Dr Reddy's Q3 net up by 45% YoY

Pharma major Dr Reddy's on Friday reported a rise of 45 per cent in its consolidated net profit for the third quarter of 2018-19, at Rs 485 crore from Rs 334 crore during the corresponding period of the previous fiscal.

The Hyderabad-headquartered company, however, witnessed a decline of 4 per cent in the net profit over the second quarter of 2018-19.

The revenues during Q3 were Rs 3,850 crore, up 1 per cent both quarter-on-quarter and year-on-year. For the nine month period of the current fiscal, the revenues increased by 7 per cent YoY.

"We continued to improve our performance in the third quarter of FY19, supported by significant growth in emerging markets and India, pick up in new product launches, and improvements in cost structure. We are on track towards delivering sustainable and profitable growth," Dr Reddy's co-Chairman and CEO G.V. Prasad said in a statement.

North America accounted for 39 per cent sales during Q3, followed by emerging markets (20 per cent), India (18 per cent) and Europe (5 per cent).

The share of Pharmaceutical Services and Active Ingredients (PSAI) in revenues was 15 per cent while proprietary products and others contributed 3 per cent.

"Revenues from Global Generics (GG) segment were at Rs 31.3 billion. The year-on-year growth of 4 per cent was primarily driven by contributions from emerging markets, India and favourable forex. Sequentially the sales grew by 3 per cent," he said.

Revenues from North America at stood at 14.8 billion, year-on-year decline of 8 per cent. The sequential growth of 4 per cent was aided by higher volume offtake, new launches and favourable forex offset by higher price erosion in some of the key molecules, the company said.

During Q3, the company launched 10 new products filed 3 ANDAs with the USFDA. As of Dec 31, 2018, cumulatively 103 generic filings were pending for approval with the USFDA.

--IANS

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