Pharmaceutical major Dr. Reddy's Laboratories has posted a Rs. 287 crore profit during the second quarter ended September 30, 2010, 32 per cent higher than the Rs. 217 crore registered during the same period of the previous financial year. It registered a marginal rise in overall revenue to Rs. 1,870 crore from Rs. 1,840 crore with revenues from pharmaceutical services and active ingredients taking a 14 per cent dip coupled with a decline in income from Germany where tenders resulted in price erosion.
The company posted an eight per cent growth in global generics sales at Rs. 1,370 crore.
The diluted earnings per share during the quarter stood at Rs. 16.9 as compared to Rs. 12.8 during the year-ago period. While the growth in North America was driven by limited competition products such as Tacrolimus and Amlodipine Benazepril, price erosion and tender based market brought down sales in Germany impacting revenue from European markets.
DRL Managing Director Satish Reddy and Chief Executive Officer G.V. Prasad told reporters here on Saturday that the company had launched 13 new products during the quarter taking the total to 24 in the first half and it was working to launch a similar number of products in the second half.
Revenue from India at Rs.320 crore registered a healthy growth of 25 per cent while revenue from Russia saw a 23 per cent rise. On the alliance with GSK, he said the company started shipments to seven markets and had filed 95 dossiers so far.