Dr Reddy's Laboratories reported a 60.12% decline in consolidated net profiit at Rs 30.89 crore over sales drop in Venezuela and North America.
Dr Reddy's Laboratories, on Tuesday, reported a decline of 60.12 % in consolidated net profit for the September quarter at Rs 30.89 crore, mainly because of drop in sales in Venezuela and North America.
The company had posted a net profit of Rs 77.47 crore in the July-September quarter of the previous fiscal, Dr Reddy's Laboratories (DRL) said in a filing to BSE. DRL's total income from operation on consolidated basis was down 10.05 % to Rs 361.63 crore as against Rs 402.07 crore in the corresponding quarter last fiscal. "All major businesses have shown sequential improvement over the previous quarter with revenues up 11 % and EBITDA 61 %. We have made progress on remediation efforts and continue to work on addressing concerns of the regulator," DRL's Co-chairman and CEO G V Prasad said.
Its total expenses was up 4.49 % to Rs 325.15 crore as against Rs 311.17 crore last year. "Gross profit margin declined by 56 % ... primarily on account of lower sales due to increased competitive intensity in some of our key molecules in the US," the company said. "Revenues from global generic segment was at Rs 29 billion, year-on-year decline of 12 %; decrease primarily on account of lower contribution from North America and loss of sales from Venezuela," it added. In first half of the current fiscal, DRL's consolidated standalone net profit was down 67.48 % to Rs 46.24 crore as against Rs 142.22 crore in the six-month period a year ago. Its total income in first half of the current fiscal was also down 11.96 % to Rs 686.10 crore compared to Rs 779.35 crore in the same period last year. Shares of DRL were trading at Rs 3,115.60 on BSE during the morning trading hour, up 0.84 % from previous close.
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