Dr Reddy’s Laboratories posts flat profit for FY 2015
The company recorded growth of three percent in profit at Rs 2,217.9 crore
Hyderabad: India’s second largest drug seller Dr Reddy’s Laboratories on Tuesday said that it has recorded almost flat growth of three per cent in profit at Rs 2,217.9 crore for financial year 2015. The profit in the previous year was Rs 2,151.2 crore. Revenue from sales has increased by 12 per cent to Rs14,818 crore in FY15 as against Rs13.217 crore in FY14.
According to Mr G.V. Prasad, co-chairman and CEO, Dr Reddy’s expects a double digit growth in the current fiscal depending on the regulatory appro-vals for some of the new products for launching. “We are targeting a double digit growth. A lot depends on the regulatory approvals in the US,” Mr Prasad said a press conference on Tuesday.
Mr Prasad also reiterated Dr Reddy’s long-standing strategy of tying up with a local company to enter the Japanese market. “We are developing products for Japan. But we will enter into this market through a partner. We don’t intend to have a direct presence there. We are looking at product specific partnerships in Japan,” Mr Prasad said. Earlier, DRL had tied up with Japan’s Fujifilm, but after sometime, the joint venture was called off.