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NEW DELHI: Top drug maker Dr Reddy's Laboratories on Friday reported 45 per cent year-on-year rise in profit at Rs 485.20 crore for the December quarter.
Analysts in an ET Now poll had projected a profit of Rs 381 crore.
Revenue for the quarter rose 1 per cent YoY to Rs 3,850 crore, the company said in a regulatory filing.
“We continued to improve our performance in the third quarter of FY 19, supported by significant growth in emerging markets and India, pickup in new product launches, and improvements in cost structure.
We are on track towards delivering sustainable profitable growth," said CEO and Co-chairman, G.
V.
Prasad.
Gross profit margin at 53.9 per cent dropped 240 basis points from 56.3 per cent in the same quarter last year.
It was also down 110 bps sequentially.
Decline in gross profit margins both year-on-year and sequentially is largely on account of price erosion in some of our key molecules in the US partly offset by favorable foreign exchange and better manufacturing overhead leverage, the company said.
