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Indian drugmaker Dr Reddy's posts quarterly profit slump.

companies :: 6hrs ago :: source - Reuters

By Reuters

(Reuters) - Indian drugmaker Dr ‌Reddy's reported an ‌86% slump in quarterly ​profit on Tuesday, hurt by pricing pressure and increasing ‌competition in ⁠its key U.S. market.

Consolidated net ⁠profit tanked to 2.21 billion rupees ($23.1 ​million) in ​the ​quarter ended ‌March 31, from 15.93 billion rupees year ago.

Analysts, on average, had estimated profit ‌to fall ​to 9.25 ​billion ​rupees, per ‌data compiled by LSEG.

The ​results ​mark the company's second consecutive quarterly ​decline ‌in profit.

($1 = 95.6275 ​Indian rupees)

(Reporting by ​Rishika Sadam)


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