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Dr. Reddy’s Q3 & 9 Months FY14 Financial Results

2014年02月11日 PM08:10
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HYDERABAD, India

Dr. Reddy’s Laboratories Ltd. (NYSE: RDY) today announced its unaudited consolidated financial results for the quarter and nine months ended December 31, 2013 under International Financial Reporting Standards (IFRS).

Key Highlights (Q3 FY14)

  • Consolidated revenues at Rs. 35.3 billion, YoY growth of 23%.

    • Revenues from the Global Generics (GG) segment at Rs. 29.4 billion, YoY growth of 41%. Growth is driven by North America and other Emerging Markets.
    • Revenues from the Pharmaceutical Services and Active Ingredients (PSAI) segment at Rs. 5.1 billion, YoY decline of 29%.
  • Research & Development (R&D) expenses at Rs. 3.0 billion, 8.4% to revenues versus 7.1% to revenues as in Q3 FY13.
  • Selling, general & administrative (SG&A) expenses at Rs. 10.4 billion, 29.6% to revenues versus 29.9% to revenues as in Q3 FY13.
  • EBITDA at Rs. 10.0 billion, 28.4% to revenues versus 21.1% to revenues as in Q3 FY13.
  • PBT at Rs. 8.7 billion, 24.6% to revenues versus 16.3% to revenues as in Q3 FY13.
  • PAT at Rs. 6.2 billion, 17.5% to revenues versus 13.2% to revenues as in Q3 FY13.
  • During the quarter, the company launched 7 new generic products, filed 4 new product registrations and filed 19 DMFs globally.

Note: Q3 FY 13 Income Statement considered is as submitted to the US SEC in the form 6K.

All amounts in millions, except EPS

 

All US dollar amounts based on convenience translation rate of 1USD = Rs. 61.92

 

Dr. Reddy’s Laboratories Limited and Subsidiaries

Unaudited Consolidated Income Statement

       
Particulars Q3 FY14 Q3 FY13 Growth %
($)    

(Rs.)

    % ($)    

(Rs.)

    %
Revenues 571 35,338 100.0 463 28,651 100.0 23
Cost of revenues 225   13,947   39.5   219   13,560   47.3   3  
Gross profit 345   21,391   60.5   244   15,091   52.7   42  
Operating Expenses
Selling, general & administrative expenses 169 10,443 29.6 138 8,571 29.9 22
Research and development expenses 48 2,979 8.4 33 2,025 7.1 47
Impairment loss/(reversal of impairment loss) on intangible assets (8 ) (497 ) (1.4 )
Other operating income (3 ) (177 ) (0.5 ) (4 ) (233 ) (0.8 ) (24 )
Results from operating activities 140   8,644   24.5   76   4,728   16.5   83  
Net finance income / (expense) 0 15 0.0 (2 ) (96 ) (0.3 ) 115
Share of profit of equity accounted investees 1   46   0.1   1   32   0.1   45  
Profit before income tax 141   8,705   24.6   75   4,664   16.3   87  
Income tax expense (41 ) (2,521 ) (7.1 ) (14 ) (882 ) (3.1 ) 186  
Profit for the period 100   6,184   17.5   61   3,782   13.2   64  
               
Diluted Earnings per share 0.59   36.2     0.36   22.2     63  
 

EBITDA Computation:

Particulars     Q3 FY14         Q3 FY13
($)    

(Rs.)

($)    

(Rs.)

Profit before income tax 141 8,705 75 4,664
Interest (income)/expense 1 48 (0 ) (12 )
Depreciation 20 1,208 16 971
Amortization 9 585 7 411

Impairment/(reversal of impairment)

(8 ) (497 )    
EBITDA 162   10,049   97   6,034  
 

Segmental Analysis

Global Generics

Revenues from Global Generics segment for Q3 FY14 at Rs. 29.4 billion, YoY growth of 41% primarily driven by North America and other Emerging Market territories.

