The net profit during the quarter ended September was Rs 284.90 crore against Rs 295 crore in the corresponding quarter of last year.
The revenues at Rs 3,546 crore declined by one per cent YoY but improved 7 per cent over the previous quarter.
The revenue growth in North America, the biggest market, fell by 11 per cent YoY to Rs 1,431.8 crore from Rs 1,613.4 crore in the same quarter last year. The QoQ decline was 4 per cent.
Saumen Chakraborty, Chief Financial Officer, Dr Reddy's told reporters that during the quarter the company had four launches in North America. As of September 30, cumulatively 103 generic filings are pending for approval with the USFDA.
He said while there was decline in revenues from North America, there was good improvement in Pharmaceutical Services and Active Ingredients (PSAI) segment and also in Indian market.
Revenues from emerging markets grew YoY 14 per cent while from the Europe it improved by 37 per cent.
He believes that the price erosion in North America will offset with new product launches. Stating that the first half of current fiscal saw some good launches, he said the impact of this could be seen in the next quarter. "We expect some good launches in the second half," he said.
Abhijit Mukherjee, Chief Operating Officer, Dr Reddy's hoped that the second half would be better than the first.
He said the company would continue to strengthen and work with regulatory agencies to address concerns raised by them. He said the audit of the company's various sites was an ongoing exercise.
He expects another audit by USFDA of the company's formulations manufacturing facility in Duvvada, Vishakhapatnam by the end of Q4.
He admitted that the audit by German drug regulator of second unit at Bachupally did not go well. Another audit is expected in 6 to 9 months.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
About VDC
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.