BUSINESS

Dr. Reddy's Lab. profit down

Dr. Reddy's Laboratories has reported a lower revenue of Rs. 434.80 crores and a sharp drop in net profit to Rs. 69.20 crores during the third quarter ended December 31, 2002 as per U.S. GAAP accounting against Rs. 457.60 crores and Rs. 131.30 crores respectively in the corresponding period in the previous year.

The company attributed the gap in performance to the Rs. 117 crore revenue from fluoxetine in the third quarter of the previous year, which arose from a one-time 180-day marketing exclusivity. Without fluoxetine exclusivity revenues, and one-time R&D licence fee in the previous quarter, the revenues in the third quarter this year show a 33 per cent growth, it pointed out.

Active Pharmaceutical Ingredients (APIs) revenue declined marginally by 4 per cent to Rs. 147.50 crores, while branded formulations revenue went up by 17 per cent to Rs. 171.80 crores in the third quarter of the current year. Generics accounted for Rs. 99.80 crores (Rs. 127.60 crores).

During the quarter, the company filed 3 ANDAs , taking the total ANDA filing to 30. Giving the Indian GAAP standalone highlights, the company said net sales were down 4 per cent at Rs. 396 crores (Rs. 411 crores) and the net profit at Rs. 93.20 crores (Rs. 161.50 crores).

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