The net profit of Dr. Reddy’s Laboratories fell down by 26 per cent in Q1 of the exiting fiscal. This fall is noticed due to increase in selling and general and administrative expenses suffered by company for the period of Q1.

The net income of Dr. Reddy’s Laboratories was Rs. 182.50 crore in the quarter second in the previous year while it is recorded at Rs. 134.60 crore for the current fiscal of Q2. Chief Operating Officer and Managing Director, K. Satish Reddy said that the revenue of company grew at the rate of 25 percent. He said that the business in India had not grown as expected by company and sale of its old drugs did not show good results. The decline in sale in domestic market has negatively impacted the growth of company while German revenues increased 25 per cent during the quarter.  

The company has decided to buyback the shares of ICICI Ventures and Citigroup (43 per cent each) in Perlecan Parma Pvt Ltd. for cash balance. The company will pay $9 million each to ICICI and Citigroup Perlecan.

Dr, Reddy had stopped the development of a cardiovascular drug while two other drugs for cardiovascular disease and diabetes would remain in the market. The share trading of company ended at Rs 675.65 on Monday at the BSE.