Dr Reddy's Labs has posted a profit of Rs 302.2 crore for the fourth quarter ended March 31, 2018 against a profit of Rs 312.5 crore in the corresponding quarter last fiscal.
The Hyderabad-based pharmaceutical major logged in revenues of Rs 3,534.9 crore during the fourth quarter against Rs 3,554.2 crore in the same period previous fiscal.
For the financial year ended March 31, 2018, the company posted a profit of Rs 980.6 crore and revenue of Rs 14,202.8 crore against a profit of Rs 1,203.9 crore and revenue of Rs 14,080.9 crore in the previous financial year.
G V Prasad, CEO and Co-Chairman of Dr Reddy's, said, “We concluded a challenging year for Dr Reddy's with a relatively muted fourth quarter's performance. This was mainly on account of continuing headwinds in the US market and a temporary drop in sales in Russia, attributable to a shift in the channel purchasing pattern.”
“Looking ahead, we will continue to work diligently on resolving pending regulatory issues. We will also focus on accelerating new products to market and improving our approval process,” he said.
During FY 2018, the Tax Cuts and Jobs Act 2017 was approved and enacted in the United States. Consequent to this enactment, the deferred tax assets and liabilities of the US entity have been re-measured resulting in a charge of Rs 130 crore for the full year.
Dividend
The board of directors of the company has recommended a final dividend of Rs 20 (400%) per equity share of Rs 5 face value for the financial year 2017-18.
The dividend on equity shares, if declared by the shareholders at the ensuing Annual General Meeting, will be credited/dispatched on or after August 1, 2018. The company shares were trading at Rs 1930, up 2 per cent on the BSE.