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Dr Reddy's net up 32%

business Updated: Oct 30, 2012 21:58 IST

Reuters
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Dr Reddy's Laboratories, the country's second-largest drugmaker by sales, on Tuesday beat Street with a 32% year-on-year rise in net profit at Rs. 407 crore during the July-September quarter as four new generic drugs drove sales in N America, its biggest market.

Analysts had forecast Rs. 373 crore profit during the quarter.

Revenues rose 27% at Rs. 2,881 crore.

Demand for cheaper generic medicines from companies like Dr Reddy's and rivals Ranbaxy Lab, Cipla and Sun Pharma is booming as developed nations battle rising healthcare costs.

For the North American market alone, the launch of the new drugs lifted revenue by 47% to Rs. 930 crore ($172 million), although some analysts expressed concerns.

"Its existing products in the US are seeing rising competition," said Deepak Malik, analyst at brokerage Emay.