Dr Reddys Q4 net loss at Rs 14.01 cr

Dr Reddys posted a net loss of Rs 14.01 crore for the quarter ended March 31.
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Published on May 31, 2006 05:24 PM IST
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None | ByPress Trust of India, Mumbai

Dr Reddys Laboratories Ltd on Wednesday posted a net loss of Rs 14.01 crore for the quarter ended March 31 as compared to a net loss of Rs 8.75 crore for the same quarter in 2004-05.

Total income (net of excise), however, rose to Rs 524.98 crore for the fourth quarter in 2005-06 from Rs 375.99 crore in the year-ago period, up 39.62 per cent, the company informed the Bombay Stock Exchange.

The Board of Directors of the company also recommended the issuing bonus equity shares in the ratio of 1:1, where one equity share would be issued for each share held including American depository shares.

The board has also recommended a 100 per cent final dividend of Rs 5 per share of face value of Rs 5.

For the year ended March 31 the company recorded over a three fold rise in net profit at Rs 211.12 crore as against Rs 65.46 crore for the year 2004-05. The total income (net of excise) increased to Rs 2136.57 crore for FY 05-06 from Rs 1629.04 crore in FY 04-05.

The Group posted a consolidated net profit of Rs 146.73 crore for the year 2005-06 as compared to Rs 32.91 crore for the year 2004-05.

Consolidated total income (net of excise) of the group stood at Rs 2483.21 crore for FY 05-06 as compared to Rs 1907.80 crore in FY 04-05.

Commenting on the full year results, DRL Chief Executive Officer GV Prasad said, the company was able to improved short-term profitability without compromising long-term strategic initiatives.

Revenues from international markets grew by 25 per cent to Rs 1600 crore while that from the domestic market grew by 24 per cent to Rs 800 crore.

The combined revenues from acquisitions of Betapharm and CPS business in Mexico were at Rs 150 crore, it added.

DRL said there was a decrease in R&D investments by 23 per cent to Rs 220 crore due to partnerships with US generic companies, which helped to reduce investments by Rs 38.4 crore.

Excluding this benefit, R&D investments decreased by Rs 26.6 crore compared to FY05, on account of lower R&D expenses in generics and discovery, it added.

The revenues in the API business increased by 19 per cent to Rs 820 crore in FY06 from Rs 690 crore in the previous fiscal, driven primarily by sales of terbinafine, montelukast and sertraline, it saiad.

Customs pharmaceuticals services business revenues increased to Rs 132.7 crore from Rs 31.2 crore in the previous fiscal, it said.

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