Dr Reddy's Q4 profit rises by 25 per cent, lags estimates
Net profit for the January-March quarter was 4.71 billion rupees
By : DC Correspondent
Update: 2014-05-13 15:55 GMT
Mumbai: Dr. Reddy's Laboratories Ltd, India's second-largest drugmaker by sales, on Tuesday posted a 25 per cent rise in quarterly net profit, but fell short of analysts' estimates due to a rise in expenses.
Net profit for the January-March quarter was 4.71 billion rupees ($78.68 million), compared with 3.78 billion rupees in the same period a year ago. Dr. Reddy's, a leading player in India's $14 billion generic drugs industry, posted revenue of 25.32 billion rupees, up 17 percent from the prior year.
Shares in the Hyderabad-based company, valued at nearly $8 billion, fell 3 per cent to 2,650 rupees on Tuesday after the earnings, while the Nifty was up 2 per cent.