Dr.Reddy’s total income during the quarter fell to Rs.3,222.5 crore or a 14 per cent drop compared to the year-ago period’s Rs.3,752.2 crore, according to Indian accounting standards. The company attributed the decline in net profit to lower sales, price erosion, no new product introductions in North America and loss of business in Venezuela. Dr.Reddy’s Laboratories’ consolidated net profit declined 76 per cent to Rs.153.5 crore in the quarter ended June 30, 2016, from Rs.647.4 crore a year earlier as revenue fell and it continued to suffer on account of an ongoing issue with its business in Venezuela. There was also a decline in volumes of key molecules as a result of more competition in North America. A reconciliation of the profit showed a difference of Rs.28 crore between IFRS 171 and Ind-AS.

Source: The Hindu July 26, 2016 17:03 UTC