Dr Reddy's second-quarter 2011 net profit leaps 32%, fueled by generics

India’s second largest drugmaker Dr Reddy’s Laboratories (NYSE: RDY)posted a strong set of financial results for its second-quarter of fiscal 2011, ended September 30, 2010, posting net profit of 2.9 billion rupees ($64 million), a year-on-year leap of 32%. Pretax profit was up 15% at 4.2 billion rupees.

Consolidated revenues for the quarter were 18.7 billion rupees, showing growth of 2%, with global sales of generics rising 8% to 13.7 billion rupees, driven largely by the contribution from branded generics markets.

Turnover from North America was 4.4 billion rupees, up 3% in rupee terms and 7% in US dollars. Sequential growth of 13% was mainly led by new products - tacrolimus and amlodipine benazepril. As of September 30, total cumulative Abbreviated New Drug Application (ANDA) filings were 167. Total ANDAs pending approval at the US Food and Drug Administration were 74 of which 39 are Para IVs and 12 are FTFs, the company noted.