Dr Reddy's beats forecasts, with 88% profits hike
Indian drug major Dr Reddy’s Laboratories (500124: BO) saw its shares rise 2.2% to 1,670.50 rupees on Friday, as the company announced results for its fiscal third-quarter ended December 31, 2011, that beats consensus forecasts and a leap in consolidated profits of 87.9% to 5.13 billion rupees ($105 million, topping expectations of 4.08 billion rupees.
The 46% rise in consolidated sales to 27.69 billion rupees ($522 million) also exceeded analysts’ expectation of 25.19 billion rupees. Revenues for the nine months to end December were up 29% at 70.2 billion rupees.
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