Dr Reddy’s Q3 consolidated net slips 38.51%, stocks down over 2%

Mumbai, Jan 25 (IANS) Pharma major Dr Reddy's Laboratories on Thursday reported a decline of 38.51 per cent decline in its net profit at Rs 302.7 crore during the third quarter (Q3) ended December 31, 2017.

Consequently, the stocks of the company edged lower by 2.26 per cent to close at Rs 2,504 per share on the BSE.

In a regulatory filing at the BSE, the company said its net profit during the quarter under review stood at Rs 302.7 crore -- down 38.51 per cent -- as against Rs 492.3 crore reported during the corresponding quarter of last fiscal.

However, the total income rose by 3.02 per cent to Rs 3,877.1 crore during Q3 2017-18 - from Rs 3,763.5 crore during the same period during 2016-17.

"We recorded sequential revenue growth of 7 per cent despite continuing challenges such as price erosion in the US," G.V. Prasad, CEO and Co-Chairman, Dr Reddy's Laboratories, said in a statement.

"Our first cycle NDA approval of Impoyz is a significant milestone in the commercialisation of our proprietary products pipeline," he added.

(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)