Dr. Reddy's Q2 network jumps twice to Rs 1,093 cr

New Delhi, November 1 () Dr. Reddy's Laboratories reported on Friday a two-fold increase in consolidated net profit to Rs 1,092.5 crore for the second quarter ended September 30, 2019.

The company had published a profit of Rs 503.80 crore for the same period last year, said Dr. Reddy's in a regulatory document.

The net tax for the quarter has a profit of Rs 330 Rs due to the recognition of deferred tax assets of Rs 520 Rs, mainly related to the MAT credit, he said.

Revenues in the second quarter were Rs 4,800.9 rupees compared to Rs 3,797.8 rupees in the same period last year, an increase of 26.41 percent, he added.

The company's co-chair and MD GV Prasad said that business performance and strong cash generation during the quarter are pleasant.

We are making good progress in the execution of our strategy and in our journey of transformation in quality and efficiency, he added.

Global revenues from the generic segment were Rs 3,280 million, an increase of 7 percent over the same quarter of the previous fiscal year, driven mainly by Europe, emerging markets and India, the company said.

The revenues of North America were flat at Rs 1,430 million rupees, while those of Europe were Rs 280 million rupees. India's revenues stood at Rs 750 million and emerging markets at Rs 830 million, he added.

Dr. Reddy's said that his income from pharmaceutical services and active ingredients was Rs 710 million, 18 percent more than the period corresponding to the last fiscal year. The patented product segment recorded an income of Rs 740 million rupees, including Rs 720 crore for the license fee to be sold in the US. UU. to Upsher-Smith Laboratories, LLC, the company said. RKL RKL ANU ANU