Online edition of India's National Newspaper
Tuesday, Jan 23, 2007
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Online edition of India's National Newspaper Tuesday, Jan 23, 2007 ePaper |
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Business
Special Correspondent
HYDERABAD: Dr. Reddy's Laboratories (DRL) has crossed a major milestone by reporting revenue in excess of $1 billion (Rs. 4,950 crore) by the end of the third quarter of the current financial year. In the process, the company has become second pharmaceutical firm in the country to cross the billion-dollar mark for the nine-month period. DRL has reported a profit after tax of Rs. 600 crore during the nine-month period ended December 31, 2006.
Net nearly trebles
Announcing the results at a press conference here on Monday, DRL Managing Director, K. Satish Reddy, and CEO G. V. Prasad, said revenue during the quarter zoomed to Rs. 1,540 crore from Rs. 590 crore during the corresponding period of the previous fiscal. The profit after tax nearly trebled to Rs. 187.90 crore from Rs. 62.80 crore. Revenue from the international market increased by 241 per cent to Rs. 1,320 crore and contributed 86 per cent of the company's total revenue. Revenue from core businesses, active pharmaceutical ingredients and branded formulations showed a significant increase, leading to an improvement in the company's ranking in the international market. The company had filed five ANDAs (abbreviated new drug applications) during the quarter and in all, 25-30 ANDAs were likely to be filed before the end of the current financial year. Revenues from betapharm (Germany), acquired by DRL, stood at Rs. 266.40 crore and the company was showing impressive growth quarter-on-quarter. Replying to queries, they said the company was open for acquisitions provided they were strategic and accelerated the growth.
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