Dr Reddy's Labs spurts after Telangana unit gets EIR from USFDA

Dr Reddy's Laboratories jumped 4.96% to Rs 3,797.70 after the company said its API manufacturing plant at Telangana received the Establishment Inspection Report (EIR) from the US drug regulator.

Dr Reddy's Laboratories said its API (Active Pharmaceutical Ingredient) manufacturing plant 5 at Miryalaguda, Nalgonda district in Telangana received the Establishment Inspection Report (EIR) from US Food and Drug Administration (USFDA), indicating closure of the audit. The inspection classification of this facility is determined as voluntary action indicated (VAI). The announcement was made after trading hours on Thursday, 9 April 2020. The markets were shut on Friday, 10 April 2020 due to public holiday.

On a consolidated basis, Dr Reddy's Laboratories reported a net loss of Rs 538.40 crore in Q3 December 2019 compared with a net profit of Rs 500.30 crore in Q3 December 2018. Net sales rose 13.86% to Rs 4,383.80 crore in Q3 December 2019 over Q3 December 2018.

Dr Reddy's Laboratories is engaged in providing medicines. The firm operates in three segments: global generics, pharmaceutical services and active ingredients (PSAI) and proprietary products.

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