Dr Reddy's Q4 net up by 175 per cent

The net profit of pharma major Dr Reddy's Laboratories jumped 175 per cent to Rs 337.6 crore for the fourth quarter ended March 31.

The company had posted a net profit of Rs 122.6 crore for the corresponding period of the previous fiscal.

Its consolidated total income declined by 4.8 per cent to Rs 3,554 crore against Rs 3,756 crore in the same quarter last fiscal.

For the full year ended March, 2017, the net profit fell by 40 per cent to Rs 1,203 crore against Rs 2,001 crore in 2015-16.

The Hyderabad-based company on Friday announced results for Q4 and the financial year 2016-17.

Revenues for the full year too decreased by 9 per cent to Rs 14,080 crore from Rs 15,470 crore in the previous fiscal.

"FY17 has been a challenging year due to lack of new product approvals for the US market. However, our other geographies delivered good performances with several new product launches," said G.V. Prasad, Co-chairman and CEO, Dr Reddy's.

The company attributed decrease in revenue and profit to 10 per cent and 5 per cent decline in revenues from global generics and pharmaceutical services and active ingredients segments, respectively.

Global generics sales during Q4 slipped 5 per cent over the previous quarter to Rs 2,913.8 crore while North America generic sales dropped 8 per cent to Rs 1,534.9 crore.

Europe generic sales during the quarter dropped 4 per cent to Rs 206.6 crore and India sales also declined 4 per cent to Rs 571.1 crore compared with Q3 of FY17.

The board of directors recommended a final dividend of Rs 20 (400 per cent) per equity share of Rs 5 face value, for the financial year 2016-17.

--IANS

ms/lok/dg