Dr. Reddy's Laboratories Limited has informed the Exchange about Transcript
DRREDDY · price
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Dr. Reddy's reported record FY25 revenues of $3.8 billion (₹32,554 crores), up 17% year-on-year, crossing the $1 billion EBITDA threshold for the first time. Q4 FY25 revenue grew 20% YoY to ₹8,506 crores ($996 million). However, FY25 EBITDA margin contracted 143 basis points to 28.3%, and Q4 gross margins fell 300 bps to 55.6% due to one-off severance costs from the Shreveport plant divestiture and lower milestone income. The Nicotine Replacement Therapy (NRT) acquisition contributed ₹1,202 crores for the full year. R&D spend rose 20% to ₹2,738 crores, focusing on biosimilars, GLP-1s, and complex generics. The company ended the year with a net cash surplus of $287 million and recommended a dividend of ₹8 per share (800% of face value).
Record revenues and the first $1 billion EBITDA year are positives for shareholders, but margin contraction raises near-term concerns. Management's guidance of double-digit revenue growth and maintained EBITDA margins for FY26, despite the January 2026 gRevlimid patent cliff, is reassuring. Upcoming launches in generic semaglutide (calendar 2026) and the biosimilar pipeline (denosumab, rituximab, bevacizumab, abatacept) provide long-term growth optionality.