Dr Reddy’s consolidated net slithered
Dr Reddy’s Laboratories has recorded a 14.28% turn down in its combined net profit by Rs 209.55 crore from Rs 244.47 crore for its first quarter ending in June 30, 2010, at the constant period in the previous fiscal.
Net income arriving out from sales and services stands at Rs 1,683.13 crore, contrasted with Rs 1,818.94 crore in the similar period of the consequent fiscal. With a plummet in profits, its return per share dwindled down by Rs 12.41 from Rs 14.51 in the previous period.
According to GV Prasad, vice-chairman and CEO illuminating the reasons for the tumble expressed that while the beginning was sluggish; it is not a mirror for the complete year.
Whilst single product, that was assumed to be rolled out in the US, endured a hindrance another cause was that there was deliberate off take of stocks.
He further added that the price corrosion and lack of fresh product roll out are the causes for partial development. However the Indian and Russian markets, pretense good growth.