Impairment hit: Dr Reddy's reports Rs 570 Cr loss for Q3

Dr Reddy's Laboratories Limited's suffered nearly Rs 570 crore loss for the quarter ended December 31 against Rs 485 crore profit after tax during the corresponding period of FY19, the company said on Monday.

Revenues for the quarter under discussion was up by 14 per cent to Rs 4,384 crore against Rs 3,850 crore in Q3 of last fiscal, a press release said.

Commenting on the results, Co-Chairman and MD, GV Prasad said, "The current quarter performance has been good across all our businesses and we achieved strong EBITDA margins.

"The profits were impacted due to trigger based impairment charge taken on a few products including gNuvaring. We continue to focus on execution and have made significant progress on quality systems and operational efficiencies."
In December, 2019 there had been a generic launch and an authorised generic launch for the product Nuvaring, which has led to a considerable erosion in the value of this product for the company, and accordingly the drug maker has taken an impairment charge of Rs