Hyderabad: Pharma giants Dr Reddy’s on Thursday announced that its consolidated profit after tax (PAT) for the June quarter fell 53 per cent to `59.1 crore (as per IFRS), owing to price erosion in the US market and implementation of GST.
The city-based drug maker’s PAT was down to Rs 59.1 crore in the quarter ended June 30, as against Rs 126.3 crore in the same quarter last year, it said.
As per Indian accounting standards (Ind-AS), the consolidated net profit during the quarter was Rs 66.6 crore as against Rs 153.5 crore during the corresponding quarter last year, a statement said.
The revenue for the first quarter was up by 3 per cent to Rs 3,316 crore against nearly Rs 3,235 crore during the April-June quarter of FY17. The firm’s co-chairman and CEO, G.V. Prasad, said the results were below their expectations....