Dr Reddy's enters Rs 10,000-cr club in FY-13
Q4 net up 67% at Rs 571 cr; New Chairman G V Prasad says the company will take late Dr K Anji Reddy's vision forward Pharma major Dr Reddy's...
Q4 net up 67% at Rs 571 cr; New Chairman G V Prasad says the company will take late Dr K Anji Reddy's vision forward Pharma major Dr Reddy's Laboratories achieved another significant milestone when its total revenues crossed Rs 10,000-cr mark last fiscal even as its new Chairman G V Prasad stated that the company would pursue the ideas and ideals emulated by late Dr K Anji Reddy, its illustrious founder. "He taught us many lessons and emphasized the need for making a difference in the world. We will continue to live for his ideals and take his vision forward. We had a good quarter. At the headline level, we passed the Rs 10,000-crore revenue mark last fiscal," Prasad said on Tuesday. He along with K Satish Reddy, the company's Managing Director, addressed a media conference here to announce fourth quarter financial results. It was their first interaction with media after the demise of Dr Anji Reddy on March 15. For the fiscal year 2012-13, the company's total income stood at Rs 11,626 crore, up 20 per cent from Rs 9,673.7 crore during FY-12. Net profit during the period also went up 18 per cent to Rs 1,677.6 crore on robust growth from across geographies and verticals. The net profit was at Rs 1.426.2 crore a year ago. "We have achieved robust growth across all geographies except Europe and this performance has reflected in our numbers," Prasad explained. The revenue from North America in global generics segment was at Rs 3,780 crore, recording a year-on-year growth of 19 per cent. The growth was largely driven by key limited competition products such as ziprasidone, fondaparinux, ramp-up in the company's antibiotics portfolio and products from its Shreveport facility in the US. The emerging markets contributed Rs 2240 crore to the top line, registering a growth of 31 per cent. The upswing during the fourth quarter ended on March 31, 2012 was equally robust with the company registering 66.58 per cent upswing in net profit which reached Rs 570.89 crore, as compared with Rs Rs 342.70 crore in the corresponding quarter a year ago. The growth in net was primarily driven by the North America and emerging markets in the global generic segment and enhanced performance from the pharmaceutical services and active ingredients (PSAI) segment. Net income from sales and services rose to Rs 3,339.94 crore during the fourth quarter, a growth of 26 per cent from Rs 2,658.45 crore for the same period year ago. Replying to query, Prasad declined to provide the company's outlook for the current fiscal (FY-14), but said he was optimistic about the performance. During last fiscal, Dr Reddy's launched 78 new generic products and filed 56 new product registrations, besides 47 DMFs globally. In the US, it had launched 14 new products during the year, with the major contributors being finasteride 1mg (180-day exclusivity), montelukast granules, atorvastatin, metoprolol, clopidogrel, ibandronate and zoledronic acid 4 mg/5ml. The company's Board of Directors had recommended a final dividend of Rs 15 per share of Rs 5 face value, for the financial year 2012-13.