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.
October 28, 2020 / 02:39 PM IST
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.
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.
According to Moneycontrol SWOT Analysis powered by Trendlyne, the company has reported a decline in quarterly net profit with a falling profit margin (YoY).
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