Thursday, Oct 30, 2003
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Dr. Reddy's Laboratories has reported a turnover of Rs. 537.70 crores and net profit of Rs. 92.90 crores in the quarter ended September 30, 2003 against Rs. 492.80 crores and Rs. 92.60 crores respectively in the same period in the previous year, reflecting a year-on-year growth of 9 per cent in revenues and a nominal rise in net profit. The gross profit was up by 11 per cent at Rs. 292 crores against Rs. 264 crores.
The R&D expenditure went up to Rs. 49 crores (Rs. 38 crores). The increase has been attributed to number of projects in generics and speciality and higher development activity in APIs. (active pharmaceutical ingredients) Revenues from generics went up to Rs. 120 crores from Rs. 100 crores. New products launched included nefazodone in the U.S. and simvastatin in the U.K. North America contributed 80 per cent to total revenues.
Active Pharmaceutical Ingredients (APIs) also recorded a year-on-year increase of 16 per cent in revenues at Rs. 200 crores against Rs.170 crores, driven by growth in Europe and India.
Revenues outside India were Rs. 140 crores (Rs. 120 crores), while revenues from Europe rose to Rs. 52 crores (Rs. 12 crores), due to the launch of Ramipril which contributed Rs. 38 crores.
International revenues from branded formulations however recorded a decrease to Rs. 57.60 crores or 15 per cent, primarily due to decline in revenues from Russia. Revenues within India however were marginally higher at Rs. 140 crores against Rs. 130 crores, reflecting a 4 per cent increase. Revenues in critical care and biotechnology segment were at Rs. 8.90 crores (Rs. 11.30 crores), the decline being on account of closure of diagnostic operations in the first quarter.
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