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%

Ajanta Pharma's net profit for the second quarter ended September 30, 2008 surged 53.73% at Rs 4.32 crore over the same period a year ago. The company recorded a net profit of Rs 2.81 crore for the same quarter last fiscal. For the six months ended September 30, 2008, total sales rose to Rs 158.51 crore against Rs 131.30 crore during the same period last fiscal.

Dabur Pharma posts loss in Q2

Dabur Pharma, the anti-cancer pharma company posted a loss of Rs 37.02 crore in the quarter ended September 30 as against a profit of Rs 8.54 crore in the corresponding quarter last year. The company said that during the quarter Fresenius SE, Singapore, acquired 90.89% control of the Dabur pharma requiring a one-time payment of Rs  27.19 crore to employees against their uninvested stock options.

Sterlite Industries Q2 net up 9%

Vedanta Group firm Sterlite Industries said its consolidated net profit for the July-September quarter increased by 9.34% to Rs 1,720.81 crore from over the corresponding period a year ago.

The total income rose to Rs 6,810.99 crore in the quarter under review, from Rs 6,613.15 crore in the same period last fiscal, Sterlite Industries said in a filing to the Bombay Stock Exchange.

NRI billionaire Anil Agarwal-led company had last month called off its corporate restructuring plan on melting market condition and adverse investor feedback. However, it maintained that it will stick to its over $9 billion expansion plan.

The company, which had made about $2.6 billion bid for the US-based metal producer Asarco, has also asked the American firm to revisit the purchase price in the light of changing dynamics of the global financial market.

On the standalone basis, leading copper producer witnessed an over two-fold jump in the net profit at Rs 462.93 crore in the September quarter, from Rs 212.87 crore in the same period previous year.

The company's standalone income increased to Rs 3,757.95 crore in the second quarter of financial year 08, from Rs 3,544.62 crore in the same period last fiscal.

Exide net up 25% at Rs 78 cr

Storage battery maker Exide Industries Ltd said its net profit has increased by 25% cent at Rs 78 crore for the second quarter ended September 30 compared with the corresponding period last year.

The company reported a net sales of Rs 901 crore, up 35%, it said in a statement today.

"Proactive steps taken during the last year to secure a portion of raw materials from secondary lead indigenously available by acquiring lead smelting capacities coupled with an improved sales mix has ensured satisfactory growth despite the very challenging economic environment," Exide MD and CEO T V Ramanathan said.

Commenting on easing lead prices, he said, the recent softening of lead prices in the international market to some extent was neutralised by sharp depreciation of the rupee against the dollar.

In the first half of the year, the turnover was Rs 1,807 crores and net profit Rs 160 crore.

Voltas net up 16%

Voltas Ltd has posted a net profit of Rs 62 crore for the quarter ended September 30, 2008, which is 16% higher over the previous corresponding period. The company has reported sales from operations at Rs 931 crore for the quarter ended September 30, 2008, which is 29% higher than the previous corresponding period.

Kirloskar Bros net dips 13%

Pump manufacturer Kirloskar Brothers said its net profit for the second quarter ended September 30 fell 13.22% at Rs 23.42 crore over the corresponding period a year ago.

The company had a net profit of Rs 26.99 crore in the second quarter of FY'08, Kirloskar Brothers said in a filing to the BSE.

Total income of the firm rose to Rs 422.81 crore in the quarter under review from Rs 326 crore in the same period last year.

Shares of the company were trading at Rs 85, up 1.07% on the BSE.

Apollo Tyres net down 73%

Apollo Tyres today said it has reported a net profit of Rs 15.1 crore in the quarter ended September 30, a decline of 73.7% compared with the same quarter a year ago.

The company had reported a net profit of Rs 57.6 crore in the same period, Apollo Tyres said in a filing to Bombay Stock Exchange. In terms of the net sales, it has registered an increase of 16.3% in the second quarter.

Punj Lloyd net up 61%

Engineering and construction firm, Punj Lloyd today reported a consolidated net profit of Rs 144.12 crore for the quarter ended on September 30, 2008 an increase of around 61% as compared to the same period last year. Punj Lloyd has reported a consolidated net profit of Rs 89.4 crore in the same quarter last year, the company said in a statement. In terms of the total income, it has registered an increase of over 53% at Rs 2,954 crore in the second quarter of the current fiscal as compared to Rs 1,924.7 crore in the corresponding period last year.

Monnet Ispat profit up 60%

Steel manufacturer Monnet Ispat said its profit for the second quarter ended September 30 grew 60.47% at Rs 65.68 crore over the same period a year ago.

The firm had a net profit of Rs 40.93 crore in Q2 of FY'08, Monnet Ispat said in a filing to the BSE.

Total income rose by 52.52% to Rs 401.66 crore in the reviewed quarter from Rs 263.35 crore in the same period last fiscal.

Shares of Monnet Ispat were trading at Rs 176.50, up 10.94% in afternoon trade on the BSE.

BSEL Realty net falls 93%

BSEL Infrastructure Realty said its consolidated net profit for the second quarter ended September 30 fell by 92.73% at Rs 2.33 crore over the corresponding period year ago.