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Dr Reddy’s Q1 net up 14 percent

Higher sales in the North American market and cost cutting measures helped in profit
Hyderabad: Higher sales in the North American market and cost cutting measures helped Dr Reddy’s Laboratories to post a nearly 14 per cent rise in its consolidated net profit at Rs 625.6 crore in the first quarter of fiscal 2016 as against Rs 550 in the year ago period. The rise in profit comes despite a lower revenue from its Russian market on the account of depreciation of rouble. The overall revenue grew by seven per cent to Rs 3,757.8 crore as against Rs 3,517.5 crore in Q1FY15.
The company’s sales from generics in North America market stood at Rs 1,852 crore in Q1, up 14 per cent over the same quarter last year, while revenue from Russia declined by 42 per cent to Rs 230 crore due to the currency depreciation.
Commenting on the results, Dr.Reddy’s co-chairman and CEO G.V. Prasad said, “We were able to achieve these results despite limited new launches and headwinds in the form of currency devaluation in key emerging markets. As we continue to further strengthen our product portfolio and drive new launches, we are well positioned for the next phase of our growth.”
( Source : deccan chronicle )
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