Drug maker Dr Reddy's Laboratories on Thursday announced a decline of 29% year-on-year in its net profit to Rs.363.3 crore for the third quarter ended December 2012 against Rs.512.96 crore a year ago.

The company's research and development expenses rose 34% to Rs.203 crore while selling general and administrative expenses were up over 11.5% at Rs.857 crore.

Its shares declined 1% to close at Rs.1,878 on the BSE.