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Dr Reddys Labs : India Drug maker Dr Reddys Laboratories has declared its third quarter results. It posted on a consolidated basis posted a 2.54 times growth in net profit for the quarter ended Dec. 31, 2008. During the quarter, the net profit of the company rose to Rs 1,591.60 million as against Rs 625.50 million for the quarter ended Dec. 31, 2007.
Total Income of the company rose 45.54% to Rs. 1855.28 crore or Rs 18,552.80 million for the quarter ended Dec. 31, 2008 as against Rs. 1265.98 crore or Rs 12,659.80 million over the prior year period.
US GAAP : The company's (US GAAP) consolidated net profit at Rs 192 crore versus loss of Rs 121.3 crore. Its (US GAAP) consolidated net revenues were up 37% at Rs 1804 crore versus 1232 crore. Its (US GAAP) consolidated operating profit at Rs 301 crore versus loss of Rs 176.3 crore.
Its forex loss was at Rs 49.3 crore. Its OPM was at Rs 17.15%.
The company reported earnings of Rs 6.16 a share during the quarter, registering 2.44 times growth over previous year period.
Result Analysis : Powered by MoneyControl.com
* Without imitrex grew in US markets of 50%.
* India business was weak because of change in supply chain model; leading to de-stocking.
* German business was weak & Has given Weak outlook for Germany.
* Projecting a flat growth for next year despite AOK tenders.
* Alert AOK tenders stayed.
* AOK tender will further lead to reduction in margins in Germany.
* Reduced sales force in Germany; retrenched 70 sales personnel.
* will not meet guidance given for German market.
* Has won about 17% of total AOK volumes.
* Lost case on Olanzapine in Germany.
* German market become more of commoditized market.
* Still witnessing pricing in Germany.
* Pharmaceutical services and active ingredients grew only 6% because of global slow down( but changing the focus from research base to manufacturing based in pharmaceuticals space)
* Watching credit limit closely of clients closely ( Russian client has gone bust).
* Will launch 2 new products in biologics next year.
* Total ANDAs filed 133.
* Launched 3 products in North America and 10 products in India.
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