Indian drugmaker Dr Reddy's posts quarterly profit slump
RDY•Quarterly profit falls on weak oncology sales and pricing pressure
HYDERABAD, July 22 (Reuters) - Indian drugmaker Dr Reddy's REDY.NS reported a smaller-than-expected quarterly profit on Wednesday, as muted sales of a key generic oncology drug and pricing pressure weighed on the competitive U.S. market.
Consolidated net profit tanked 68.7% to 4.44 billion rupees ($45.98 million) in the first quarter ending June 30.
Analysts, on average, had estimated profit to fall to 7.22 billion rupees, according to data compiled by LSEG.
($1 = 96.5650 Indian rupees)
