Dr Reddys Lab gains after Q4 results

Dr Reddys Laboratories rose 0.22% to Rs 2,598 at 14:17 IST on BSE after consolidated net profit rose 175.37% to Rs 337.60 crore on 5.32% decline in net sales to Rs 3498.50 crore in Q4 March 2017 over Q4 March 2016.

The result was announced during trading hours today, 12 May 2017.

Meanwhile, the S&P BSE Sensex was down 93.04 points, or 0.31% to 30,157.94.

On the BSE, 1.25 lakh shares were traded in the counter so far, compared with average daily volumes of 43,185 shares in the past one quarter. The stock had hit a high of Rs 2,615 so far during the day. The stock had hit a low of Rs 2,525.25 so far during the day, which is also a 52-week low for the counter. The stock hit a 52-week high of Rs 3,689 on 20 July 2016.

The stock had underperformed the market over the past one month till 11 May 2017, falling 1.91% compared with 2.05% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 12.87% as against Sensex's 6.76% rise.

The large-cap drug major has equity capital of Rs 82.87 crore. Face value per share is Rs 5.

Dr Reddys Laboratories' co-chairman and CEO, G V Prasad said that FY 2017 had been a challenging year due to lack of new product approvals for the US market. However, the company's other geographies delivered good performances, with several new product launches. The company is also seeing expanded global access to its biosimilars, as a result of successful registrations in emerging markets. The company will continue its focus on rationalisation of cost structures and building a sustainable quality culture across the organisation.

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

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