Dr Reddy’s posts 579 cr net in Q3
City-based Dr Reddy\'s Laboratories on Tuesday reported marginal rise in net profit at Rs 579.2 crore for the third quarter ended December 31, owing to weak sales in the emerging markets like Russia, CIS nations and Romania.
This represents marginal rise from corresponding period a year ago
Hyderabad: City-based Dr Reddy's Laboratories on Tuesday reported marginal rise in net profit at Rs 579.2 crore for the third quarter ended December 31, owing to weak sales in the emerging markets like Russia, CIS nations and Romania. The company posted a net profit of Rs 574.5 crore during the same period last fiscal.
Net income from sales and services rose by three per cent to Rs 3,967.9 crore for the third quarter as compared to Rs 3,843.1 crore during the same period of previous fiscal. The global generics accounted for Rs 3,355.8 crore, a growth of seven per cent from Rs 3,133.5 crore in the same period a year ago.
Generics sales in North American market went up 18 per cent to Rs 1,941.7 crore from Rs 1,646.2 crore last year. "Despite multiple challenges we have had a satisfactory quarter in terms of our financial performance. All of our key markets continue to perform well and show healthy growth," Abhijit Mukherjee, Chief Operating Officer, Dr Reddy's Laboratories, told media here.
However, the company's performance has been impacted due to diverse macro economic conditions across key emerging market territories, he added. The company's emerging markets posted revenue of Rs 639.9 crore in the third quarter ended December 31, as against Rs 884.3 crore during the same period of the previous fiscal, down 28 per cent.
However, another company official said: “The two approvals and one tentative approval of our new drug applications (NDAs) in the very first review cycle has been a positive development and lays the foundation for building a strong and sustainable proprietary products business".