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Dr Reddy’s Q2 profit dips on price erosion, US sales drop
Dr Reddy’s Laboratories Ltd (DRL) on Tuesday announced its financial results for the September-ended second quarter of FY18. Its consolidated Profit after tax (PAT) fell 3.42 per cent (YoY) to Rs284.90 cr from Rs295 cr in the previous corresponding quarter.
Hyderabad: Dr Reddy’s Laboratories Ltd (DRL) on Tuesday announced its financial results for the September-ended second quarter of FY18. Its consolidated Profit after tax (PAT) fell 3.42 per cent (YoY) to Rs284.90 cr from Rs295 cr in the previous corresponding quarter.
However, the global drug major bettered the forecast of Rs270 cr made by analysts. Price erosion and sales drop in US primarily impacted the financial performance of the drug major during the second quarter.
Revenues during the quarter eased 1.1 per cent YoY to Rs3,546 cr from Rs3,585.70 cr in the year-ago quarter, however, rose seven per cent sequentially. Research and development (R&D) spend for the quarter was Rs420 cr. Sales drop in North America, which is the biggest market for it, impacted the company’s performance during the quarter as the revenues from the US fell by 11 per cent YoY to Rs 1,431.8 cr from Rs1,613.4 crore in the same quarter last year.
Sales in India marginally up by two per cent to Rs637crore from Rs625.1cr. Positively, 36 per cent growth in Europe and 14 percent rise in emerging markets supported the company’s top line.
Dr Reddy’s co-Chairman and CEO GV Prasad said: “Healthy performance in India, emerging markets, Europe and PSAI business as well as continued focus on cost control have contributed to sequential growth in our top line as well as bottom line with an EBITDA increase of 105 per cent over the previous quarter.”
