Dr Reddy's Q4 net tanks 86%, hit by one-time Venezuela write-off
Fourth quarter earnings of Dr Reddy’s Labs were hurt by one-time Venezuela write-off. The drug major’s net profit fell 86 percent at Rs 74.6 crore in January-March quarter from Rs 518.9 crore in corresponding quarter last fiscal. Its total income also slipped 3 percent to Rs 3756.2 crore against Rs 3870.4 crore in year-ago period. Write offs on account of Venezuela stood at Rs 430.9 crore. According to a CNBC-TV18 poll, net profit of Dr Reddy's Lab was expected to jump 5.7 percent at Rs 548.6 crore in Q4FY16 and a revenue growth at 0.7 percent to Rs 3896 crore year-on-year.
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