Story

Dr Reddy's Labs share slips over 3% post weak Q2 earnings

Dr Reddy's Laboratories share touched an intraday low of Rs 4921.5, down 3.51%

Dr Reddy's Laboratories stock

Dr Reddy's Laboratories share fell over 3% today after the firm reported a 43% fall in Q2 profit. The stock touched an intraday low of Rs 4921.5, down 3.51%. The share trades higher than 50 day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages. The share has gained 77.6% in one year and risen 72.04% since the beginning of this year.

It closed 2.95% or Rs 150.50 lower at Rs 4949 on BSE.

Total 1.52 lakh shares changed hands amounting to turnover of Rs 76.80 on BSE.

Market cap of the firm fell to Rs 82,295 crore.

Consolidated profit fell to Rs 762 crore in Q2 against Rs 1,092.5 crore in the year-ago period. However, profit increased 32 percent sequentially.

The company had a tax credit of Rs 326.1 crore in year-ago period. The effective tax rate was around 11.6 percent (Rs 99.8 crore tax expenses) for the quarter, which was lower primarily due to recognition of deferred tax assets for one of subsidiaries, said company.

Consolidated revenue rose 2 percent to Rs 4,896.7 crore YoY as there was proprietary products out-licensing income in Q2FY20, and the same grew by 11 percent QoQ.

Revenue growth in Q2FY21 YoY stood at 20 percent after adjusted for proprietary products out-licensing income in the previous year, the company said in its BSE filing.

Share Market Highlights: Sensex ends 599 points lower, Nifty at 11,729; IndusInd Bank, HDFC top losers