Wednesday, Feb 08, 2023
Advertisement

Dr Reddy's Q4 net profits sink 86 pc to Rs 75 cr on Venezuela impact

Consolidated net income from sales and services declined to Rs 3,756.2 crore for the quarter under review as against Rs 3,870.4 crore in the year-ago period.

dr reddys dr reddy q4 profits, Dr reddy q4 results, business news, dr reddy quarterly results, india news, reddy quarterly results, latest news For the fiscal ended March 2016, the company posted a net profit of Rs 2,001.3 crore as against Rs 2,217.9 crore in the same period a year earlier.

Drug major Dr Reddy’s Laboratories on Thursday reported an 85.6 per cent decline in its consolidated net profit to Rs 74.6 crore for the fourth quarter to March, mainly on account of a write-down of outstanding receivables from Venezuela.

The company had posted a net profit of Rs 518.8 crore in the same period of the previous fiscal, DRL said in a filing to BSE.

[related-post]

Consolidated net income from sales and services declined to Rs 3,756.2 crore for the quarter under review as against Rs 3,870.4 crore in the year-ago period.

Subscriber Only Stories
Using evidence will create strong foundations for the future of education...
Insipiring Talent: “Azadi Ka Amrit Mahotsav Scholarship” By M...
Liberal Arts Education: Need of the Time

Commenting on the results, Dr Reddy’s Co-chairman and CEO GV Prasad said: “It has been a challenging quarter for Dr Reddy’s. While there is a marginal decline in revenues, there is a greater impact on profitability.”

This is mainly due to provision, made as a matter of abundant precaution, to write down our outstanding receivables from Venezuela, he added.

For the fiscal ended March 2016, the company posted a net profit of Rs 2,001.3 crore as against Rs 2,217.9 crore in the same period a year earlier.

Consolidated net income from sales and services for the recently ended fiscal year stood at Rs 15,470.8 crore. It was Rs 14,818.9 crore in the previous fiscal.

Advertisement

The stock was trading at Rs 2,929 in the afternoon trade on BSE, up 2.08 per cent from its previous close.

First published on: 12-05-2016 at 14:43 IST
Next Story

Uncapped James Vince and Jake Ball in England's squad for Sri Lanka Test

Latest Comment
Post Comment
Read Comments
Advertisement
Advertisement
Advertisement
close