Dr Reddy's Lab bounces back after reporting Q2 results

Dr Reddy's Lab bounces back after reporting Q2 results”

Pharma major Dr Reddy's Laboratories Ltd has reported 3 per cent drop in its consolidated net profit at Rs 285 crore in the second quarter ended September 30, 2017 compared with Rs 295 crore in the corresponding quarter of the previous financial year as per International Financial Reporting Standards (IFRS).

Revenue during the quarter fell 1.1 percent year-on-year to Rs 3,546 crore which dented by United States business; but increased 7 percent sequentially. Revenue declined 1.6% to Rs3,559.8 crore in the quarter from Rs3,616.3 crore a year earlier.

Numbers barring revenue were ahead of estimates as profit was estimated at Rs 279.9 crore on revenue of Rs 3,684 crore and operating income was expected at Rs 635.4 crore with margin at 17.2 percent for the quarter, according to average of estimates of analysts polled by CNBC-TV18.

On a sequential basis, Dr Reddy's net profit jumped 4.6 times and revenue increased 6.8% in the September quarter.

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The company said revenue growth in North America, the biggest market, fell by 11 per cent YoY to Rs 1,431.8 crore from Rs 1,613.4 crore in the same quarter a year ago.

Domestic revenue was up 2 per cent, but growth in European and Emerging markets stood firm at 36 per cent and 14 per cent, respectively.

Chalke said timely US approval and launch of key products such as generic versions of Copaxone and Nuvaring, and clearance of manufacturing sites that are facing regulatory action from the US Food and Drug Administration (FDA) will be big positives for the company.

At 11:35 hours IST, the stock price was quoting at Rs 2,465.50, up Rs 32.50, or 1.34 percent on the BSE.

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