Profits drop at Dr. Reddy's

Not having had a major generic drug release since 2002, Dr. Reddy's reports net profits down 44% in the last quarter.

Dr. Reddy's is India's only New York Stock Exchange-listed drug maker, is India's biggest spender on drug R&D as a percentage of sales (12%), and earns a majority of its revenue -- 60 percent in the quarter ended Sept. 30 -- from outside India.