Dr. Reddy's Laboratories posted a net profit of Rs.513 crore for the third quarter ended December 31, 2011, against Rs.273 crore in the corresponding period in the previous year, a growth of 88 per cent.
Revenue rose to Rs.2,769 crore from Rs.1,895 crore, a rise of 46 per cent.
Disclosing the third quarter consolidated financial results here on Friday, K. Satish Reddy, Managing Director and Chief Operating Officer, said it was the highest-ever quarterly sales and profits.
The growth was led by the high value launch of Olanzapine 20 mg which alone accounted for revenue of $99 million, new products launched in the last 12 months and strong volume growth generated by key products such as lansoprazole, tacrolimus and omeprazole. The revenue was driven by global generics segment — Rs.2,128 crore (Rs.1,358 crore) with a growth of 57 per cent, led by the North American market. The pharmaceutical services and active ingredients contributed Rs.556 crore (Rs.497 crore), he said. The growth in Germany and Russia almost remained flat due to price erosion in products within tenders, he said while the growth remained at an encouraging 11 per cent in India.
He said the company was hopeful of continued growth trajectory backed by limited competition products in the generic market. The company has lined up some key launches in the U.S. market in the next six months. In addition, the company would be benefited from the Olanzapine exclusivity for the entire fourth quarter, he added.
