Dr Reddy's Q1 net profit declines 53% to Rs 59 cr

Revenues fell 4% in US; on the domestic front, the fall was sharper at 10%

Indian generics pharmaceutical major Dr Reddy's Laboratories’ performance for the quarter ended June has been below expectations on all counts.

While the company’s US business is under continuous pricing pressure, the India business, impacted by de-stocking before the goods and services tax (GST) came into effect, added to its woes. 

US generic sales, which contribute 45 per cent to the firm’s revenues, fell 4 per cent year-on-year while India formulations sales (generating 14 per cent of its revenues) declined by 10 per cent.

Generic sales in Europe (about 6 per cent of revenues) and emerging markets (17 per cent) grew by 28 and