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Dr. Reddy’s Q4 & FY13 Financial Results

2013年05月14日 PM07:25
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HYDERABAD, India

Dr. Reddy’s Laboratories Ltd. (NYSE: RDY) today announced its audited consolidated financial results for the fourth quarter and full year ended March 31, 2013 under International Financial Reporting Standards (IFRS).

Key Highlights

  • Consolidated revenues for FY13 at Rs. 116.3 billion, recorded year-on-year growth of 20%. Excluding the beneficial impact of olanzapine exclusivity in FY12, registered year-on-year growth of 26%. Growth primarily driven by North America and Emerging Markets (which include Russia, other CIS countries and Rest of World (RoW) territories) in the Global Generics segment; and overall performance by Pharmaceutical Services and Active Ingredients segment.

    • Consolidated revenues of Rs. 33.4 billion in Q4 FY13, year-on-year growth of 26%.
  • EBITDA of Rs. 27.8 billion in FY13, 24% of revenues, with year-on-year growth of 9.5%.
    • EBITDA of Rs. 9.3 billion in Q4 FY13, 28% of revenues, with year-on-year growth of 37%.
  • Profit after tax* for FY13 at Rs. 17.5 billion, 15% of revenues with year-on-year growth of 17%
    • Profit after tax of Rs. 5.7 billion in Q4 FY13, 17% of revenues with year-on-year growth of 67%.
  • During the year, the company launched 78 new generic products, filed 56 new product registrations and filed 47 DMFs globally.
    • During the quarter, the company launched 18 new generic products, filed 14 new product registrations and filed 17 DMFs globally.

# Excluding olanzapine exclusivity in FY12

*PAT adjusted for Impairment of intangibles/goodwill

All figures in millions, except EPS

 

All US dollar figures based on convenience translation rate as on 31st March, 2013 1USD = Rs. 54.52

 
Dr. Reddy’s Laboratories Limited and Subsidiaries
Audited Consolidated Income Statement
 
Particulars   FY13     FY12     Growth %
($)     (Rs.)     %   ($)     (Rs.)     %  
Revenue 2,133 116,266 100 1,774 96,737 100 20
Cost of revenues 1,021   55,687   48   797   43,432   45   28  
Gross profit 1,111   60,579   52   978   53,305   55   14  
Operating Expenses
Selling, general & administrative expenses 616 33,584 29 529 28,867 30 16
Research and development expenses 141 7,673 7 108 5,911 6 30
Write down of intangible assets 9 507 0 19 1,040 1 (51 )
Write down of goodwill 3 181 0 0 0 0 0
Other operating income (45 ) (2,479 ) (2 ) (14 ) (765 ) (1 ) 224  
Results from operating activities 387   21,112   18   335   18,252   19   16  
Net finance income (8 ) (460 ) (0 ) (3 ) (160 ) (0 ) 187
Share of profit of equity accounted investees (2 ) (104 ) (0 ) (1 ) (54 ) (0 ) 93  
Profit before income tax 398   21,677   19   339   18,466   19   17  
Income tax expense 90   4,900   4   77   4,204   4   17  
Profit for the year 308   16,776   14   262   14,262   15   18  
 
Diluted EPS 1.8   98.44     1.5   83.81     17  
 
 

EBITDA Computation

       
Particulars FY13 FY12
($)   (Rs.) ($)     (Rs.)
PBT 398 21,677 339 18,466
Interest and Income from Mutual Funds (2 ) (94 ) 13 690
Depreciation 71 3,859 67 3,628
Amortization & Impairment 44   2,378   48   2,626
EBITDA 510   27,820   466   25,409
 
 

All figures in millions, except EPS

 

 

All US dollar figures based on convenience translation rate as on 31st March, 2013 1USD = Rs. 54.52

 

Appendix 1: Key Balance Sheet Items

 

Particulars As on 31st March 13     As on 31st March 12
($)     (Rs.) ($)     (Rs.)
Cash and cash equivalents 405   22,099 333   18,152
Trade receivables 586   31,972 465   25,339
Inventories 396   21,600 355   19,352
Property, plant and equipment 694   37,814 610   33,246
Goodwill and Other Intangible assets 257   14,021 248   13,529
Loans and borrowings (current & non-current) 674   36,760 591   32,210
Trade payables 218   11,862 174   9,503
Equity 1,341   73,085 1,054   57,444
 
 

Appendix 2: FY13 Revenue Mix by Segment

 
Particulars     FY13     FY12     Growth %
($)     (Rs.)     % ($)     (Rs.)     %
Global Generics 1,514   82,563 71 1,288   70,243 73 18  
North America   37,846 46   31,889 45 19  
Europe   7,716 9   8,259 12 (7 )
India   14,560 18   12,931 18 13  
Russia & Other CIS   16,908 20   13,260 19 28  
RoW   5,533 7   3,904 6 42  
PSAI 563   30,702 26 437   23,812 25 29  
North America   5,744 19   4,272 18 34

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