MUMBAI, APR 20: The Hyderabad-based Dr Reddy's Laboratories has registered a six per cent increase in net profit at Rs 51.76 crore in the fiscal 1998-99 as against Rs 48.84 crore in the previous year. The increase in profits is notwithstanding a bad debts write-off of Rs 15.95 crore towards export receivables. The board has recommended a dividend of 30 per cent for 1998-99.Sales for the year increased 28 per cent to Rs 425.85 crore (Rs 331.62 crore). Finished dosages contributed 58 per cent to turnover while bulk drugs accounted for 38 per cent. The diagnostics business accounted for the rest.
On the research and development front, the company said that Dr Reddy's Research Foundation (DRF) received a further boost with the licensing of a second anti-diabetic molecule, DRF 2725, to Novo Nordisk.
The first molecule DRF 2593 is in phase one clinical trials. The anti-cancer compound DRF 1042 will be taken up for phase one clinical trials in India after obtaining necessary approvals from the DrugsController General of India. Besides cancer and diabetes, DRF is also focusing on R&D in ulcers, bacterial infections and inflammation.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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