Dr Reddy's net up 32% on pharma services, generics

The company said growth was largely driven by key limited competition products

Hyderabad-based Dr Reddy’s Laboratories Limited has reported a 32-per cent jump in net profit toRs 407.4 crore for the quarter ended September 2012, against Rs 307.8 crore in the corresponding quarter last year.

However, gross profit margin, at 53.1 per cent, in the second quarter saw a 0.7 per cent decline over that in the corresponding quarter in the previous year. Revenues grew by 27 per cent to Rs 2,880.90 crore from Rs 2,267.80 crore in the year-ago period on the back of a 47-per cent revenue growth from North America (Rs 930 crore).

Revenues from global generics grew by 25 per cent growth to Rs 2,000 crore.

 

Revenue growth in the generics business from other key markets such as Russia and CIS nations (Rs 380 crore) and India (Rs 390 crore) grew by 14 per cent 12 per cent, respectively, while revenues from Europe (Rs 180 crore) declined by 16 per cent.

The company said the growth was largely driven by key limited competition products of ziprasidone, tacrolimus, fondaparinux, clopidogrel, ramp-up in antibiotics portfolio, apart from products from its Shreveport facility.

Revenues from the pharmaceutical services segment , which accounted for 26 per cent of the total revenues in the quarter under review, have grown by 33 per cent to Rs 787.6 crore as compared to Rs 593.3 crore in the year-ago period.

Loans and borrowing, both current and non-current, in the company balance sheet have come down to Rs 3,490 crore in September 2012 from Rs 3,543 crore as on June 30,2012, according to a company press release.