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Dr Reddys announces Q3 results, net profit skyrockets to Rs.503.49 Crores
Posted On : 2007-01-22 13:23:54( TIMEZONE : IST )
Dr Reddys Laboratories Ltd has announced the following Unaudited results for the quarter ended December 31, 2006:
The Company has posted a net profit of Rs 5034.90 million for the quarter ended December 31, 2006 as compared to Rs 542.50 million for the quarter ended December 31, 2005. Total Income (net of excise) has increased from Rs 5322.20 million for the quarter ended December 31, 2005 to Rs 12121.10 million for the quarter ended December 31, 2006.
The Consolidated results are as follows:
The Group has posted a net profit attributable to the shareholders of the Parent of Rs 1056.30 million for the quarter ended December 31, 2006 where as the same was at Rs 637.20 million for the quarter ended December 31, 2005. Total Income (net of excise) is Rs 15214.80 million for the quarter ended December 31, 2006 where as the same was at Rs 6206.00 million for the quarter ended December 31, 2005.
The Consolidated results as per US GAAP are as follows:
The Group has posted a net income of Rs 1879.407 million for the quarter ended December 31, 2006 where as the same was at Rs 628.368 million for the quarter ended December 31, 2005. Revenues is Rs 15434.265 million for the quarter ended December 31, 2006 where as the same was at Rs 5926.350 million for the quarter ended December 31, 2005.
- On March 03, 2006, the Company through its step down subsidiary Reddy Holding GmbH acquired 100% of the outstanding common shares of Betapharm Group for a consideration of Rs 26063.30 million. Betapharm is a leading generics pharmaceuticals Company in Germany. The strategic investment in Betapharm is a step towards realizing the Company's intention of building a global generics business in key European markets. The transaction has been accounted for under the purchase method of accounting and the resultant goodwill of Rs 19398.10 million has been recorded in the books.
- On December 30, 2005, the Company acquired 100% of the share capital of Industrias Quimicas Falcon de Mexico, S.A.De.C.V. ("Falcon"), a Roche group Company for a cash consideration of Rs 2320.246 million. Additionally, the Company has paid Rs 243.424 million for acquisition of customer relationships which has been accounted as an intangible asset. Falcon is primarily engaged in the manufacturing and selling of active pharmaceutical ingredients Naproxen, Naproxen Sodium and steroids.
The Consolidated results of the current quarter include the results of the acquisitions described above and are therefore not comparable with the previous period.
Commenting on the landmark, GV Prasad, CEO of the Company, said. "Fiscal 2007 has been a truly extraordinary year for Dr. Reddy’s in many ways. For the first time in the history of Dr. Reddy’s, we have crossed USD 1 billion in revenues. Starting as an API manufacturer addressing the Indian market over the last 22 years of our journey, Dr. Reddy’s has grown into a vertically integrated global pharmaceutical Company with activities spanning the entire pharmaceutical value chain."
