MUMBAI, May 13: Shares of Dr Reddy’s Laboratories lost nearly 3 per cent today after the drug major reported an 85.6 per cent decline in consolidated net profit to Rs 74.6 crore for the fourth quarter ended March.
The stocks fell 2.95 per cent to Rs 2887.80 on BSE.
At NSE, shares of the company tumbled 3 per cent to Rs 2,884.70.
The company yesterday reported an 85.6 per cent decline in 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.
It 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.
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.
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 ago.
Consolidated net income from sales and services for the latest fiscal stood at Rs 15,470.8 crore. It was Rs 14,818.9 crore in the previous fiscal. (PTI)
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