Dr Reddy's Lab bounces back after reporting Q2 results

Dr Reddy's Laboratories was up 1.77% to Rs 2,489.95 at 11:52 IST, with the stock bouncing back from intraday low after the company announced Q2 September 2017 results during market hours today, 31 October 2017.

Meanwhile, the S&P BSE Sensex was down 32.12 points or 0.1% at 33,234.04.

On the BSE, 1.66 lakh shares were traded on the counter so far as against the average daily volumes of 46,000 shares in the past two weeks. The stock had hit a high of Rs 2,492 and a low of Rs 2,390.50 so far during the day.

On a consolidated basis, Dr Reddy's Laboratories' (DRL) net profit fell 3.42% to Rs 284.90 crore on 1.1% decline in revenue to Rs 3546 crore in Q2 September 2017 over Q2 September 2016.

The company's consolidated earnings before interest, tax, depreciation and amortization (EBITDA) grew by 7.28% to Rs 688.80 crore in Q2 September 2017 over Q2 September 2016. EBITDA margin improved to 19.4% in Q2 September 2017, from 17.9% in Q2 September 2016.

G.V. Prasad, CEO and Co-Chairman of DRL said that healthy performance in India, emerging markets, Europe and PSAI businesses as well as continued focus on cost control, have contributed to sequential growth in the company's top line as well as bottom line, with an EBITDA increase of 105% over the previous quarter. Looking ahead, DRL expects to see results from products launched in the US during the first half of this fiscal.

DRL will continue to focus on the launching of new products as well as on improving operational efficiencies and quality management systems across the company, Prasad said.

Dr Reddy's Laboratories is an integrated global pharmaceutical company.

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