NEW YORK, February 3 (FinanceEnquiry.com) - With the sale of robust Olanzapine in the US, Indian pharmaceutical company Dr Reddy's Laboratories has reported a net profit of Rs 513 crore in the third quarter. The profit is 88 percent more than its net profit of Rs 273.14 crore for the same period in 2010. According to K Satish Reddy, managing director and COO of Dr Reddy’s Laboratories, the company reported 46 percent growth in its net income from sales and services for the third quarter of 2011. This year, the company posted Rs 2,769 crore of net income from sales and services in Q3, compared to Rs 1,899 crore for the third quarter of the previous fiscal.

Because of the uniqueness the company had on the drug Olanzapine 20 mg, which was unveiled in October last year in the US market, Q3 proved to be one the best quarter for Dr Reddy’s Laboratories in terms of sales and profit, says Reddy. He even mentioned that with the contribution of $99 million from Olanzapine to overall North American revenues, the company’s revenues from the same market nurtured by 120 percent to Rs 1,283 crore from Rs 582 crore in the same quarter last fiscal. Additionally, he expects the US growth to continue for this quarter as well as the next quarter, because of the continuation of exclusivity of Olanzapine. The company’s revenue for the same quarter in Russia and India grew by 15 percent and 16 percent, respectively, to Rs 332 crore and Rs 419 crore. Launch of new product, such as Stamlo, Reditux, Omez-D and Razo, raised the sales of India.