Dr Reddy's net profit drops by 19% to Rs 470 crore

Dr Reddy's Laboratories on Saturday said its net profit for the quarter ended December 31 was down by 19% to Rs 470 crore against Rs 579 crore during the corresponding quarter in FY 16 owing to drop in North American sales.

According to a statement issued by the company, revenues for Q3 FY17 dropped by 7% to 3707 crore against Rs 3968 crore in Q3 of FY16. Generic sales from North America registered a drop of 15% to 1660 crore during the October-December quarter resulting a drop of 9% over generic sales globally.

Company's Co-Chairman and CEO GV Prasad said Our performance in Q3 has delivered a modest sequential revenue growth of 3% over the previous quarter. Our EBITDA improved significantly from the last quarter to Rs 8.8 billion, on the back of enhanced emphasis on operational efficiencies and controlling of SG and A costs across all our businesses.