Dr Reddy’s Lab posts profit of Rs 1,755 cr during half yearly ending Sep 30

Dr Reddy’s Lab posts profit of Rs 1,755 cr during half yearly ending Sep 30

Agency News

Hyderabad, Nov 1: Pharma major Dr Reddy's Laboratories has posted a profit of Rs.1,093 crore and Rs.1,755 crore respectively for the quarter and half year ended on September 30, 2019.

Similarly, the Revenue of the company was Rs 4,801 crore and Rs 8,644 crore for the same period. Announcing this at a press conference after releasing quarter and half yearly results of Dr Reddy’s Laboratories Limited here on Friday, Mr Saumen Chakraborty, Chief Financial Officer and Global Head of ITBPE, Legal & Compliance and FMCRE, Dr Reddy's Laboratories Limited along with Mr Erez sraeli, Chief Executive Officer, Dr Reddy's Laboratories said that he was pleased with the lab's performance across businesses and strong cash generation.

He said "we are progressing well in execution and in our transformation journey on quality and efficiency". Mr Chakraborty said that the expenses of the company was Rs 366 crore and Rs 727 crore for the quarter and half year ended on September 30.

Speaking on Global Generics (GG), he said the Company Revenue from GG segment was Rs 32.8 billion. Year-on-year growth of 7 per cent, primarily driven by Emerging Markets in Europe and India. Sequentially it declined by 1 per cent.

He said that the Revenues from North America stood at Rs 14.3 billion. Year-on-year revenues remained flat. There was a sequential decline of 13 per cent, on account of price erosion and lower volumes. Further impact on account of voluntary recall of ranitidine and temporary disruption in supplies due to logistics issues faced during this quarter, Mr Chakraborty said.

He said ”We launched eight new products Carboprost, Ramelteon, Fosaprepitant, Pregabalin, Vigabatrin, Docetaxel 160mg, Bupropion SR and OTC Guaif / Psuedo” during the quarter, he said. As of September 30, 2019, cumulatively 99 generic filings were pending for approval with the USFDA (96 ANDAs and 3 NDAs under 505(b)(2) route). Of these 96 ANDAs, 55 are Para IVs out of which we believe 31 have ‘First to File’ status, Mr Chakraborty said.

The other Revenues details including were revenues from Europe stood at Rs 2.8 billion. Year-on-year growth of 44 per cent, primarily on account of new products and volume traction in base business partly offset by lower realizations. The Sequential growth was 15 per cent, he added.

The Revenues from India stood at Rs. 7.5 billion and the Year-on-year growth of 9 per cent, driven by new products, improved realizations and volume traction in base business he said the Sequential growth was 8 per cent.

Revenues from Emerging Markets stood at Rs 8.3 billion. Year-on-year growth is 10 per cent. Sequential growth was 13 per cent.

Revenues from Russia stood at Rs 4.1 billion. Year-on-year growth is 8 per cent. The Growth primarily driven by increase in volumes coupled with better realizations in some of the key molecules.

Revenues from other CIS countries and Romania put at Rs. 1.7 billion. The Year-on-year growth of 16 per cent largely driven by new products and better realizations in some of the key molecules.

“Revenues from Rest of World (RoW) markets at Rs. 2.5 billion; Year-on-year growth of 11 per cent, primarily driven by new products, volume traction partly offset by price erosions in some of the key molecules;

Revenues from Pharmaceutical Services and Active Ingredients (PSAI) was Rs 7.1 billion; Year-on-year growth of 18 per cent and sequential growth of 57 per cent was achieved during the period, “Mr Chakraborty said. (UNI)