Dr Reddy's Q2 profit falls 17% at Rs 574 crore

Shares fall as much as 3% post results

Dr Reddy's Laboratories Ltd, India's second-largest drugmaker by revenue, reported a 17% drop in its second-quarter profit, pushing its shares down nearly 3%.

The company, whose formulations include drugs for cardiovascular disorders, oncology and pain management, posted a net profit of Rs 574 crore compared with Rs 690 crore a year earlier.

It also said it bought the rights to sell the nicotine patch Habitrol in the United States from Novartis Consumer Health Inc, a unit of Swiss firm Novartis.

The agreement was entered into on Oct 18 and is subject to a review by the US Federal Trade Commission, Dr Reddy's said in a statement, without disclosing further details.

Dr Reddy's shares were down 2.5% at Rs 3,004 at 0657 GMT in Mumbai, while the Nifty was up 0.4%.

($1 = 61.3100 rupees)