Bengaluru: Dr Reddy’s Laboratories posted a 69.7% jump in second-quarter profit on Friday, helped by new product launches.

Net profit rose to 518 crore in the quarter ended 30 September, from 305 crore a year earlier, the company said.

That handily beat analysts’ expectations of 352 crore, according to Refinitiv data.

Net sales rose 5.6% to 3,687 crore.

Dr Reddy’s Laboratories (DRL) last week said it will sell its active pharmaceutical ingredient (API) business unit in Hyderabad to generics pharmaceutical company Therapiva Private Ltd.

Therapiva is a joint venture between Omnicare Drugs India, a wholly owned subsidiary of Neopharma LLC, Abu Dhabi and Laxai Life Sciences. The sale includes all related fixed assets (land and building), current assets, current liabilities, and its employees, the company said.

Also read: Dr Reddy’s: API unit sale should lower costs, may not be a windfall

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

Close
×
My Reads Logout