Dr Reddy’s posts 25 percent growth in first quarter

July 21st, 2008 - 7:28 pm ICT by IANS  


New Delhi, July 21 (IANS) Top Indian drug maker Dr Reddy’s Laboratories earned a total revenue of Rs.15 billion ($350 million) and profit after tax (PAT) of Rs.1.3 billion ($31 million) in the first quarter of the current fiscal, the company said in a regulatory statement Monday. This represented a revenue growth of 25 percent when compared with a total revenue of Rs.12 billion ($279 million) that the company had earned in the comparable period of the previous fiscal, the company said while announcing its unaudited financial results for the quarter ended June 30, 2008.

Profit after tax (PAT), at Rs.1.3 billion ($31 million), has, however, declined 27.7 percent from Rs.1.8 billion ($43 million) that the company had earned in the comparable period of the last fiscal.

PAT for the period under review is 9 percent of total revenues as against 15 percent of total revenues in the comparable period of last year, the statement said.

This translates to a diluted earnings per share (EPS) of Rs.7.97 in the first quarter of the current fiscal as against Rs.10.82 in the comparable period of last year, the statement said.

Gross profit at Rs.7.6 billion in the first quarter of the current fiscal is down from Rs.6.1 billion that the company had earned in the comparable period of last year.

The gross profit margin too has come down from 51 percent of total revenues to 50 percent of total revenues, the statement said.

Despite the decline in PAT and gross profit margins, the company’s share price at Rs 675.65 closed Monday Rs.15.30 or 2.32 percent higher from its previous close of Rs.660.35 on the Bombay Stock Exchange (BSE).

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