Dr.Reddy's first-quarter profit slumps 57 percent
- By Reuters |
- Jul 27, 2017
- Last Updated at 14:35 IST
REUTERS - Dr.Reddy's Laboratories Ltd <REDY.NS> reported a 57 percent slump in its first-quarter profit as regulatory hurdles and pricing pressures in its biggest market, the United States, dragged on the drugmaker's earnings.
The company, among India's top 5 drugmakers, reported a net profit after tax and share of profit of associates of 666 million rupees ($10.39 million), versus 1.54 billion rupees a year ago, the company said on Thursday. (http://bit.ly/2v0Cmee)
Shares of the drugmaker were trading down 1.2 percent on the National Stock Exchange in afternoon trade.
($1 = 64.1225 Indian rupees)
(Reporting by Vishal Sridhar in Bengaluru; Editing by Himani Sarkar)
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