Dr. Reddy's eyes aspirational goal to be in top five in the Indian market
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Pharma major Dr Reddy's Laboratories Ltd is increasingly focussing on launching innovative products through partnerships with an aim to grow at 15-16% in India, a top company official said.'We look into getting into the top 5 (in the India market). We have to grow much more than the market and grow 15-16%,' said M.V. Ramana , Chief Executive Officer, Branded Markets (India and Emerging Markets).'Our large push is to see how the internal growth engine supported by our R&D will grow existing brands, new products and consumer health,' he added.On Friday, the company reported a 22% year-on-year increase in fourth quarter (Jan-Mar) net profit to Rs 1593.90 crore, while revenue for Q4 was Rs 8,506 crore, up 20%.'India for FY25 has grown by 16% so what is critical is in terms of the portfolio we are able to offer in and how do we grow our existing brands, the second is what we have been doing in the past two years that is working with innovative companies to bring in their innovations into the market and what we do see that these innovations are picking pace,' he told ET after the company announced its fourth quarter results.The company attributed the growth to successful product launches, increased revenues from key products in the US and the integration of its acquired Nicotine Replacement Therapy (NRT) business in Europe.For the full year ended March, net profit rose 2% to Rs 5655 crore, while revenue was at Rs 32553.50 crore."We will continue to strengthen and grow our core businesses through portfolio management and operational excellence, while pursuing strategic partnerships and inorganic growth opportunities,' Co-Chairman & MD G V Prasad said in a press release.Explaining its innovation focus, Ramana said, 'One such opportunity is the product we have launched is toripalimab for nasopharyngeal carcinoma . We see that it is gaining traction and getting good results based on the feedback from doctors.''Two other products we are launching this quarter one of it is a respiratory vaccine for infants. This product has done well globally. Similarly another innovation we are bringing in is a product for allergy the first product approved by CDSCO in this space.''Increasingly the idea is to bring in more assets to India and emerging markets so that the Indian patients and consumers have the same benefits as these innovations in other parts of the world.'The company also looks to expand beyond current offering and is working more on consumer health.Last year, DRL entered a joint venture with FMCG major Nestle in the health and wellbeing space. 'That integrated well and is expected to continue to grow,' said Ramana.On the question of impact of any potential tariffs levied by the US, company officials said there is no clarity at the moment, declining to share an estimate.
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