Mumbai : The shares of Dr Reddy’s Laboratories on Tuesday plunged over 4 per cent after the company reported 15.64 per cent dip in net profit for the quarter ended March 31, 2014, reports PTI.
The pharma major’s stock ended the day at Rs 2,610.70, down 3.99 per cent at the BSE. During the day, the scrip lost 4.26 per cent to Rs 2,603.05. At the NSE, the scrip settled 4.39 per cent lower at Rs 2,603.40. “DRL posted numbers that were lower than expectations,” said Sarabjit Kour Nangra, VP Research – Pharma, Angel Broking.Dr Reddy’s Laboratories today reported 15.64 per cent dip in net profit to Rs 481.60 crore for the quarter ended March 31, 2014 mainly on account of increase in expenditure. It had posted net profit of Rs 570.89 crore for the January-March quarter of the 2012-13 fiscal, Dr Reddy’s said in a filing to the BSE. Net sales of the company in Q4, 2013-14 rose to Rs 3,480.90 crore from Rs 3,339.94 crore in the year-ago period. The company said the selling, general and administrative expenses rose to Rs 1,030.73 crore for the fourth quarter of last fiscal, from Rs 872.24 crore in the year-ago period.