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Dr Reddy’s Q1 net dips 57% to Rs 67 cr on price erosion in US, GST

Dr. Reddy's, Financial Results, stock market

Mumbai: Pharma major Dr Reddy’s Laboratories Ltd's consolidated net profit decreased 56.6 per cent at Rs. 66.6 crore in the first quarter ended June 30, 2017 compared to Rs. 153.5 crore in the corresponding quarter of the previous financial year according to the Indian Accounting Standards (Ind AS).

The total revenue of the Hyderabad-based company, however, increased 1.7 per cent at Rs. 3,371 crore as against Rs. 3,312 crore in the year-ago period.

According to International Financial Reporting Standards (IFRS), the company reported a 53 per cent decrease in net profit at Rs. 59.1 crore (Rs 126 cr) on a revenue increase of 3 per cent at Rs. 3,316 crore (Rs 3,234 cre).

Commenting on the results, Dr Reddy’s co-Chairman and CEO G V Prasad said: "Our first quarter results of FY 18 have been below expectations. While headwinds in the form of price erosion due to US customer consolidation continue, a lower contribution from new product launches in the US and GST implementation in India also impacted our performance.’’

Dr Reddy’s scrip lost 2.27 per cent on the Bombay Stock Exchange on Thursday and is trading at Rs.2,649

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