19 May , 2022 By : Kanchan Joshi
While announcing its quarterly earnings for Q4FY22, pharmaceutical company Dr Reddy's Laboratories on Thursday announced that its board has recommended a final dividend of Rs30 per share for the financial year 2021-22.
“We would like to inform that the board at its meeting held today has recommended a final dividend of Rs30/- (600%) per equity share of Rs. 5/- each for the financial year 2021-22," the drug major informed in an exchange filing.
The dividend will be paid on or after five days from the date of declaration of the final dividend by the shareholders at the 38th Annual General Meeting (AGM), it added.
Meanwhile, Dr' Reddy's consolidated profit after tax for the quarter ended March 31 was down by 76% to Rs87.5 crore against Rs362.4 crore in the same quarter a year ago. The drug major accounted Rs751.5 crore towards impairment charges of non-current assets during the fourth quarter.
Its revenue during the quarter under discussion were up by 15% to Rs5,436.8 crore as compared to Rs4,728 crore in the same quarter last year.
Commenting on the results, GV Prasad, co-chairman and managing director, Dr Reddy's, said that the company delivered healthy growth in revenues even as profits were impacted by impairment charges. “In spite of multiple external challenges, our core business performed well driven by an increase in market share, some launches and productivity improvement," he added.
Shares of Dr Reddy's were trading were up 0.3% at Rs3,920 apiece on the BSE in Thursday's afternoon deals after the Q4 results announcement. The pharma stock is down 19% in 2022 (YTD) so far.