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Last Updated : Oct 28, 2020 02:39 PM IST | Source: Moneycontrol.com

Dr Reddy's Labs share price trades lower after Q2 profit dips 30% YoY

The company's consolidated profit declined to Rs 762 crore from Rs 1,092.5 crore in the year-ago period but increased 32 percent sequentially.

 
 
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Dr Reddy's Laboratories share price was trading lower by over a percent in the afternoon on October 28 after the pharma major reported a 30.2 percent year-on-year decline in consolidated profit in the September quarter.

The company's consolidated profit declined to Rs 762 crore from Rs 1,092.5 crore in the year-ago period but increased 32 percent sequentially. The YoY decline was higher than CNBC-TV18 poll estimates of Rs 646 crore.

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The stock was trading at Rs 5,035.20, down Rs 65.10, or 1.28 percent at 1419 hours. It has touched an intraday high of Rs 5,148.00 and an intraday low of Rs 4,992.00.

Also Read: Dr Reddy's Labs Q2 profit falls 30% to Rs 762 crore, global generics business up 21%

The scrip witnessed a spurt in volume by more than 1.91 times and was trading with volumes of 128,199 shares, compared to its five-day average of 70,470 shares, an increase of 81.92 percent.

Consolidated revenue during the quarter increased 2 percent to Rs 4,896.7 crore YoY as there was proprietary products out-licensing income in Q2FY20, and the same grew by 11 percent QoQ.

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According to Moneycontrol SWOT Analysis powered by Trendlyne, the company has reported a decline in quarterly net profit with a falling profit margin (YoY).

Moneycontrol technical rating is neutral with moving averages being bullish and technical indicators being neutral.

Disclaimer: The views and investment tips expressed by experts on moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.​
First Published on Oct 28, 2020 02:39 pm
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