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Pharma major Dr Reddy’s Laboratories Ltd’s consolidated net profit increased 66 per cent at Rs 571 crore in the fourth quarter ended March 31, 2013, compared with Rs 341 crore in the same period last year.
The company’s total revenue increased to Rs 3,340 crore marking a 26 per cent growth (Rs 1,788 crore).
The growth in net profit and revenue was driven by business growth in North America and emerging markets. In North America, revenues came from key limited competition products and olanzapine exclusivity.
Dr Reddy’s was also benefitted by $22.5 million from one-time settlement of a dispute with Nordion Inc during the year.
“We have crossed the Rs 10,000-crore mark in revenue and did well in all geographies except in Europe,” G.V. Prasad, Chairman, told newspersons here on Tuesday.
K. Satish Reddy, Vice-Chairman, said the company was riding on the growth in US generics market and the opportunities in the emerging markets.
In India market, the focus of the company would be on combination products.
In Europe, where revenue dipped by seven per cent at Rs 771 crore, Dr Reddy’s plans to move away from the tender-based market and focus on a product specific strategy.
The board of directors has recommended a final dividend of Rs 15 (300 per cent per equity share of Rs 5 face value) for the financial year 2012-13.
“This was the first board meeting after our founder Anji Reddy’s demise and the company misses his presence,’’ Prasad said.
Dr Reddy’s scrip declined 2.66 per cent on the BSE on Tuesday to close at Rs 2,025.65.
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