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Dr Reddy's net drops by 19% in FY18
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SME Times News Bureau | 23 May, 2018
Pharma major Dr. Reddy's Laboratories Ltd's net profit during 2017-18
fell by 19 per cent over the previous year, at Rs 981 crore against Rs
1,204 crore during FY17.
For the full year, the revenues stood at Rs 14,203 crore, up one per cent over FY17.
The net profit during the quarter ended March 31 fell by 10 per cent over the previous quarter.
The
Hyderabad-based firm posted net profit of Rs 302 crore during Q4,
compared to Rs 334 crore the previous quarter. The fall is 3 percent
year-on-year.
The company on Tuesday announced the results for Q4 and for the financial year 2017-18.
It posted Rs 3,535 crore revenues during Q4, down by 7 per cent quarter-by-quarter and one per cent year-on-year.
Dr.
Reddy's CEO and Co-Chairman G.V. Prasad described it as a challenging
year for the company with a relative muted fourth quarter's performance.
"This
was mainly on account of continuing headwinds in the US market and a
temporary drop in sales in Russia, attributable to a shift in the
channel purchasing pattern," he said.
"Looking ahead, we will
continue to work diligently on resolving pending regulatory issues. We
will also focus on accelerating new products to market and improving our
approval process."
Gross margin came in at 53.5 per cent during the quarter against 56.3 per cent in Q3FY18 and 51.2 per cent in Q4FY17.
The
company attributed this to higher price erosions, increased competitive
intensity in some of its key molecules in the US and adverse foreign
exchange impact.
The revenues from global generics segment
declined by one per cent during the year due to lower contribution from
North America generics markets on account of higher price erosion and
unfavourable US dollar conversion.
The board of the company
recommended a final dividend of Rs 20 per equity per share on face value
of Rs 5 each for financial year 2017-18.
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