Dr. Reddy’s Lab posts Q3 net loss of ?570 crore

Dr. Reddy's Lab

Dr Reddy’s Laboratories Ltd’s on Monday reported a consolidated net loss of ?569.7 crore on higher expense. The company posted a net loss of ?569.70 crore for the third quarter ended December 31, against ?485 crore in the previous-year period. A Bloomberg poll of 26 analysts had estimated a net profit of ?492.10 crore.

Total revenue grew 13.86% to ?4383.8 crore for the quarter crore from ?3,850 crore same quarter last year. Revenues from global generic segment increased to ?3,590 crore, a growth of 15% on a year-on-year basis, primarily driven by Europe, emerging markets and India.

Operating profit or EBITDA (Earnings before Interest, Tax, Depreciation and Amortization) increased 14.31% to ?2,372.2 crore as against ?2,075.2 crore in the year-ago period and ?2762 crore in September quarter.

Co-Chairman and MD GV Prasad said: “The current quarter performance has been good across all our businesses and we achieved strong EBITDA margins. The profits were impacted due to trigger based impairment charge taken on a few products including gNuvaring.”

Revenue from Europe, India and emerging markets, however, rose 52%, 13% and 19%, respectively, on the back of new products and volume transaction in the base business.

Year-on-year revenues from North America grew by 8% to ?1600 crore and sequentially grew 12%, largely on account of higher volumes in some of its key molecules partly offset by price erosion in some of our key molecules.

“We continue to focus on execution and have made significant progress on quality systems and operational efficiencies,” he added.

R&D expenditure was ?394.9 crore, or 9% of the revenue. For the nine months, net profit decreased 18% at ?1185.6 crore.

At 12.11 pm,the scrip gained 1.42% on the BSE to close at ?3071 on Monday, while the benchmark index, Sensex lost 0.45% to close at 41,427.10 points.

News Source: livemint

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