Dr Reddy’s PAT up 19%

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Mumbai, New Delhi, Hyderabad, Oct 23: Facing a relatively lesser impact of the global slowdown, Dr Reddy's Laboratories has reported a net profit of Rs 121 crore in the second quarter FY09 as against an adjusted net of Rs 102 crore in Q2 FY08. Adopting the international financial reporting standards (IFRS) in this quarter, the company has posted revenues of Rs 1,615 crore as against Rs 1,245 crore. Operating income stood at Rs 200 crore in Q2 FY09 as compared to Rs 112 crore in Q2FY08, which is a YoY growth of 78%.

Announcing the results, GV Prasad, VC and CEO, said that the global generics segment has driven the overall revenue growth to 30%. However, the growth in the Indian market stood at only 9% due to delayed launches of a few products. While the company launched eight products in the quarter, new product launches in the last 36 months contributed 22% of total sales. The revenues increased by 30%, operating income was up by 78% and PAT was up 19%.

On the outlook, Prasad that the company's projection of a revenue growth of 25% in rupee terms with improved profitability is well on track. Besides, the R&D spend in the range of 7% and the launch of Sumatriptan as authorised generics in late Q3 FY 09 is expected to happen as per the schedule. During the quarter, the company filed two ANDAs taking the total filings to 128. A total of 66 ANDAs are pending at the USFDA addressing innovator sales of $48 billion. Meanwhile, the company is working on new products for the regulated markets in the biosimilar segment.

Wyeth net up 25%

Wyeth Ltd said its net profit for the second quarter ended September 30 grew 25% at Rs 33.83 crore over the same period a year ago. The company had a net profit of Rs 27.05 crore for the same quarter last fiscal. Total income from operations rose to Rs 105.83 crore for the quarter under review from Rs 87.32 crore for the same period last fiscal. For the six months ended September 30, the company registered a net profit of Rs 60.38 crore against a net profit of Rs 51.78 crore year-on-year.

Ajanta Pharma net profit up 54%