MUMBAI, May 12 (Reuters) - India’s Dr Reddy’s Laboratories Ltd reported a quarterly profit below analysts’ estimates, hurt by increasing regulatory hurdles in its largest market, the United States.
India’s second-largest drugmaker by sales posted a net income of 3.38 billion rupees ($52.56 million), missing forecasts of 4.27 billion rupees, according to Thomson Reuters I/B/E/S.
The quarterly profit was significantly higher than the 1.23 billion rupee net profit of the same year ago period, which was hit by a one-off payments problem in Venezuela.
“FY17 has been a challenging year due to lack of new product approvals for the U.S. market,” Chief Executive G.V. Prasad said in a statement to exchanges. ($1 = 64.3050 Indian rupees) (Reporting by Zeba Siddiqui; Editing by Miral Fahmy)