Dr Reddy’s Laboratories Ltd on Wednesday said its profit after tax for the quarter ended June 30 was up 18 per cent to Rs 1,402.50 crore while it was Rs 1,187.6 crore during the same quarter a year ago.
Revenues in the first quarter of the current fiscal grew 29 per cent to Rs 6,738.40 crore. It was Rs 5,215.40 crore in the first quarter of FY23. Co-chairman and MD G.V. Prasad said: “We delivered strong sales growth and witnessed robust margin expansion in Q1 FY24 driven by market share gains and new product momentum in our US generics business and superior performance in Russia.”
Tech M worries
The country’s fifth largest IT services company Tech Mahindra on Wednesday reported a 38 per cent fall in June quarter net profit at Rs 692.5 crore due to a sharp narrowing of the profit margins. The Mahindra group company reported a net profit of Rs 1,131.6 crore in the corresponding April-June period last year. In the preceding quarter, the same stood at Rs 1,117.6 crore.
Its revenues slid to Rs 13,159 crore in the reporting quarter from Rs 13,718 crore in the preceding March quarter and was only 3.5 per cent up compared with the year-ago period.
The company’s outgoing chief executive officer and managing director C.P. Gurnani termed the quarter as one of the toughest he has seen in the last five years.
Shree Cement
Shree Cement Ltd on Wednesday reported over a two-fold jump in consolidated net profit at Rs 571.94 crore for the June quarter on account of volume growth. The company had logged a net profit of Rs 278.86 crore in the April-June period a year ago, Shree Cement said in a BSE filing. Revenue from operations was higher at Rs 5,064.83 crore during the quarter under review against Rs 4,414.85 crore earlier.
Bajaj Fin
Bajaj Finance on Wednesday reported a 32 per cent on-year growth in consolidated net profit to Rs 3,437 crore for the June quarter from Rs 2,596.3 crore a year ago.
Consolidated total income rose to Rs 12,500.54 crore against Rs 9,285.86 crore a year ago. The key profitability gauge net interest income rose 26 per cent to Rs 8,398 crore on-year.
Tata Consumer
Tata Consumer Products Ltd on Wednesday reported a 29.67 per cent rise in consolidated net profit to Rs 358.57 crore in the first quarter ended June 30 on the back of strong growth in its domestic business.
The company had posted a net profit of Rs 276.51 crore in the April-June quarter a year ago, Its revenue from operations was up 12.45 per cent to Rs 3,741.21 crore during the quarter under review against Rs 3,326.83 crore in the corresponding period of the preceding fiscal.