City-based pharmaceutical major, Dr Reddy's Laboratories, reported a 106.55 per cent growth in its net profit to Rs 217.3 crore for the second quarter ended September 2009, as compared with Rs 105.2 crore in the corresponding quarter a year ago.
Revenues (including forex gain of Rs 24 crore) during the quarter touched Rs 1,836.8 crore, as against Rs 1,615.1 crore (forex loss Rs 29.6 crore) during the same period last year, reflecting an increase of 13.72 per cent.
The company witnesed a fall of 21 per cent in its revenues from Germany during the second quarter of FY10 to Rs 220 crore, from Rs 280 crore in Q2 FY09. This decrease is on account of the lower sales due to the AOK tender and the pricing pressure in the market.
"Pursuant to the ongoing reforms in the German generics pharmaceutical market, further tenders were announced by several of the public health insurance companies during the period. The company has participated or intended to participate in these tenders through its wholly-owned subsidiary betapharm. The final results of a majority of these tenders are yet to be announced. The results of these tenders may impact betapharm's business," the company said in a press release on Friday.
Revenues from Rest of Europe, however, grew 29 per cent to Rs 65.4 crore in Q2 FY10. The growth is largely contributed by UK with sales of Rs 43.6 crore, while revenues in India stood at Rs 250 crore, from Rs 220 crore in Q2 FY09, representing a growth of 13 per cent led by key brands like Omez, Omez-DSR and Razo, the release added.
Dr Reddy's scrip is currently trading at Rs 952 on the BSE, up 5.30 per cent as against the previous close of Rs 904.10.
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