Generic sales push Dr Reddy's Q3 net 88 per cent to Rs512 crore

Pharma major Dr Reddy's Laboratories (DRL) has reported an 87.54-per cent increase in its fiscal third quarter (October-December 2011-12) net profit, at Rs512 crore, compared with Rs273 crore in the corresponding quarter of the previous financial year.

The increase in profit was driven by a 56-per cent rise in the company's generic sales to Rs2,128 crore from Rs1,358 crore in the previous year quarter.

Hyderabad-based DRL said its total income rose 46 per cent to Rs2,769 crore in the third quarter of the current fiscal, from Rs1,898 crore in the similar quarter of the previous year.

Earnings per share stood at Rs30.26 against Rs16.14 during the previous year quarter.

Revenues for the nine months ended 31 December 2011 were up 29 per cent at Rs7,020 crore ($1.3 billion). EBITDA for the first nine months of FY12 was up 59 per cent at Rs1,860 crore ($351 million), accounting for 27 per cent of  sales.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) for the quarter were up 127 per cent at Rs920 crore ($174 million) and formed 33 per cent of sales.