Dr Reddy’s net dips 80% to Rs 126 cr 

Hyderabad: Drug major Dr Reddy’s Laboratories on Tuesday announced its consolidated quarter ending June 2016. The net profit declined by 80 per cent to Rs 126.3 crore for the quarter as sales slipped in the US and Venezuelan markets. The company had reported Rs 625.7 crore net profit for the same quarter last fiscal, the company said in a statement. Consolidated net income from sales and services declined 14 per cent to Rs 3,234.5 crore for the quarter under review as against Rs 3,757.8 crore in the year-ago period.

GV Prasad, Co-chairman and CEO, Dr Reddy’s Laboratories, said: “We have come through a very difficult first quarter with our top and bottom lines impacted by a decline in volume growth particularly in the US market and the loss of business in Venezuela, We also a faced a number of challenges in the quarter including price erosion and delayed launches as a result of the warning letter (from USFDA), which significantly impacted our earnings.”

Generic sales from North America dipped 16 per cent in the first quarter to Rs 1,552.3 crore as against Rs 1,851.6 crore during the same period last fiscal.

Source: PTI