The Hindu : Big jump in Dr. Reddy's profit

Online edition of India's National Newspaper
Wednesday, Jun 05, 2002

Business

Business

Big jump in Dr. Reddy's profit

By Our Special Correspondent

HYDERABAD JUNE 4. Dr.Reddy's Laboratories has reported higher income from operations of Rs.1,600 crores and a net profit of Rs. 459.65 crores for the year ended March 2002 against Rs. 984 crores and Rs. 144 crores respectively in the previous year.

The improved performance was driven primarily by the exponential growth in the U.S. generics business. Consequently the earnings per share grew to Rs. 60.41 from Rs. 22.83. The board of directors recommended a dividend of Rs. 2.50 per equity share.

According to a press release,the total income was Rs.1,651 crores against Rs.1,001 crores. The income from operations of Rs.1,600 crores consists of net sales of Rs.1,557.8 crores, drug discovery income of Rs. 34.4 crores and contract research service fees of Rs.7.9 crores.

It said international sales grew by 113 per cent to Rs.953.70 crores from Rs. 447.9 crores, contributing 61 per cent of total turnover.

Generic sales grew to Rs.406 crores from Rs. 30 crores. Fluoxetine sales of Rs. 328.6 crores contributed 81 per cent of total generics turnover.

Of the Rs.605.7 crores revenues from branded formulations, domestic sales accounted for Rs.404 crores showing a 11 per cent growth, while international sales were Rs. 201.5 crores showing a 55 per cent growth.

Sales of active pharmaceutical ingredients grew by 16 per cent to Rs. 499.70 crores. Indian sales were Rs. 164 crores.

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