Pharmaceutical company Dr. Reddy's Laboratories Ltd. announced financial results for the fourth-quarter, reporting lower standalone net profit, on Indian GAAP basis, despite an increase in revenue, driven by the successful launch of the authorized generic version of GlaxoSmithKline's Imitrex and growth in key markets of North America and Russia.
Standalone Results
The Hyderabad-based company posted fourth-quarter standalone net profit of Rs.156.17 crore or Rs.9.22 per share, 4% lower than Rs.162.26 crore or Rs.9.59 per share in the fourth-quarter of 2008.
During the quarter, the company's net revenue from operations was Rs.1,053.27 crore, up 5% from Rs.1,000.21 crore in the year-ago quarter, while income from License fees and service amounted to Rs.98.97 crore, compared with Rs.5.67 crore in the corresponding quarter last year.
For the quarter, revenue from Pharmaceutical Services and Active Ingredients and Intermediates fell 19% to Rs.414.36 crore from Rs.513.63 crore in the corresponding quarter last year, while revenue from Global Generics plummeted 33% to Rs.790.11 crore from Rs.594.91 crore in the year-ago quarter. Revenue from Proprietary Products totaled Rs.0.01 crore, compared with Rs.0.62 crore for the same period last year.
Research and development expenses during the quarter rose 25% to Rs.105.77 crore from Rs.84.92 crore in Q4FY08.
For the fiscal year 2009, the company's standalone net profit increased 18% to Rs.560.89 crore from Rs.475.22 crore in 2008. Total revenue, including License Fees and Service Income, rose 24% to Rs.4,197.53 crore from Rs.3,393.88 crore a year-ago.
Consolidated Results
For the fiscal year, Dr. Reddy's Labs reported consolidated net loss of Rs.917.24 crore, compared with net profit of Rs.438.13 crore in 2008. Total revenue, including License Fees and Service Income, was Rs.6,900.63 crore, up 38% from Rs.4,991.68 crore a year-ago.
The company said the results for the year included a one-time charge of Rs.1,462.84 crore towards impairment of goodwill and intangibles. Excluding charges, the profit for the year was Rs.806.43, up 48% from Rs.544.97 crore a year-go.
The company said its board has recommended a final dividend of 125% or Rs.6.25 per equity share of Rs.5 for the fiscal year 2008.
At the BSE, Dr. Reddy's closed Monday's trading at Rs.598.80, up by Rs.26.00 or 4.54% from the previous close.
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