4 PBT was ₹1,602 Cr, ~23% of revenue, up 21% YoY and 12% QoQ; FY24 PBT was ₹7,187 Cr, ~26% of revenue, up 19% YoY.

• Q4 PAT was ₹1,307 Cr, ~18% of revenue, up 36% YoY; FY24 PAT was ₹5,569 Cr, ~20% of revenue, up 124% YoY.

Outlook and guidance

• Nestlé India health-science nutraceutical JV is expected to become operational in Q2 FY25, combining licensed Nestlé Health Science and Dr. Reddy’s brands.

• Strategy emphasizes core-market growth, differentiated products, quality and compliance, operational efficiency, digital capabilities and ESG integration.