Dr. Reddy’s Laboratories Ltd. said it swung to a net loss in its third quarter due to an impairment of a birth-control product.
Net loss amounted to 5.70 billion Indian rupees ($79.9 million) for the quarter ended December, compared with a net profit of INR4.85 billion a year earlier, the India-based pharmaceutical company 500124, +5.31% RDY, -0.83% said Monday.
A FactSet poll had estimated a net profit of INR4.86 billion for the third quarter.
Dr. Reddy’s said it took an impairment loss of INR11.14 billion in the birth-control product due to significant adverse market conditions.
Revenue rose 14% to INR43.84 billion in the third quarter from INR38.50 billion a year earlier.