Backed by strong generic sales, India's second largest drug maker Dr Reddy's Laboratories today reported a Rs 335.98 crore net profit for the quarter ended June 30, an increase of about 28%.
The company had posted a net profit of Rs 262.74 crore for the quarter ended June 30, 2011, Dr Reddy's Laboratories said in a statement.
Net income of the company rose to Rs 2,541 crore for the quarter under consideration from Rs 1,978 crore for the year ago period.
Revenues from global Generics segment stood at Rs 1910 crore in Q1 FY13, a year-on-year growth of 32% driven by sales in North America, Russia and other emerging markets.
Umang Vohra, chief financial officer, expected the growth to continue for the remaining quarters with new product launches.
"We are working on new product launches that will happen later half of the year," Vohra told reporters after announcing the results.
"Effectively we will launch 12 to 14 new products every year. We are moving ahead. But there is some sensitivity towards approvals," Vohra added.
Two days ago DRL launched the generic version of thedrug Lipitor in USA market.
Revenues from Pharmaceutical Services and Active Ingredients ( PSAI) stood at Rs 553 crore, up 14% over the corresponding period last year.
As many as 5 new products were launched during the quarter including Clopidogrel 300 Mg which was launched under 180-day exclusivity.
Revenues in Russia and Other CIS markets were at Rs 420 crore in Q1 FY13, representing an year-on-year growth of 38%.
While revenues from India are at Rs 348 crore in the quarter with 19% growth, income from Europe was at Rs 218 crore for the same period up14%.
Net income of the company rose to Rs 2,540.61 crore for the quarter under consideration from Rs 1,978.32 crore for the year ago period.
During the quarter the company launched 33 new generic products, filed 18 new product registrations and filed 7 Drug Master Files (DMFs) globally.
Shares of Dr Reddy's Laboratories today closed at Rs 1,655.60 a scrip on BSE, down 0.98% from its previous close.
