Indian pharmaceutical major Dr. Reddy’s Laboratories Ltd said on Wednesday it was focused on employee safety and business continuity in and around Russia
Last Updated at March 9, 2022 14:39 IST
Indian pharmaceutical major Dr. Reddy’s Laboratories Ltd said on Wednesday it was focused on employee safety and business continuity in and around Russia, despite many Western companies pulling out from Russia in recent days.
No Indian company has publicly withdrawn from Russia and New Delhi has declined to condemn Moscow’s invasion of Ukraine, despite pressure from the United States to do so. Western companies such as McDonald’s, PepsiCo, Coca-Cola and Starbucks have stopped sales of their best-known products in Russia.
“We have had a presence in the region for over three decades,” a Dr. Reddy’s spokesperson said in an email.
“Ensuring the well-being of our staff is our first and foremost priority, along with measures to meet patient needs and business continuity. Overall, we are monitoring evolving developments closely and preparing accordingly.”
It declined to say if it would raise or scale back investments in Russia, which accounted for more than 8% of its total sales of 189.7 billion rupees ($2.47 billion) in the last fiscal year that ended on March 31.
The company said in its annual report last year that its focus was on “scaling up in our major markets, which include Russia, China, Brazil, South Africa and Ukraine”.
Dr Reddy’s, India’s fourth-biggest pharmaceutical company by market value, sells pain killers and other medicines in Russia. It is the main distributor in India for Russia’s Sputnik COVID-19 vaccines.
Its CEO told a health conference in January Russia was a “very good market” for it and that it was buying brands there.
Shares of the company, in which J.P. Morgan Asset Management has the biggest stake after Dr. Reddy’s Holdings Ltd, have fallen about 8% since Russia invaded Ukraine on Feb. 24. The stock is down a fifth this year, compared with a 6% fall in the wider Mumbai market.
($1 = 76.8050 Indian rupees)
(Reporting by Krishna N. Das; Editing by Raju Gopalakrishnan)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.