Dr Reddy's Laboratories Ltd, India's second-largest drugmaker, said its quarterly profit slumped 75 per cent, hurt by fierce competition in its largest market, the United States.
Net profit for the April-June quarter fell to Rs 154 crore ($22.89 million) from Rs 626 crore the previous year, and missed a Thomson Reuters I/B/E/S estimate of Rs 495 crore from 17 analysts.
Dr Reddy's top priority for the year will be to fix quality control problems at three of its factories, which accounts for about 12 per cent of its sales, after US regulators issued a warning letter highlighting quality compliance problems in November. Until it resolves those issues, the company will not get approval to sell new drugs made at the plants.
(Reuters)
