Pharma major Dr Reddy’s Laboratories Ltd’s consolidated net profit as per IFRS more than doubled at Rs 312 crore in the fourth quarter ended March 31, 2017 compared with Rs 74 crore in the corresponding quarter of the previous year.

Revenues of the Hyderabad-based company, however, declined 5 per cent to Rs 3,554 crore against Rs 3,752 crore in the year-ago period, the company said in a release issued here on Friday.

For the full year ended March, 2017, the net profit decreased 40 per cent to Rs 1,203 crore (Rs 2,001 crore).

"FY17 has been a challenging year due to lack of new product approvals for the US market. However, our other geographies delivered good performances with several new product launches,’’ G V Prasad, Co-chairman and CEO of Dr Reddy’s, said.

Total revenues too decreased 9 per cent to Rs 14,080 crore (Rs 15,470 crore).

The decrease in revenue and profit was due to 10 per cent and 5 per cent decline in revenues from global generics and pharmaceutical services and active ingredients segments, respectively.

The board of directors of the company has recommended a final dividend of Rs 20 (400 per cent) per equity share of Rs 5 face value, for the financial year 2016-17. The dividend on equity shares, if declared by the shareholders at the ensuing Annual General Meeting, will be credited/dispatched on or after August 2, 2017.

Dr Reddy’s scrip remained almost flat after declaration of results and was trading at Rs 2601.85 on the Bombay Stock Exchange.