Dr Reddy's Lab extends fall on lower-than-expected Q1 earnings
Analysts on average estimated the net profit at Rs 367 crore on net sales of Rs 2,560 crore.
Dr Reddy’s Laboratories had dipped over 3% at Rs 1,599, extending its previous day’s around 1% fall, on reporting a slightly lower-than-expected 28% year-on-year (y-o-y) growth in consolidated net profit at Rs 336 crore for the quarter ended June 2012. Net sales grew 28% at Rs 2,541 crore on y-o-y basis.
Analysts on average estimated the net profit at Rs 367 crore on net sales of Rs 2,560 crore.
“Gross profit margin at 53% in Q1 FY13 remained flat versus Q1 FY12. In the quarter, the company had a foreign exchange loss of Rs 20.9 crore, compared with a gain of Rs 15.8 crore a year ago,” Dr Reddy's Laboratories said in a filing.
The stock opened at Rs 1,640 and hit a low of 1,598 on the National Stock Exchange. A combined 356,378 shares have changed hands on the counter so far on both the exchanges.