Dr Reddy's Labs consolidated net zooms by 160% in Q1

Dr Reddy's Laboratories (DRL), the second largest pharmaceutical company in India with consolidated net sales of Rs 6790 crore, has achieved impressive performance during the first quarter ended June 2009 on account of growth in sumatriptan and the key markets of North America as well as India. Its consolidated net sales went up sharply by 159.7 per cent to Rs 238.89 crore from Rs 91.97 crore in the corresponding period of last year. The earning per share worked out to Rs 14.18 as against Rs 5.47 in the last period.

DRL's consolidated net sales increased by 20.1 per cent to Rs 1,779 crore from Rs 1,481 crore in the similar period of last year. Excluding the sales of Sumtriptan, the growth is worked out 7 per cent. Revenues from global generics business touched to Rs 1300 crore from Rs 1030 crore. Its sales in North America jumped strongly to Rs 600 crore in first quarter of 2010 from Rs 280 crore in the last period. 

DRL's revenue from Europe declined by 30 per cent to Rs 210 crore from Rs 300 crore on account of fall in sales of betapharm. The sales of betapharm declined by 36 per cent to Rs 160 crore from Rs 250 crore mainly due to the effect of destocking in the market. DRL reduced betapharma's sales force to 50 as of June 2009 from 110. The sales from rest of Europe grew by 6 per cent to Rs 50.3 crore. Its sales in Russia remained almost stagnant at Rs 150 crore. 

DRL's revenues in domestic market increased only by 9 per cent to Rs 240 crore from Rs 220 crore in the similar period of last year on account of key brands, Omez, Nise, Omez-DSR and Razo. The company launched 14 new products in the domestic market.