Pharma
1 min read

Dr Reddy’s Laboratories gains 3% on receiving EIR for Srikakulam plant

The pharma major last month reported nearly eight-fold jump in consolidated profit after tax to Rs 456.1 crore for the first quarter of 2018-19.

ETMarkets.com

Updated On Aug 23, 2018 at 12:40 PM IST

NEW DELHI: Shares of Dr Reddy’s Laboratories climbed over 3 per cent after the company informed bourses that Srikakulam Plant audit has been closed by the USFDA. The company has also received Establishment Inspection Report (EIR) for the facility from US health regulator.

“Further to our intimation dated June 2, 2018 with regard to the audit of our API Srikakulam Plant (SEZ), Andhra Pradesh, we would now like to inform you that we have received an Establishment Inspection Report (BIR) from the US FDA, for the above-referred facility, indicating closure of the audit,” Dr Reddy’s said in a BSE filing.

The scrip was trading 2.72 per cent up at Rs 2,478 at around 11.50 am (IST), while the BSE Sensex was up 21 points, or 0.06 per cent, at 38,307 at around the same time.

The pharma major last month reported nearly eight-fold jump in consolidated profit after tax to Rs 456.1 crore for the first quarter of 2018-19, mainly on account of operational efficiencies, forex gains and launch of gSuboxone in the US market.

The company had posted a PAT of Rs 59.1 crore for the corresponding period of the previous fiscal.