Saturday, October 23, 2010

Dr Reddy’s reports Rs 287 crore profit

HYDERABAD: Pharma major Dr Reddy's Laboratories (DRL) has reported a net profit of Rs 286.7 crore for the second quarter of the current financial year as compared to Rs 217.3 crore during the corresponding period last year and registered 31.93 per cent increase.

The revenues went up by two per cent for the second quarter from Rs 1,836.8 crore last year to Rs 1,870.4 crore this year. Going by geographies, India registered the best 21 per cent growth contributing Rs 381.3 crore this quarter compared against Rs 315 crore last year.

Announcing the Q2 financial results here today, DRL chief executive officer GV Prasad attributed the increase in the profitability to the launch of new products and increased sale in the markets abroad. Global generics contributed to major part of the revenues with an increase of eight per cent.

The revenues from the generics are Rs 1,366.7 crore for the Q2 this year against Rs 1,270.6 crore for the same period last year. The revenues from the pharmaceutical services and active ingredients (PSAI) fell by 14 per cent to Rs 461.7 crore this quarter from Rs 537.5 crore last year.

The selling, general and administrative expenses increased to Rs 570.9 crore, seven per cent more than Rs 533.6 crore during last year.

DRL chief operating officer K Satish Reddy said that the company growth will be better as it would soon launch some new products.

It was getting ready to launch its fourth biosimilar in India.
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