Dr.Reddy’s Laboratories posts net profit of Rs 334 cr for third quarter

Hyderabad, January 28, 2018: Pharma Major Dr.Reddy’s Laboratories has posted a profit (after tax) of Rs.334 crore for the third quarter ended December 2017.

The profit accounted for 8.8 per cent of the Company’s Revenues of Rs 3,806 crore during the quarter ended December 31 last.

Announcing the the financial results for the third quarter and nine months ending December 31 last year, Company’s President and Chief Financial Officer Saumen Chakraborty told newsmen here on Thursday evening that “the tax cuts and Jobs Act of 2017” was approved and enacted in the USA consequent to this enactment. The deferred tax assets and liabilities of the US entity had been remeasured resulting in a one-time charge of Rs 93 crore.

The company recorded a revenue of Rs 3,806 crore, up by seven per cent,while the Research and Development expenses was Rs 467 crore.

Company CEO and Co-chairman G.V.Prasad said that “we had a satisfactory third quarter performance with all key markets performing well. We recorded sequential revenue growth of seven per cent, despite continuing challenges like price erosion in the US”.

United News of India