Dr. Reddy’s, a leading player in India’s $14 billion generic drugs industry, posted revenue of Rs2532 crore, up 17% from the prior year. Photo: Mint
Mumbai: Dr. Reddy’s Laboratories Ltd , India’s second-largest drugmaker by sales, on Tuesday posted a 25% rise in quarterly net profit, but fell short of analysts’ estimates due to a rise in expenses.
Net profit for the January-March quarter was Rs471 crore ($78.68 million), compared with Rs378 crore in the same period a year ago. Analysts on average expected a profit of Rs610 crore, according to Thomson Reuters data.
Dr. Reddy’s, a leading player in India’s $14 billion generic drugs industry, posted revenue of Rs2532 crore, up 17% from the prior year.
Shares in the Hyderabad-based company, valued at nearly $8 billion, fell 3% to Rs2,650 on Tuesday after the earnings, while the Nifty was up 2%. REUTERS
No comments:
Post a Comment