Dr. Reddy's Labs 4Q net income rises 67 percent

Dr. Reddy's Labs 4th-quarter income rises, and revenue surpasses estimates

Associated Press

NEW YORK (AP) -- Drugmaker Dr. Reddy's Laboratories Ltd. said Tuesday its net income climbed 67 percent in the fiscal fourth quarter.

The company said it earned 5.7 billion rupees ($104 million), or 60 cents per U.S. share. Its revenue grew 26 percent to 33.4 billion rupees ($611 million)

FactSet says analysts expected net income of 47 cents per share and $545.7 million in revenue.

For the full fiscal year Dr. Reddy's said its net income rose 18 percent to 16.8 billion rupees ($307 million), or $1.80 per share. Revenue grew 20 percent, to 116.3 billion rupees ($2.1 billion). The Hyderabad, India-based company reported greater sales in North America, Russia, the Commonwealth of Independent States and other emerging markets.

U.S. shares of Dr. Reddy's lost 85 cents, or 2.2 percent, to $37.61 in morning trading.

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