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Dr Reddy's Laboratories Q3 net profit drops 29%

Feb 14 2013, 21:31 IST
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The company's consolidated net income from sales and services, however, rose to Rs 2,865.16 crore. (Reuters) The company's consolidated net income from sales and services, however, rose to Rs 2,865.16 crore. (Reuters)
SummaryThe company's consolidated net income from sales and services, however, rose to Rs 2,865.16 crore.

Dr Reddy's Laboratories today said consolidated net profit declined by 29 per cent to Rs 363 crore for third quarter ended December 2012.

According to Saumen Chakraborty, President and CFO, Dr Reddy's the net income from sales and services increased marginally by 3.5 per cent to Rs 2865 crore for the quarter under discussion against Rs 2769 crore in the corresponding period last fiscal.

"Same quarter last year we had something exceptional which happened in the form of profit sharing with Olanzapine drug. That itself is Rs 444 crore. This year we had to see the results keeping that in mind," Chakraborty told reporters in a prèss conference.

DRL launched the generic version of Eli Lilly's Zyprexa (Olanzapine), a schizophrenia and bipolar disorder drug in October 2011 with 180 days exclusivity.

DRL had earlier said generic olanzapine tablets would be manufactured by them and Teva Pharmaceuticals USA and Generic olanzapine orally disintegrating tablets would be manufactured by Apotex Inc and Par Pharmaceuticals Inc besides the India's second largest drug maker.

Dr Reddy's Olanzapine Tablets in 20 mg was awarded a 180-day period of marketing exclusivity in the US, Dr Reddy's had said.

Revenues from global generics segment stood at Rs 2,083 crore in Q3 FY13, against Rs 2,127 crore during the last year same period, marginal decline of 2 per cent.

Abhijit Mukharjee, Global president (generics), DRL said revenues from North America and Europe from generic sales has dipped by 17 per cent to Rs 924 crore and 20 per cent to 193 crore respectively.

Mukharjee, however, said they are hopeful of better performance in the coming quarters as some product launches that were actually planned during the last quarter are expected to take place soon.

"The macro-environment of business in Europe is not great for the business. To that extent, even if you want to run you cannot run. Today the total Europe business is 7.5 per cent of generics business. So, it is not top of the item at the moment," Mukharjee said.

Revenues from India and Russia in global generics segment recorded Rs 372 crore with 18 per cent growth and Rs 430 crore with 71 per cent growth respectively during the quarter under discussion.

The company spent Rs 203 crore towards R&D during Q4 against Rs 151 crore for the same quarter last year.

Similarly, DRL said it has incurred Rs 857 crore during the last quarter towards selling, general and administrative costs against Rs 768 crore for

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