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Article: Dr Reddy's revenues fall 8%, net plunges.(Dr Reddy's Laboratories )(Brief Article)
- Article from:
- Pharma Marketletter
- Article date:
- February 7, 2005
CopyrightCOPYRIGHT 2005 Marketletter Publications Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Hit by higher R&D costs and declining sales for the third fiscal quarter ended December 31, 2004, Indian drugmaker Dr Reddy's Laboratories posted an 8.0% decline in revenues to 4.70 billion rupees ($107.7 million). Sales outside India were 3.20 billion rupees for the quarter versus 3.50 billion rupees in the like, year-earlier period. Net income plummeted to 40.0 billion rupees vs 592.0 million rupees, with earnings per share at 0.52 rupees against 7.72 rupees, the company noted.
Commenting on the results, GV Prasad, the firm's chief executive, said: "our profitability in the third quarter was significantly lower due to the impact of decline in sales as well as ...