Dr Reddy's Labs gains after declaring Q4 result

Dr Reddy's Laboratories rose 1.78% to Rs 1,928 at 14:45 IST on BSE after the pharma major declared result for Q4 March 2018 during trading hours today, 22 May 2018.

Meanwhile, the S&P BSE Sensex was up 19.87 points, or 0.06% to 34,636.

On the BSE, 78,000 shares were traded in the counter so far compared with average daily volumes of 50,000 shares in the past two weeks. The stock had hit a high of Rs 1,957.50 and a low of Rs 1,889 so far during the day. The stock hit a 52-week high of Rs 2,788 on 24 July 2017. The stock hit a 52-week low of Rs 1,888 on 21 May 2018.

Dr Reddy's Laboratories' consolidated net profit fell 3% to Rs 302.20 crore on 1% fall in revenue to Rs 3534.90 crore in Q4 March 2018 over Q4 March 2017.

Dr Reddy's Laboratories CEO and Co-chairman GV Prasad said that the company concluded a challenging year with a relatively muted fourth quarter performance. This was mainly on account of continuing headwinds in the US market and a temporary drop in the sales in Russia, attributable to a shift in the channel purchasing pattern.

Looking ahead, the company will continue to work diligently on resolving pending regulatory issues and will also focus on accelerating new products to market and improving approval process, he said.

Dr Reddy's Laboratories said that the board of directors of the company has recommended a final dividend of Rs 20 per share for the financial year 2017-18.

Dr Reddy's Laboratories is an integrated pharmaceutical company.

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