  • Revenues from North America for Q3 FY14 at Rs. 16.2 billion, YoY growth of 76%. Growth largely driven by:

    • Full quarter realization coupled with market share stabilization for recent key launches in limited competition space, namely azacitidine, decitabine, divalproex ER, donepezil 23 mg, zoledronic acid (5mg/100mL), zoledronic acid (4mg/5ml), etc.
    • Significant traction in market share of key existing products, namely metoprolol ER, atorvastatin, etc.
    • During the quarter, 2 ANDAs were filed. Cumulatively, 62 ANDAs are pending for approval with the USFDA of which 38 are Para IVs and we believe 8 to have ‘First To File’ status.
  • Revenues from Emerging Markets (which include Russia, CIS countries and RoW territories) for Q3 FY14 at Rs. 7.4 billion, YoY growth of 25%.
    • Revenues from Russia at Rs. 4.3 billion, YoY growth of 17%. Growth was slightly muted on account of delayed onset of winter in the current quarter.
    • Revenues from CIS markets at Rs. 1.0 billion, YoY growth of 45%. Growth was largely driven by volume uptake of existing products and introduction of new products in Ukraine and Belarus.
    • Revenues from RoW territories stood at Rs. 2.1 billion, YoY growth of 35%.
  • Revenues from India for Q3 FY14 at Rs. 3.9 billion, YoY growth of 5%.
    • Growth is muted primarily on account of impact of the revised prices under new pharma pricing policy.
  • Revenues from Europe for Q3 FY14 at Rs. 1.9 billion, remained flat YoY.

Pharmaceutical Services and Active Ingredients (PSAI)

  • Revenues from PSAI for Q3 FY14 at Rs. 5.1 billion, YoY decline of 29%. De-growth on the back of lower number of ‘launch molecules’ to our customers during the quarter.
  • During the quarter, 19 DMFs were filed globally, including 6 filings in Europe. The cumulative number of DMF filings as of December 31, 2013 is 612.

Income Statement Highlights:

  • Gross profit margin at 60.5% in Q3 FY14 registered nearly 800 basis points improvement versus gross profit margin in Q3 FY13. Gross profit margin for Global Generics and PSAI business segments are at 68.3% and 15.7% respectively.

    GG gross margin improved primarily on account of higher contribution coupled with higher realization from new product launches in North America, where as PSAI gross margin declined, primarily on the back of lower number of launch molecules to our customers and relatively higher overheads during the quarter.

  • SG&A expenses including amortization in Q3 FY14 at Rs. 10.4 billion, YoY growth of 22%. The increase is primarily towards select brand building activities in the Emerging Market territories; and increase in manpower cost on account of additions and increments.
  • R&D expenses stood at Rs. 3.0 billion, YoY growth of 47%; 8.4% to revenues in Q3 FY14 as compared to 7.1% to revenues as in Q3 FY13.
  • An earlier recorded impairment charge relating to product intangibles in the generics portfolio, amounting Rs. 497 million, was reversed.
  • Net Finance income at Rs. 15 million in Q3 FY14 compared to the net finance expense of Rs. 96 million as in Q3 FY13. The change is primarily on account of:
    • Net incremental forex impact of Rs. 172 million
    • Incremental net interest expense of Rs. 61 million
  • EBITDA for Q3 FY14 at Rs. 10.0 billion, YoY growth of 67%; 28.4% to revenues.
  • Profit after Tax in Q3 FY14 at Rs. 6.2 billion, YoY growth of 64%.
  • Diluted earnings per share in Q3 FY 14 at Rs. 36.2
  • Capital expenditure for Q3 FY14 is Rs. 2.4 billion.
 

All US dollar amounts based on convenience translation rate of 1USD = Rs. 61.92

 

Appendix 1: Key Balance Sheet Items

   

(in millions)

   
Particulars As on 31st Dec 2013 As on 30th Sep 2013
($)    

(Rs.)

($)    

(Rs.)

Cash and cash equivalents and current investments 504   31,202 439   27,202
Trade receivables 562   34,812 538   33,291
Inventories 390   24,150 386   23,874
Property, plant and equipment 708   43,844 686   42,477
Goodwill and Other Intangible assets 253   15,685 247   15,274
Loans and borrowings (current & non-current) 796   49,284 795   49,200
Trade payables 157   9,744 175   10,828
Total Equity 1,375   85,168 1,261   78,086
 
 
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  • Appendix 2: Revenue Mix by Segment

       

    (in millions)

           
      Q3 FY14 Q3 FY13 Growth %
    ($)    

    (Rs.)

        % ($)    

    (Rs.)

        %
    Global Generics 475   29,396 83 336   20,827 73 41  
    North America   16,223 55   9,243 44 76  
    Europe   1,862 6   1,930 9 (4 )
    India   3,913 13   3,718 18 5  
    Russia & Other CIS