Dr Reddy's net up 28% on generics push | business | Hindustan Times
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Dr Reddy's net up 28% on generics push

business Updated: Jul 19, 2012 21:58 IST
HT Correspondent

Domestic drugmajor Dr Reddy's Laboratories on Thursday announced 28% year-on-year rise in net profit at Rs 336 crore for the quarter ended June 30, 2012 against Rs 263 crore in the year-ago period driven by growth of the generics segment in key markets including North America and Russia.

Net income rose to R2,541 crore in the first quarter from Rs 1,978 crore in the same period a year ago.

Sales in North America, a major market for Indian generic drugs, grew 27% to Rs 790 crore helped by the launch of five new generics including Sanofi's blood clot preventer Plavix, which went off patent in May.

Revenues in Russia and other CIS (Commenwealth of Independant States) markets grew 38% at Rs 420 crore, while revenue from its India operations grew 19% at Rs 350 crore in the current quarter. The company launched 33 new generic products, filed 18 new product registrations and filed 7 drug master files globally during the quarter.

Shares of the firm closed down 1% at Rs 1,656 on the Bombay Stock Exchange.