Dr Reddy's reports Q3 net profit of Rs 27.9 crore

Dr Reddy's Laboratories reports Q3 net profit of Rs 27.9 crore

'Profits were impacted due to trigger-based impairment charge taken on a few acquired products'

Representative Image. Credit: iStock Photo

Dr Reddy's Laboratories on Friday posted a consolidated net profit of Rs 27.9 crore for the third quarter ended December 31, 2020.

The company had posted a net loss of Rs 538.4 crore during the same period of the previous fiscal.

Its total revenue from operations stood at Rs 4,941.9 crore for the quarter under review, up 12.38 per cent. During the third quarter ended December 31, 2019, the total revenue from operations was at Rs 4,397.1 crore, Dr Reddy's Laboratories said in a regulatory filing.

"We continued with our growth momentum while maintaining EBITDA (earnings before interest, taxes, depreciation and amortisation) margins," Dr Reddy's Laboratories Co-chairman and MD G V Prasad said.

Prasad said the profits were impacted due to trigger-based impairment charge taken on a few acquired products.

"We are progressing well on the phase 3 clinical trials for Sputnik V vaccine in India. We continue to focus on enhancing our product offerings to our patients to serve them better," he added.

Shares of Dr Reddy's Labs were trading 3.07 per cent lower at Rs 4,726.60 apiece on BSE.