Dr Reddy s Q4 net up by 175 per cent

Hyderabad May 12 (IANS) The net profit of pharma major Dr Reddy s Laboratories jumped 175 per cent to Rs 337.6 crore for the fourth quarter ended March 31.

The company had posted a net profit of Rs 122.6 crore for the corresponding period of the previous fiscal.

Its consolidated total income declined by 4.8 per cent to Rs 3 554 crore against Rs 3 756 crore in the same quarter last fiscal.

For the full year ended March 2017 the net profit fell by 40 per cent to Rs 1 203 crore against Rs 2 001 crore in 2015-16.

The Hyderabad-based company on Friday announced results for Q4 and the financial year 2016-17.

Revenues for the full year too decreased by 9 per cent to Rs 14 080 crore from Rs 15 470 crore in the previous fiscal.

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 said G.V. Prasad Co-chairman and CEO Dr Reddy s.

The company attributed decrease in revenue and profit to 10 per cent and 5 per cent decline in revenues from global generics and pharmaceutical services and active ingredients segments respectively.

Global generics sales during Q4 slipped 5 per cent over the previous quarter to Rs 2 913.8 crore while North America generic sales dropped 8 per cent to Rs 1 534.9 crore.

Europe generic sales during the quarter dropped 4 per cent to Rs 206.6 crore and India sales also declined 4 per cent to Rs 571.1 crore compared with Q3 of FY17.

The board of directors recommended a final dividend of Rs 20 (400 per cent) per equity share of Rs 5 face value for the financial year 2016-17.

--IANS
ms/lok/dg