Dr. Reddy's Laboratories Ltd on Friday reported a 175.37 per cent jump in its consolidated net profit to Rs 337.6 crore in the quarter ended March 31, 2017 as compared to Rs 122.6 crore in the corresponding period last year.
Net sales stood at Rs 3,498.5 crore in the quarter under review, down by 5.3 per cent from Rs 3,695.10 crore in the year-ago period.
Its net profit for the entire financial year 2016-17 (FY17) was at Rs 1,292.1 crore as against Rs 2,130.6 crore in the previous fiscal.
Revenues from GG (Global Generics) segment for FY 17 was at Rs 115.4 billion, a decline of 10 per cent over last year, primarily on account of lower contribution from North America and emerging markets.
Co-chairman and CEO G.V. Prasad said: "FY17 has been a challenging year due to lack of new product approvals for the US market. However, our other geographies delivered good performances, with several new product launches. We are also seeing expanded global access to our Biosimilars, as a result of successful registrations in emerging markets.
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"We will continue our focus on rationalisation of cost structures and building a sustainable quality culture across the organisation."
"Gross profit margin for FY 17 is at 55.6 per cent and declined by 400 bps over that of previous year. This decline is primarily on account of high price erosion in our North America Generics business, impairment charge taken at our Bristol plant, provision towards new product inventory and higher manufacturing overheads," the company added.
--IANS
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