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Hyderabad, Oct 28
The net profit of Dr Reddy’s Laboratories has increased 12 per cent at Rs 1,113 crore in the second quarter ended September 30, 2022, compared to Rs 9,920 crore in the corresponding quarter of the previous financial year.
The total revenue of the Hyderabad-based company grew by 21 per cent at Rs 6,306 crore, as against Rs 5,763 crore in the year-ago period.
“We had a strong quarter and the growth in net profit was driven by a favourable product mix, new launches, including Lenalidomide capsules, and good cost control,’‘ Parag Agarwal, Chief Financial Officer, told newspersons at a press conference on Friday.
Revenues from North America grew 48 per cent. “Launch of new products and favourable movement of forex rates, which was partly offset by price erosion in some of our key molecules, resulted in growth,’‘ the CFO said, adding that the company has lined up 25 new products for launch this year. During this quarter, it launched seven new products.
The company also filed one ANDA during the quarter. As of September 2022, 81 generic filings were pending approval with the USFDA. “Of the pending filings, 42 are Para IVs and 22 have ‘First to File’ status.,’‘ he said.
Revenues from Europe grew by 2 per cent, driven by volume traction in the base business, and new product launches, while revenue from India increased by 1 per cent, impacted by a higher base of Q1 FY22, which included contribution from Covid product sales, which had bottomed out, he added.
Revenues from emerging markets declined 6 per cent year-on-year, but grew by 36 per cent sequentially. Revenues from Russia grew 4 per cent on account of new product launches, increase in sales prices and favourable movement of forex rates, partly offset by a reduction in base volumes. “Russia sales are back to normal,’‘ Agarwal said.
Going forward, the key priorities for the company would be building a robust product pipeline and investing in building capabilities across segments, according to Erez Israeli, CEO.
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