Indian drugmaker Dr Reddy's Laboratories has posted a 26% decline in net income for the fiscal quarter ended June 30 to 1.35 billion rupees (around $31.6 million), hit by a major hike in selling, general and administrative expenses.

The latter was up 51.6% to 4.7 billion rupees, but the company also had reason to celebrate as turnover climbed 25% to just over 15 billion rupees. Revenues from North America shot up 62% to 2.8 billion rupees and by 11.5% in Europe to 2.9 billion rupees.

Revenues from Betapharm, the German company Dr Reddy’s acquired last year increased 20% to 2.5 billion rupees and the company said that a “significant improvement in the supply situation” has resulted in higher market share.

The company enjoyed healthy turnover rises in Russia and the other CIS markets, while revenues at home were up 9% to 2.2 billion rupees. In India, Dr Reddy’s said that new product launches in the last three years contributed 27% to total revenues.