 "Dr Reddy's Q1 net down 76% at Rs 154 cr")
While not much was expected from Dr Reddy’s March quarter results, the higher-than-estimated decline in profitability was a disappointment. With US FDA-related issues remaining unresolved, the near-term outlook continues to be subdued.
Revenues at Rs 3,554 crore for the March quarter were down 5% year-on-year (y-o-y), and were lower than Rs 3,683 crore estimated by analysts polled by Bloomberg. This was the fifth consecutive quarterly decline on a y-o-y basis, in revenues. Earnings before interest, tax, depreciation and amortisation (Ebitda) at Rs 630.3 crore fell well short of expectations of Rs 779 crore. Consequently, net profit at Rs 312.5 crore
