Comments
Pharma major Dr Reddy's Laboratories Ltd's net profit increased two per cent at Rs 343 crore in the fourth quarter ended March 31 compared with Rs 334 crore in the year-ago period.
The total revenue had gone up by 32 per cent at Rs 2,658 crore (Rs 2,017 crore) driven by growth in revenue from global generics, among others.
After adjusting the interest on debentures and impairment in Germany, the net profit grew 38 per cent at Rs 423 core, Mr G.V. Prasad, Chief Executive Officer, Dr Reddy's told newspersons here on Friday.
“The year 2011-12 had seen very good overall growth. We have crossed the $2-billion mark in total revenues at an average dollar rate of Rs 47.9,” said the Managing Director, Mr Satish Reddy.
The growth in revenue and profit was driven by significant sales growth in global generics segment in the US market and Russia.
“The revival of pharmaceutical services and active ingredients and over-the-counter business also resulted in good growth during the year,” Mr Satish Reddy said.
While North America, Russia, Russia and India grew, revenue from Germany declined 15 per cent due to tenderisation of German market and pricing pressures.
The domestic business grew by 11 per cent to yield Rs 1,293 crore, while the market growth as per industry estimates was at 15 per cent.
“We are not happy with the performance in India. We are working on improving the sales further,” Mr Prasad said. During the year, 16 and 23 products were launched in the US and India, respectively.
The company has lined up a higher number of products for launch during the present financial year subjected to regulatory approvals.
“The sales growth during the current financial year could be similar to what we achieved in FY 12,” Mr Satish Reddy said.
On the US FDA ban on import of products from Mexico plant imposed last year, he said the US regulator had visited the plant in March and the outcome was awaited.
The board proposed a divided of Rs 13.75 (275 per cent) an equity share of Rs 5 face value subjected to the approval of shareholders.
Dr Reddy's scrip declined 2.24 per cent to end at Rs 1661.65 on the Bombay Stock Exchange on Friday.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.