Leading pharmaceutical company Dr. Reddy's Laboratories announced its financial results for the third quarter ended December 31, 08. The company posted net profit of
192.40-crore in the reporting period as compared to loss of Rs 121.30 crore in the same period last year.

Its revenue stood at Rs 1,840 crore in Q3 as compared to Rs 1,231 crore in the third quarter of financial year 2007-08.

The company introduced an authorized generic version of GlaxoSmithKline's Imitrex, Sumatriptan during the period, which increased its sales significantly and helped to increase profit. Imitrex is a generic drug which is used for the treatment of migraine.

The Managing Director and CEO of Dr. Reddy's, K. Satish Reddy expressed satisfaction over its performance for the third quarter. He said that the company performed well despite tough economic conditions under the impact of global slowdown.

Meanwhile, non-executive director of Dr. Reddy's Labs and a Harvard Business School professor, Krishna G. Palepu has resigned from his post on Tuesday. The drug major has also been caught in land dispute as the State revenue authorities served notice to it for the land bought from beleaguered Satyam arm SIFY.