The ''P1+'' (pronounced P one plus)
rating assigned to the Rs. 500 million Commercial Paper Programme of Dr. Reddys
Laboratories Limited (DRL) has been reaffirmed.
DRLs rating reflects the
consolidation of its brands in chosen therapeutic segments both in domestic and export
markets, diversified market & therapeutic presence, research driven integrated
operations (two new molecules have entered phase II of clinical trials) and strong
financial position with robust cash flows. The rating takes into account the product
concentration risk and volatility in earnings in the company''s bulk product portfolio.
In the first half ended September 1999, the company
registered a net profit of Rs 307 million on gross sales of Rs 2397 million.