Drugmaker Dr Reddy’s Lab posts 26% rise in Q2 profit

Drugmaker Dr Reddy’s Laboratories (BOM:500124) on Thursday reported a 26% rise in second quarter profit, ahead of analyst estimates, boosted by strong sales in North America, Europe and India.

India’s second largest drug maker posted net profit of 7.22 billion rupees ($110.5 million) compared with 5.74 billion a year ago. Analysts had estimated a profit of 6.37 billion rupees.

GV Prasad, co-chairman and chief executive, said: “We had robust sales growth across our markets of the US, India and Europe, supported by new products that were launched in the last 12 months.”