Dr. Reddy’s posted record FY25 revenue of ₹32,554 Cr (+17% YoY) with Q4 at ₹8,506 Cr (+20% YoY). EBITDA hit over $1B with margins of 28.3% (FY) and 29.1% (Q4). PAT grew 2% to ₹5,655 Cr with 19% Q4 margin. Growth was led by generics globally and the Nicotine Replacement Therapy business.
North America Generics rose 10% on 18 launches; Europe surged 73% with 39 launches and NRT integration; Emerging Markets and India grew 13% and 16%, respectively. R&D spend remained high at 8.5%.
Management is confident of double-digit growth and stable margins in FY26 despite the gRevlimid patent cliff, highlighting semaglutide launches and cost efficiencies. Capex doubled to ₹2,699 Cr focused on peptides and biosimilars. Net cash surplus stands at ₹2,454 Cr. Europe, biosimilars, consumer health, and innovation are key growth drivers.