MUMBAI, May 13 (Reuters) - Dr. Reddy’s Laboratories Ltd , India’s second-largest drugmaker by sales, on Tuesday posted a 25 percent rise in quarterly net profit, but fell short of analysts’ estimates due to a rise in expenses.
Net profit for the January-March quarter was 4.71 billion rupees ($78.68 million), compared with 3.78 billion rupees in the same period a year ago. Analysts on average expected a profit of 6.1 billion rupees, according to Thomson Reuters data.
Dr. Reddy‘s, a leading player in India’s $14 billion generic drugs industry, posted revenue of 25.32 billion rupees, up 17 percent from the prior year.
Shares in the Hyderabad-based company, valued at nearly $8 billion, fell 3 percent to 2,650 rupees on Tuesday after the earnings, while the main Mumbai market was up 2 percent.($1 = 59.8650 Indian Rupees) (Reporting by Zeba Siddiqui in Mumbai; Editing by Matt Driskill)