 "Dr Reddy's plans new brands in Russia, says no issue with funds in country")
Dr Reddy’s Laboratories (DRL) continues to focus on Russia, where it grew its market share in financial year 2021-22 (FY22), and plans to launch new brands there. As for Ukraine, the company is trying to deliver medicines and is working out logistics solutions, the firm said.
Speaking to the media after the quarterly results, GV Prasad, co-chairman and managing director of DRL, said: “Our Russian operations continue as usual. There was some stocking up of inventory by our customers during the initial period of this ongoing crisis. From the next quarter we expect that to normalise.” He added that the firm will continue to launch brands in the Russian market.
The Russian business posted revenue of Rs 686 crore in the fourth quarter (Q4FY22), a year-on-year growth of 70 percent. “Growth [was] majorly attributable to traction in base business and new product launches,” DRL said.
MV Ramana, CEO of the branded markets (India and emerging markets), DRL, said the firm has a significant volume market share in Russia. It has seen good growth there, and continues to focus on accessibility and affordability. “We have been there for three decades now. We continue to run our operations as usual. We have taken care of the safety of our employees,” he added.
EMs contribute 21 per cent to DRL’s consolidated revenue. It is more than the share of India (20 per cent). DRL launched 86 products in those countries last year.
As for its tie-up with the Russian Direct Investment Fund (RDIF), DRL said Sputnik Light (the single-dose version of Sputnik V) is an India-made vaccine now, and therefore, the geopolitical crisis has had no impact.
Deepak Sapra, CEO (API and pharmaceutical services), DRL, said the firm has dropped the idea of focusing on bringing in a children’s variant of Sputnik to India, instead the focus has shifted to getting the approval for Sputnik Light as a universal booster dose. “We are in talks with the Indian regulator, and hope to have a meeting in June around this,” he added.
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