Dr Reddy's Q1 net falls 26 pc
Indian drug maker Dr Reddy's Laboratories Ltd reported on Monday quarterly profit fell 26 per cent, worse than expectations, hit by its underperforming Germany-based Betapharm unit.
The Hyderabad-based firm, the only Indian drug maker listed in New York, said April-June consolidated net profit fell to 1.35 bn rupees ($32 mn) from 1.83 bn a year earlier.
A survey of seven brokerages had forecast net profit would at 1.58 bn rupees. Estimates ranged from 1.08 bn rupees to 2 bn rupees.
Betapharm, which Dr Reddy's bought in 2006 for $572 mn, has been a drag on earnings due to supply constraints and price falls.
Dr Reddy's is moving Betapharm's manufacturing operations to India and other manufacturers within Europe. Shares in Dr Reddy's, which the market values at $2.6 bn, rose 13.5 per cent during the June quarter, outperforming an eight percent rise in the healthcare index and 14 per cent drop in the benchmark index.
HDIL Q1 net up 56.86 pc at Rs 314 cr
Real estate major Housing Development and Infrastructure Ltd (HDIL) on Monday announced a net profit of Rs 317.93 crore for the first quarter of current fiscal year, a 56.86 per cent growth over the corresponding period a year ago.
The company had a net profit of Rs 202.68 crore for the quarter ended June 30, 2007, HDIL said in a filing to Bombay Stock Exchange.
The total revenue of the company rose to Rs 588.03 crore in the latest quarter, from Rs 445.84 crore in the year-ago period.
Meanwhile, the company further said its board of directors have received and reviewed the monitoring agency's report regarding the utilisation of its IPO proceeds.
Shares of the company were trading at Rs 441.60, up 2.38 per cent on Bombay Stock Exchange.
Indian Bank Q1 net up at Rs 217.62 cr
Public sector lender Indian Bank on saturday announced a net profit of Rs 217.62 crore for the quarter ended June 30, 2008, a 2.64 per cent growth over the corresponding quarter previous year.
The company had posted a net profit of Rs 212.09 crore in the quarter ended June 30, 2007, Indian Bank said in a filing to the Bombay Stock Exchange.
Total income of the company rose to Rs 1,744.99 crore for the quarter ended June 30, 2008, from Rs 1,376.74 crore last year.
