Dr Reddys Q2 net plummets 60% at Rs 308.9 cr

25/10/2016 17:32

Country’s secong largest drug maker Dr Reddys Laboratories Ltd on Tuesday reported a significant fall of 60.1 per cent in its consolidated net profit after taxes (PAT) at Rs 308.9 crore for the second quarter ended September 30, 2016.

“The consolidated net profit of the company stood at Rs 774.7 crore during the same period a year ago,” said Dr Reddys Laboratories Ltd in a filing to the Bombay Stock Exchange on October 25, 2016.

Pharma major’s consolidated total income too declined by 10.6 per cent to Rs 3,660.1 crore during Q2 2016-17, from Rs 4,093.1 crore over the previous year quarter.

Commenting on the results, Dr Reddy’s, Co-chairman and CEO, GV Prasad said, “All out businesses have shown sequential improvement over the previous quarter. We have made considerable progress in our remediation efforts and continue to work on addressing the concerns of the regulators.”

He said his company was focusing on launching new generic products and improving productivity.

During the quarter, the Research & Development (R&D) spend at Rs 5.2 billion (14.5 per cent of revenue).

Meanwhile, shares of the company closed at Rs 3200.45 apiece, up 3.59 per cent from previous close on BSE.

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