Shares of Dr. Reddy's Laboratories Ltd. surged over 4% to an all-time high on Wednesday after its consolidated net profit grew 11% in the third quarter.
The pharmaceutical major's profit increased to Rs 1,380.9 crore in the quarter ended December 2023, meeting the consensus estimate of Rs 1,313.2 crore by analysts polled by Bloomberg.
Dr Reddy's Q3FY24 Earnings Highlights (Consolidated, YoY)
Revenue up 6.6% at Rs 7,236.8 crore. (Bloomberg estimate: Rs 6,981.8 crore).
Ebitda up 4.4% at Rs 2,023.1 crore. (Bloomberg estimate: Rs 1,983.8 crore).
Net profit up 11% at Rs 1,380.9 crore. (Bloomberg estimate: Rs 1,313.2 crore).
Dr Reddy's stock rose as much as 4.35% during the day to Rs 6,095.25 apiece on the NSE. It was trading 3.90% higher at Rs 6,069.00 apiece, compared to a 0.83% advance in the benchmark Nifty 50 as of 11:34 a.m.
The share price has risen 40.14% in the last 12 months. The total traded volume so far in the day stood at 5.6 times its 30-day average. The relative strength index was at 67.90.
Seventeen out of 40 analysts tracking Dr. Reddy's have a 'buy' rating on the stock, 11 recommend 'hold' and 12 suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 4.4%.
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