MUMBAI (Reuters) - Dr Reddy's Laboratories Ltd, India's second-largest drugmaker, said its quarterly profit slumped 75 percent, hurt by fierce competition in its largest market, the United States.
Net profit for the April-June quarter fell to 1.54 billion rupees ($22.89 million) from 6.26 billion rupees the previous year, and missed a Thomson Reuters I/B/E/S estimate of 4.95 billion rupees from 17 analysts.
Dr Reddy's top priority for the year will be to fix quality control problems at three of its factories, which accounts for about 12 percent of its sales, after U.S. regulators issued a warning letter highlighting quality compliance problems in November. Until it resolves those issues, the company will not get approval to sell new drugs made at the plants.
($1 = 67.2700 Indian rupees)
(Reporting by Zeba Siddiqui in Mumbai; Editing by Edwina Gibbs and Sherry Jacob-Phillips)
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