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

Dr Reddy's Laboratories on Friday posted a consolidated net profit of Rs 27.9 crore for the third quarter ended December 31, 2020. Dr Reddy's Laboratories had posted a net loss of Rs 538.4 crore during the same period of the previous fiscal.

Dr Reddy's Laboratories 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.

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"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 Dr Reddy's Laboratories 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.

The story has been taken from a news agency