Dr Reddy's Q2 net jumps 107% at Rs 105 crore

Indian drug major Dr Reddy's Laboratories has reported 106.55 per cent growth in its net profit to Rs 217.3 crore for the second quarter ended on September 30, 2009 as compared with Rs 105.2 crore in the same period a year ago. 

The company witnessed a fall of 21 per cent in its revenues from Germany during the second quarter of the financial year 2010 to Rs 220 crore from Rs 280 crore in second quarter of FY2009. 

Ongoing reforms in the German generics pharma market, further tenders were announced by several of the public health insurance companies during the period. The company has participated or intended to participate in these tenders through its wholly-owned subsidiary betapharm. The final results of a majority of these tenders are yet to be announced. The results of these tenders may impact betapharm's business, a company release said.