Continuing a downtrend for the second straight session today, shares of Dr Reddy’s Laboratories fell by 3.5 per cent after the company reported a 15.64 per cent dip in net profit for the quarter ended March 31, 2014.
The drug major’s stock ended 3.51 per cent lower at Rs 2,519 on the BSE. In intra-day trade, the scrip plunged 3.66 per cent to Rs 2,515.
At the NSE, Dr Reddy’s stock settled 3.48 per cent lower at Rs 2,520.
In the previous trading session, the scrip had lost over 4 per cent.
Dr Reddy’s Laboratories had yesterday reported a 15.64 per cent dip in net profit to Rs 481.60 crore for the quarter ended March 31, 2014, mainly on account of an 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.