Dr Reddy's 1st-qtr misses expectations

India’s second largest drugmaker Dr Reddy’s Laboratories (NYSE: RDY)  has posted its unaudited consolidated financial results for the quarter ended June 30, 2013 under International Financial Reporting Standards (IFRS), showing that net profit rose 7.4% to 3.61 billion rupees ($61.2 million) . Revenue rose 12 percent to 28.4 billion rupees. Analysts, on an average, had forecast net profit at 4.29 billion rupees on net sales of 31.16 billion rupees.

Saumen Chakraborty, chief financial officer, said that the company’s growth was primarily driven by North America and emerging market territories. While the revenue from North America at 10.87 billion rupees contributed to the year-on-year growth of 37%, in emerging markets, including Russia, growth was 9%. However, revenues from India at 3.49 billion rupees were flat year-on-year. Revenues from Europe declined 28%.

Revenues from the Global Generics segment for the quarter rose 15% to 21.9 billion rupees. While those from the PSAI segment at 5.9 billion rupees increased 6%.