Dr Reddy's Q1 net plunges 78%

BS 200 SCORECARD

Dr Reddy's Laboratories has reported a staggering 78 per cent drop its net profit for the first quarter ended June 30, hit mainly by a fall in rupee. Net profit for the quarter was Rs 17.3 crore compared with Rs 79.2 crore for the same period last year.

The company said it's foreign exchange loss stood at Rs 32.3 crore because of the change in the rupee-dollar parity. Total revenues for the quarter inched up six per cent to touch Rs 510.8 crore as compared to Rs 481.20 crore for the corresponding quarter last year.

Diluted EPS for the quarter slid to Rs 2.27 as against Rs 10.35 in the same quarter last year. Dr Reddy's CEO G V Prasad said the quarter's results were 'not encouraging' and that during the quarter the company faced increased pricing pressure on two of its best selling generic drugs in the US market, Fluoxetine and Tizanadine.