Dr Reddy's Q3 profit down 29% at Rs 3.3 bn on higher price erosion

On a sequential basis, global generics grew 5 per cent as compared to Rs 28.62 billion in the quarter ended September, 2017

Indian pharmaceutical major Dr. Reddy's Laboratories Limited has reported a 29 per cent decline in consolidated net profit at Rs 3.34 billion for the quarter ended December 2017, compared with Rs 4.70 billion a year earlier,  on the back of higher price erosion, increased competition and the impact of adverse foreign exchange in the US and European markets.

However, the company was able to post a 3 per cent increase in consolidated revenues at Rs 38.06 billion during the third quarter under review as compared with Rs 37.07 billion in the corresponding quarter previous year.

"We had a satisfactory third