Dr Reddy8217;s pays 30

MUMBAI, April 27: Dr Reddy8217;s Laboratories registered an impressive turnover of Rs 331.60 crore in 1997-98 against Rs 249.90 crore in the previous year. Net profit grew by 45 per cent to Rs 48.80 crore from Rs 33.50 crore after providing for taxation of Rs 4.50 crore. The directors have maintained the dividend at Rs 3 per share for the year.

The major contribution has come in from the formulations business which achieved a growth of 57 per cent with a turnover of Rs 207 crore against Rs 132 crore. Domestic formulations achieved sales of Rs 136 crore, a growth of 39 per cent over the previous year.Formulations exports also contributed to the increased turnover with sales of Rs 71 crore against Rs 35 crore last year. The bulk drugs business registered sales of Rs 115 crore against Rs 113 crore. While domestic operations contributed Rs 66 crore, exports raked in Rs 49 crore.

K Satish Reddy, MD, said, quot;The outcome from the new ventures and consolidation in the existing businesses will help Dr Reddy8217;s maintaina 30 per cent growth rate in the current financial year.quot;