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Dr. Reddy’s Q4 & FY14 Financial Results

2014年05月14日 AM05:02
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HYDERABAD, India

Dr. Reddy’s Laboratories Ltd. (NYSE: RDY) today announced its consolidated financial results for the fourth quarter and full year ended March 31, 2014 under International Financial Reporting Standards (IFRS).

Key Highlights

  • Consolidated revenues for FY 14 at Rs. 132.2 billion, year-on-year growth of 14%.

    • Consolidated revenues for Q4 FY14 at Rs. 34.8 billion, year-on-year growth of 4%.
  • Gross Profit Margin for FY 14 at 57.4% versus 52.1% as in FY 13.
    • Gross Profit Margins for Q4 FY14 at 57.2% versus 50.4% as in Q4 FY 13.
  • Research & Development (R&D) expenses for FY 14 at Rs. 12.4 billion, year-on-year increase of 62%. Expenses at 9.4% to revenues versus 6.6% to revenues as in FY13.
    • Research & Development (R&D) expenses for Q4 FY14 of Rs. 4.0 billion.
  • Selling, general & administrative (SG&A) expenses for FY 14 at Rs. 38.8 billion, year-on-year increase of 13%. Expenses at 29.3% to revenues versus 29.5% to revenues as in FY13.
    • Selling, general & administrative (SG&A) expenses for Q4 FY14 at Rs. 10.3 billion.
  • EBITDA for FY 14 of Rs. 33.2 billion, 25% of revenues; year-on-year growth of 19%.
    • EBITDA for Q4 FY14 of Rs. 7.9 billion, 23% of revenues. Q4 FY 13 included one time settlement income of Rs. 1.2 billion received from Nordian Inc (formerly MDS Inc).
  • Profit after tax for FY14 at Rs. 21.5 billion, 16% of revenues; year-on-year growth of 28%
    • Profit after tax for Q4 FY14 at Rs. 4.8 billion, 14% of revenues.
  • The company launched 54 new generic products, filed 51 new product registrations and 61 DMFs globally in FY 14.
    • The company launched 13 new generic products, filed 22 new product registrations and 29 DMFs globally in Q4 FY14.
 

All amounts in millions, except EPS

 All US dollar amounts based on convenience translation rate of I USD = Rs. 60.00

 

Dr. Reddy’s Laboratories Limited and Subsidiaries

Consolidated Income Statement

 
Particulars       FY14   FY13   Growth %
    ($)   (Rs.)   % ($)   (Rs.)   %
Revenues 2,203 132,170 100 1,938 116,266 100 14
Cost of revenues     939   56,369   42.6   928   55,687   47.9   1  
Gross profit     1,263   75,802   57.4   1,010   60,579   52.1   25  
Operating Expenses
Selling, general & administrative expenses 646 38,783 29.3 571 34,271 29.5 13
Research and development expenses 207 12,402 9.4 128 7,673 6.6 62
Other operating expense / (income)     (24 ) (1,416 ) (1 ) (41 ) (2,479 ) (2 ) (43 )
Results from operating activities     434   26,032   19.7   352   21,112   18.2   23  
Net finance income 7 400 0 8 460 0 (13 )
Share of profit of equity accounted investees, net of income tax     3   174   0   2   104   0   67  
Profit before income tax     443   26,606   20.1   361   21,676   18.6   23  
Income tax expense     85   5,094   3.9   82   4,900   4.2   4  
Profit for the year     359   21,512   16.3   280   16,776   14.4   28  
                   
Diluted EPS     2.10   126.04     1.64   98.4     28  
 

EBITDA Computation

 
Particulars       FY14   FY13
    ($)   (Rs.) ($)   (Rs.)
Profit before income tax 443 26,606 361 21,676
Interest income (0 ) (24 ) (2 ) (94 )
Depreciation 80 4,804 64 3,859
Amortization & Impairment     30   1,794   40   2,378  
EBITDA     553   33,180   464   27,819  
 

Note:

Selling, general & administrative expenses, as above, includes an impairment reversal of Rs. 497 million [FY 14] and impairment charge of Rs. 688 million [FY 13]

       

All amounts in millions, except EPS

All US dollar amounts based on convenience translation rate of 1 USD = Rs. 60.00

 

Appendix 1: Key Balance Sheet Items

 
Particulars As on 31st March 14 As on 31st March 13
    ($)   (Rs.) ($)   (Rs.)
Cash and cash equivalents and Other Investment     559   33,534 368   22,099
Trade receivables     551   33,037 533   31,972
Inventories     400   23,992 360   21,600
Property, plant and equipment     740   44,424 630   37,814
Goodwill and Other Intangible assets     245   14,697 234   14,021
Loans and borrowings (current & non-current)     746   44,742 613   36,760
Trade payables     175   10,503 198   11,862
Equity     1,513   90,801 1,213   72,785
 
 

Appendix 2: Revenue Mix by Segment

 
Particulars       FY14   FY13   Growth %
    ($)   (Rs.)   % ($)   (Rs.)   %
Global Generics     1,753   105,164 80 1,376   82,563 71 27  
North America       55,303 53   37,846 46 46  
Europe       6,970 7   7,716 9 (10 )
India       15,713 15   14,560 18 8  
Russia & Other CIS       19,819 19   16,908 20 17  
Rest of World       7,359 7   5,533 7 33  
PSAI     400   23,974 18 512   30,702 26 (22 )
North America       4,354 18   5,744 19 (24 )
Europe       8,770 37   12,007 39 (27 )
India       3,787 16   4,638 15 (18 )
Rest of World       7,063 29   8,313 27 (15 )
Proprietary Products & Others     51   3,032 2 50   3,001 3 1  
Total     2,203   132,170 100 1,938   116,266 100
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