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Business EconomyPosted at: Oct 28 2020 11:14PM


Dr Reddy's Q2 net falls 30 pc to ₹762 crore

Hyderabad, Oct 28 (UNI) Dr Reddy’s Laboratories Ltd’s consolidated net profit for the second quarter ended September 30, 2020 declined 30 per cent to ₹762 crore, compared to ₹1,092 crore in the corresponding quarter of the previous financial year.
The Hyderabad-based drug maker reported a total revenue growth of 2 per cent to ₹4,897 crore (₹4,800 crore).
The second quarter's sales growth of 20 per cent was adjusted for proprietary products out-licensing income in the previous year, the company said in a release.
Commenting on the results, Co-Chairman and Managing Director , Dr Reddy’s, GV Prasad, said: “We are pleased to report continued growth across all the markets and improved productivity, which is reflected in the healthy EBITDA margin and RoCE. Our research teams are working on several potential remedies for Covid in addition to the already launched products."
Referring to Covid-19 impact, the company said: “During the quarter we saw gradual recovery in demand across India, Russia and other markets after low demand in Ql FY21, although the demand is yet to fully recover to pre-Covid levels.”
Referring to the recent Cyber Attack on its IT infrastructure, the Pharmaceutical giant said we experienced an information security incident and consequently isolated the impacted IT services. This incident involved a ‘ransom-ware attack’. We promptly engaged leading outside cybersecurity experts, launched a comprehensive containment and remediation effort and investigation to address the incident.
As of date, our investigation has not ascertained if any data breaches in the incident pertain to personally identifiable information stored in the Company's systems.
Recovery and restoration of all applications and data is underway. All critical operations are being enabled in a controlled manner, the release said.
We continue our fight against the current pandemic by ensuring health and safety of our employees and business partners by adopting adequate precautionary measures. We continued our operations across plants enabling us to serve our patients across markets.
We launched COVID-19 treatment drugs Avigan (Favipiravir) and Remdesivir. We further strengthened our development pipeline for COVID-19 treatment drugs including the vaccine candidate Sputnik V, the release added.
UNI KNR SHK2315
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