Dr Reddy's Labs reports 9.5 percent fall in consolidated net profit after tax to Rs 1342 crore in Q2
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Indian generic drugmaker Dr Reddy's Laboratories recorded a 9.5 percent decline in its consolidated net profit after tax to Rs 13.42 billion (USD 159.6 million) for the quarter ended September 30. Analysts on average had estimated a profit of 14.01 billion rupees, according to LSEG compiled data.
The second-quarter profit was hit by one-time charges related to its joint venture with Nestle India and Nicotinell acquisition, the company said.
To diversify its portfolio beyond generic drugs and boost its consumer health business, the drugmaker invested 7.34 billion rupees during the quarter in a joint venture with Nestle India, announced in April, to make vitamin supplements.
As per Reuters, the company also reported an impairment charge due to supply chain constraints in U.S. affecting a particular generic medical product.
It also acquired nicotine replacement product, Nicotinell, from Haleon in June.
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