Solid 3rd-qtr fiscal 2011 results from India's Dr Reddy's as revenue grows 10%

Hyderabad-based Dr Reddy’s Laboratories (NYSE: RDY), India’s second-largest drugmaker, has announced its unaudited financial results for the quarter ended December 31, 2010 revealing that revenues reached 19.0 billion rupees ($424 million), a year-on-year rise of 10%, with adjusted net profit leaping 19% to 2.7 billion rupees.

Dr Reddy’s reports revenues under two segments - Global Generics and Pharmaceutical Services & Active Ingredients (PSAI). Revenues at the Global Generics segment went up 16% (on and Indian rupee [INR] basis) to $303 million, while PSAI revenues declined 5% (on INR basis) to $111 million, during the third quarter.

Generics revenues (on INR basis) increased 60% in North America, 7% in Russia and 14% in India, while it declined 18% in Europe and 11% in other Commonwealth of Independent States markets. The European market recorded the highest decline among all the regions with Germany being the worst hit with a 33% drop (on INR basis), partly mitigated by the rest of Europe experiencing a 39% increase.