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Wednesday, August 01, 2001



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Dr. Reddy's Q1 turnover up 32%

Our Bureau


DR. Reddy's Laboratories Ltd (DRL), the Hyderabad-based pharma major, has registered a growth of 32 per cent in turnover and 115 per cent in net profit for the first quarter of current fiscal ended June 30, 2001.

According to the unaudited financial results taken on record by the DRL board here on Tuesday, the company achieved a net profit of Rs 53.5 crore (Rs 19.59 crore) on a turnover of Rs 292.4 crore (Rs 140.15 crore).

For the quarter under review, the company incurred an expenditure of Rs 218.45 crore (Rs 108.72 crore) and provided Rs 4.99 crore towards interest (Rs 4.4 crore), Rs 11.24 crore towards depreciation and amortisation of brand acquisition cost (Rs 4.43 cro re) and Rs 4.21 crore towards taxation (Rs 3 crore).

During the year 2000-01, DRL posted a net profit of Rs 144.46 crore on a turnover of Rs 1,001.6 crore, yielding an EPS of Rs 45.73 with reserves amounting to Rs 521.61 crore.

However, according to the DRL Managing Director and Chief Operating Officer, Mr. K. Satish Reddy, the unaudited financial results for the quarter under review were not comparable with that of the previous period since the current year results include the results of Cheminor Drugs Ltd and American Remedies Ltd, pursuant to the approval of the scheme of amalgamation by the High courts of Andhra Pradesh and Tamil Nadu.

# The audited figures for the year ended March 31, 2001 also include the results of erstwhile American Remedies and Cheminor Drugs.

In a press communique issued here, DRL said branded formulations and bulk actives businesses contributed a major chunk of the turnover for the quarter under review at Rs 139.9 crore, 49 per cent of turnover, and Rs 110.4 crore, 39 per cent of turnover, r espectively. Exports grew by 83 per cent at Rs 150 crore (Rs 81.8 crore), accounting for 53 per cent of total turnover.

The DRL board has recommended sub-division of shares of Rs 10 each into two equity shares of Rs 5 each, reserving up to three per cent of the issued share capital for employee stock option and enhancing the FIIs holding limit to 49 per cent.

The DRL board has also decided to float a new company for proteomics and discovery services businesses with a total investment of Rs 25 crore.

Related links:
Dr Reddy's Labs net profit rises 54 pc

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