Dr Reddy's Laboratories (DRL), a second largest Indian pharma company, has posted strong performance during the second quarter ended September 2012 on account of higher sales from North America, India and emerging markets. Its consolidated net profit has taken a quantum jump of 32.4 per cent to Rs.407.44 crore from Rs.307.80 crore in the similar period of last year. EBDITA moved up by 47 per cent to Rs.770 crore. Its consolidated net sales increased by 27 per cent to Rs.2,881 crore from Rs.2,268 crore.
Its earnings per share worked out to Rs.23.99 as against Rs.18.16 in the last period. Its R&D expenditure reached at Rs.180 crore and worked out to 6 per cent of revenues. With strong growth in bottom line, DRL scrip moved up by Rs.34.65 (2.04%) on BSE and touched to Rs.1730.80.
DRL's revenues from global generics moved up by 25 per cent to Rs.2,010 crore primarily driven by North America, India and other emerging market. The sales from North America increased by 47 per cent to Rs.930 crore mainly due to ziprasidone, tacrolimus, fondaparinux, clopidogrel, ram-up in antibiotics portfolio and products from Shreveport facility. It launched four new products viz., atorvastatin, metoprolol, montelukast family and amoxicillin. The company filed 4 ANDAs and 63 ANDAs are pending for approval with the US FDA. Its sales in Europe declined by 16 per cent to Rs.180 crore as its German sales declined by 11 per cent to Rs.110 crore.
The company's sales in India improved by 12 per cent to Rs.390 crore due to volume increase across most key brands. Biosimilars portfolio grew by 24 per cent and it launched 4 new brands during the quarter under review. Its sales in Russia and other CIS market improved by 14 per cent to Rs.380 crore.
Its revenues from pharmaceutical services and active ingredients (PSAI) improved by 33 per cent to Rs.790 crore. The company filed 10 DMFs globally, including 2 in Europe. The cumulative number of DMF filings reached at 552.
For the first half ended September 2012, DRL's net sales increased by 27.7 per cent to Rs.5,421 crore from Rs.4,246 crore in the corresponding period of last year. Its net profit also went up by 30.3 per cent to Rs.743 crore from Rs.571 crore. EBDITA grew by 35 per cent to Rs.1,270 crore. Its R&D expenditure increased by 25 per cent to Rs.332 crore from Rs.266 crore in the same period of last year.