Dr Reddy’s Q1 net up by over 7%

Hyderabad, July 30: Drug maker Dr Reddy’s Laboratories today said its net profit rose by over seven per cent to ` 361 crore for the quarter ended June 30, primarily driven by North American revenues.

The company’s net profit after tax stood at ` 336 crore during the same quarter last fiscal. Net income from sales and services stood at ` 2,845 crore during the quarter under discussion against ` 2,541 crore an increase of 12 per cent.

Revenues from generic sales from North America recorded at ` 1,090 crore up 37 per cent over last year.

Revenues from generic sales from India remained flat at ` 350 crore due to the implantation of new Drug Pricing Policy 2012 which led to destocking in the trade coupled with the strike by Maharashtra traders, DRL said in a statement.

Revenues from the emerging markets including Russia, CIS countries, was at ` 600 crore registering nine per cent growth year- on- year. Generic sales income from Europe declined by 28 per cent to ` 160 crore primarily pulled down by decline in German revenues. During the quarter the company has launched 18 new generic drugs and filed 12 new product registrations and five DMFs globally.

The drug maker said it plans to move away from traditional generics to value- added drug making and expects 70 per cent revenues from partnerships and non- oral solid medicines. According to Abhijit Mukherjee, president Global Generics, the company would look for more acquisitions.