January 20, 2009 / 11:10 AM / 10 years ago

Dr Reddy's posts Q3 profit vs loss, below forecast

BANGALORE, Jan 20 (Reuters) - Indian drug maker Dr Reddy’s Laboratories Ltd (REDY.BO) reported a quarterly net profit on Tuesday, but missed forecasts due to a drop in earnings from Europe.

The company posted a net profit of 1.92 billion rupees ($39 million) for its fiscal third quarter ended Dec. 31, compared with a net loss of 1.21 billion rupees in the year-ago period.

A Reuters survey of eight brokerages had forecast net profit at 2.01 billion rupees. Estimates ranged from 1.10 billion rupees to 3.19 billion rupees.

Shares in Dr Reddy's, which has a market value of $1.6 billion, fell 7.7 percent during the December quarter, less than a 19 percent drop in the healthcare index .BSEHC and 25 percent drop in the benchmark index .BSESN. ($1=49 rupees) (Reporting by Sumeet Chatterjee; Editing by Ranjit Gangadharan)

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