Dr. Reddy’s Laboratories, on Thursday, reported a 29 per cent drop in net profit during the third quarter of the current financial year ended December 31, 2012.

The net profit stood at Rs. 364 crore against Rs. 513 crore in the corresponding period the previous fiscal. chief financial officer Saumen Chakraborty, however, clarified that the profit during the current quarter could not be compared with that of the year-ago period as the company had registered Rs. 444 crore revenue from Olanzapine in the North American market back then.

The company registered a modest 3 per cent growth in revenue from Rs. 2,769.2 crore to Rs. 2,865.1 crore, with sale of global generics declining to Rs. 2,082.77 crore from Rs. 2,128.66 crore. Dr. Reddy’s net profit for the nine-month period stood at Rs. 1,106.7 crore against Rs.1,083.5 crore in the year-ago period. Revenue registered an 18 per cent growth from Rs. 7,015 crore to Rs. 8,286 crore.

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