The Hindu Business Line : Dr Reddy's Q3 net rises over five-fold

BUOYED by the market exclusivity of Fluoxetine 40mg and international sales of branded formulations, Dr Reddy's Laboratories Ltd has registered a growth of 70 per cent in sales turnover and 369 per cent in net profit for the third quarter ended December 31, 2001.

According to the unaudited financial results, sales have increased to Rs 400.6 crore from Rs 235 crore in the corresponding previous quarter and net profit grew to Rs 161.5 crore from Rs 31.93 crore.

The total income from operations stood at Rs 411.9 crore. It includes net sales of Rs 400.6 crore, a milestone payment of Rs 10.8 crore from Novo Nordisk and Rs 50 lakh of contract research service fees.

International sales in the quarter rose to Rs 250.6 crore from Rs 111 crore, contributing over 60 per cent of the total turnover for the quarter under review.

Fluoxetine sales at Rs 99.3 crore contributed to 87 per cent to the total generics turnover of Rs 113.6 crore. The 180-day marketing exclusivity period for Fluoxetine 40 mg capsules expired on January 29.

The generics sales during the period under review, excluding Fluoxetine, stood at Rs 14.3 crore compared to Rs 5.7 crore in the corresponding quarter last fiscal.

For the nine months period ended December 31, 2001, the company's turnover crossed the Rs 1,000-crore mark and stood at Rs 1,227.67 crore (Rs 649.52 crore) and the net profit at Rs 358.46 crore (Rs 94.84 crore).

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