New York, May 31: Dr. Reddy's Laboratories has reported a drop in its profit by 28 per cent, due to lower sales of a Prozac generic drug to the key US market and slowing domestic sales. Its profit stood at Rs 353 crore in the fiscal year ended March 31, 2003, as compared to Rs 492 crore the prior year.
Net sales rose 9 per cent to Rs 1,807 crore.
The company earns about 60 per cent of its revenue from international markets including key ones like the US, Russia, Europe, China, Brazil and Mexico. Sales growth excluding India increased 10 per cent for the fiscal year.
Sales in India were expected to have taken a hit in the quarter because distributors likely held off on stocking up amid confusion over the implementation of a new Value Added Tax. Bureau Report