Dr Reddy's Q1 net up 52% at Rs 550 cr

Revenue up 24% y-o-y to Rs 3,517 cr

Dr Reddy's Laboratories Limited reported a 52.49% jump in net profit at Rs 550.39 crore for the quarter ended June, 2014 on the back of increased revenues and profitability from the global generics business primarily driven by the US market. The company's net profit in the year ago period was Rs 360.93 crore.

Dr Reddy's revenues grew by 23.64% to Rs 3,517.54 crore in the quarter under review from Rs 2,844.92 crore in the corresponding quarter last year.

Revenues at Rs 2,900 crore from global generics posted a 32% growth primarily driven by North America and select Emerging market territories and India, the company said. Of this the US revenues stood at Rs 1,650 crore, registering a 51% increase over the revenues of the corresponding previous quarter.

The share of total revenues from global generics further increased to 82% in this quarter from 77% in the year ago period, more than compensating the revenue decline from the pharmaceutical services and API segment.

Sustained performance from limited competition launches, progress on market share expansion of key base molecules and the new launches contributed to the revenue growth, the company said. Revenue growth was reported in major markets including Russia and India as well.

The company scrip was trading at 1.78% or Rs 49.35 higher over the previous close at Rs 2,816.05 during the afternoon trading session on the BSE.