Synopsis
Revenues rose 12% and net profit declined by a percent over the prior year. Ebitda margin dropped 560 bps to 20.7%. The disappointing performance was caused by underperformance of the US and API businesses. Profitability was impacted due to price erosion, increase in inventory provisions related to few products and higher other expenditure.
ET Intelligence Group: The June-quarter performance of drug major Dr Reddy’s Labs (DRL) turned out to be a washout for the Street. What aggravated matters further was the company getting a subpoena from the US market regulator to furnish documents on certain CIS geographies in relation to the complaint that alleged payments to healthcare professionals in violation of US anti-corruption laws were made.
This caused the DRL stock to slump more
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