Dr. Reddy's third quarter profit dips 16 per cent to Rs 492.30 crore, sales down 7 per cent

Dr Reddy's Laboratories on Saturday said its net profit for the quarter ended December 31 dipped by 19 per cent to Rs 470 crore against Rs 579 crore during the corresponding quarter in FY 16 owing to drop in North American sales.

According to a statement issued by the company, revenues for Q3 FY17 dropped by 7 per cent to 3707 crore against Rs 3968 crore in Q3 of FY16.

Generic sales from North America registered a drop of 15 per cent to 1660 crore during the October-December quarter resulting a drop of 9 per cent over generic sales globally.

Speaking on the results, Dr Reddy's co-chairman and CEO GV Prasad said that the company in Q3 has delivered a modest sequential revenue growth of 3 per cent over the previous quarter.

Our EBITDA improved significantly from the last quarter to Rs 8.8 billion, on the back of enhanced emphasis on operational efficiencies and controlling of SG and A costs across all our businesses.