Dr Reddy's Laboratories Ltd, the Hyderabad-based pharmaceutical major, has announced its audited annual financial results for the fiscal ended March 31, 2003. The total revenue was Rs.1807 crore, an increase of 9 per cent from the previous fiscal. The company reported a net income at Rs.353.20 crore for this fiscal as against Rs.492.10 crore in FY 02. Revenues outside of India was Rs.1158.10 crore compared to Rs.1057.10 crore in the previous financial year. A Year on Year (YoY) growth of 10 per cent was seen.

Revenues from North America were Rs.585.30 crore as against Rs.603.70 crore in FY02, a marginal decline of 3 per cent was reported. APIs grew by 54 per cent in this market. In Generics, contribution from generic tizanidine, launched in the US in July 2002, offset the decline in revenues from fluoxetine, post expiry of one-time marketing exclusivity in January 2002.

Revenues from Europe was Rs.140.10 crore as against Rs.78.10 crore in FY02; a YoY growth of 79 per cent. Growth was primarily driven by the acquisition of BMS and Meridian in the UK, presently known as Dr. Reddy's Laboratories (EU) Limited and Dr. Reddy's Laboratories (UK) Limited respectively. Combined revenues were Rs.75.90 crore in FY03.

Revenues from Russia were Rs.167.60 crore as against Rs.131.20 crore in FY02. A YoY growth of 28 per cent driven by growth in key brands - Omez, Enam, Ciprolet & Ketorol.