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Dr Reddy’s Labs Q2 net profit dips 30% to Rs. 762 crore

Our Bureau, Mumbai
Wednesday, October 28, 2020, 16:30 Hrs  [IST]

Drug major Dr Reddy’s Laboratories reported 30% fall in net profit at Rs. 762 crore for the second quarter ended 30th September, 2020.

The company’s revenue for the quarter rose to Rs. 4,896.7 crore from Rs. 4,800.9 crore for the corresponding period.

"We are pleased to report continued growth across all the markets and improved productivity which is reflected in the healthy EBITDA margin and RoCE," Co-chairman & MD G V Prasad, Dr Reddy’s Labs said.

The company’s global generics business posted a 21 per cent YoY growth, with North America rising 28 per cent, Europe 36 per cent and India 21 per cent for the quarter ended September 2020.

The company's India business grew primarily on account of revenues from the acquired business of Wockhardt and contribution from new products including the Avigan (favipiravir) and remdesivir launched for the treatment of COVID-19.

The company launched nine new products in North America including ciprofloxacin and dexamethasone otic suspension, fulvestrant injection, OTC diclofenac and OTC olapatadine. It filed two new ANDAs in the quarter.


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