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Revenue
₹8,359 Cr
verified against source
Revenue YoY
16%
reported change
EBITDA
₹2,298 Cr
latest reported figure
Source
nse xbrl
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Dr. Reddy's delivered a steady Q3 FY25 with consolidated revenue of INR 8,359 crore (+16% YoY) and EBITDA margin of 27.5%, though PAT growth was muted at 2% YoY to INR 1,413 crore. The quarter included first-time consolidation of the acquired NRT business (INR 605 crore revenue). Core business grew 7.5% YoY, with India up 40% (boosted by vaccine licensing) and Europe ex-NRT up 22%. US generics were flat YoY at $401M, impacted by price erosion and lower lenalidomide sales. Management guided for R&D spend of 8.5-9% of sales for FY25 and expects SG&A to remain around 28%. Key growth drivers include semaglutide (Canada launch Jan 2026), abatacept (filing Dec 2025), and NRT integration. Risk: US FDA Form 483 at CTO2 facility with 7 observations could delay approvals.
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Guidance to track
- Management expects full-year R&D investment to be in the range of 8.5% to 9% of sales.
- Expects to launch generic semaglutide in Canada upon patent expiry in January 2026, subject to regulatory approval.
- Plans to file abatacept biosimilar in the US by December 2025, with potential launch in January 2027.
- Management indicated SG&A as a percentage of sales will stay at current levels (~28%) going forward.
Risks flagged
- The US FDA issued a Form 483 with seven observations at the CTO2 facility in Bollaram, Hyderabad. Management has responded but resolution timeline is uncertain.
- Lenalidomide revenue is expected to decline significantly after September-October 2025 as volume restrictions end and competition intensifies.
- The company received a complete response letter (CRL) on the API side for iron sucrose, delaying the expected launch.
- Cardiac and gastrointestinal therapy areas are growing slower than the market; management expects recovery but timeline is uncertain.
Key quotes
- We are not going broad on that. We select certain products that we believe that we can make the difference and can add value to the respective market.
- The growth post Revlimid will come from four elements: growth of the base products, aligning expenses, special products like semaglutide and abatacept, and BD.
- We are very bullish, and India is a very, very important focus market for us.
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