Dr Reddy’s Labs Q3 profit drops 16.6%; sales down 7%

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NEW DELHI: Dr Reddy’s Laboratories on Saturday reported a 16.55 per cent YoY drop in consolidated net profit at Rs 483.40 crore for the December quarter.

This was against a profit of Rs 579.30 crore the drugmaker reported in the corresponding quarter of last year. The company reported other comprehensive income of Rs 119.40 crore, compared with Rs 121.50 crore in the year-ago quarter.

In a filing to BSE, the company said its net sales for the quarter fell 6.56 per cent to Rs 3,653.40 crore, compared with Rs 3,910 crore in the same quarter last year. The company’s pharma services and active ingredients segment reported lower revenues at Rs 699.70 crore (Rs 912.70 crore YoY). Global generics segment too reported lower YoY revenues at Rs 3,071 crore.

Gross profit margin for the third quarter stood at 59.10 per cent.

The company said it spend Rs 500 crore on research and development during the quarter, which was 13.4 per cent of its consolidated revenue.