CapitalMarket.com - Dr Reddy’s Lab off to a flying start on robust Q2 numbers
Hot Pursuit Monday, October 30, 2006 10:00 Hrs IST

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Dr Reddy’s Lab off to a flying start on robust Q2 numbers

Dr Reddy’s Lab surged nearly 5% to Rs 766, after it said on Friday its net profit more than tripled in Q2 September 2006.

As many as 75,105 shares changed hands in the counter on BSE.

Dr Reddy’s Labs ADR surged on high volumes on Friday (27 October) following the results. It had risen 8.1% to $ 17.08, as 1,766,700 ADRs changed hands.

Dr Reddy's Laboratories (DRL) said on Friday (27 October) its quarterly net profit more than tripled in Q2 September 2006, helped by strong growth in the key US market and gains from drugs exclusivity. DRL’s net profit according to US accounting standards rose to Rs 280 crore from Rs 89 crore. Total revenue jumped to Rs 2,000 crore from Rs 580 crore while revenue from its core businesses, excluding the contribution from authorised generics and acquisitions, grew 42% to Rs 820 crore.

Revenue from North America generics finished dosage business jumped to Rs 908 crore from Rs 29.90 crore, helped by authorised generic versions of Zocor and Proscar, which contributed 39% of the total revenue.

But the company said it may not be possible to repeat the "exceptional" performance in the October - December 2006 quarter and beyond, as the exclusivity for two generics -- prostate cancer treating Proscar and cholesterol drug Zocor -- end in December 2006.

Dr Reddy's said in October that it may exclusively distribute the generic version of GlaxoSmithKline's Imitrex tablets in the United States, as a legal dispute had been settled.

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