D-Street Buzz: Nifty Pharma falls more than 4%; Dr Reddy's shares fall 10%
Shares of Dr Reddy's Labs fell after the company posted a consolidated profit of Rs 570.8 crore for the quarter ended June 30, 2021, a 1.5 percent drop from the year-ago period
July 27, 2021 / 02:27 PM IST
Most pharma stocks appeared to be under severe pressure in intraday trade on July 27, dragging their sectoral index Nifty Pharma lower by over 4 percent.
At 1405 hours, the index was 4.20 percent down at 14,038, with almost all components in the red.
Shares of Dr Reddy's Labs were down 10 percent, while those of Aurobindo Pharma, Lupin and Divi's Labs fell up to 4 percent. Cipla, Sun Pharma, Biocon and Torrent Pharma each were down more than two percent.
Shares of Dr Reddy's Labs fell after the company posted its consolidated profit at Rs 570.8 crore for the quarter ended June 2021, a 1.5 percent drop from the year-ago period. Profit in June 2020 quarter stood at Rs 579.3 crore.
Revenue from operations grew by 11.4 percent year-on-year to Rs 4,919.4 crore in Q1FY22.
Earnings before interest, tax, depreciation and amortization (EBITDA) were down 12.3 percent at Rs 1,019 crore against Rs 1,162.2 crore, while margin was down at 20.7 percent versus 26.3 percent, YoY.