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Dr. Reddy’s Q2 and H1 FY15 Financial Results

2014年10月29日 PM07:41
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HYDERABAD, India

Dr. Reddy’s Laboratories Ltd. (NYSE: RDY) today announced its unaudited consolidated financial results for the quarter ended September 30, 2014 under International Financial Reporting Standards (IFRS).

Key Highlights (Q2 FY15)

  • Consolidated revenues at Rs. 35.9 billion, year-on-year growth of 7%.

    • Revenues from the Global Generics (GG) segment at Rs. 28.9 billion, YoY growth of 9%
    • Revenues from the Pharmaceutical Services and Active Ingredients (PSAI) segment at Rs. 6.4 billion.
  • Gross Profit Margin at 58.5% versus 58.0% as in Q2 FY14.
  • Research & Development (R&D) expenses at Rs. 4.1 billion, 11.5% to revenues versus 9.0% to revenues as in Q2 FY14.
  • Selling, general & administrative (SG&A) expenses at Rs. 10.7 billion, 29.7% to revenues.
  • EBITDA of Rs. 8.7 billion, 24% of revenues.
  • Profit after tax at Rs. 5.7 billion, 16% of revenues.
  • During the quarter the company launched 9 new generic products, filed 10 new product registrations and 28 DMFs globally.

On 18 October 2014, the Company entered into an asset purchase agreement with Novartis Consumer Health Inc. to acquire the title and rights to Habitrol® franchise (an over-the-counter nicotine replacement therapy transdermal patch) and to market the product in the U.S. territory. The agreement is subject to FTC review and the transfer of asset will happen post FTC clearance.

All amounts in millions, except EPS

   

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

 
Dr. Reddy’s Laboratories Limited and Subsidiaries
Unaudited Consolidated Income Statement
 
Particulars Q2 FY15     Q2 FY14     Growth %
    ($)     (Rs.)     %       ($)     (Rs.)     %      
Revenues 579     35,879     100 542     33,575     100 7
Cost of revenues     241       14,893       41.5       228       14,106       42.0       6  
Gross profit     339       20,986       58.5       314       19,469       58.0       8  
Operating Expenses
Selling, general & administrative expenses 172 10,673 29.7 157 9,736 29.0 10
Research and development expenses 66 4,113 11.5 49 3,009 9.0 37
Other (income)/expense, net     (4 )     (265 )     (0.7 )     (10 )     (636 )     (1.9 )     (58 )
Results from operating activities     104       6,465       18.0       119       7,360       21.9       (12 )
Finance (expense)/income, net 7 421 1.2 5 291 0.9 44
Share of profit of equity accounted investees, net of tax     1       51       0.1       1       44       0.1       17  
Profit before tax     112       6,937       19.3       124       7,695       22.9       (10 )
Tax expense     19       1,196       3.3       13       792       2.4       51  
Profit for the period     93       5,741       16.0       111       6,903       20.6       (17 )
                                           
Diluted Earnings Per Share (EPS)     0.54       33.60             0.65       40.47             (17 )
 

EBITDA Computation

 
Particulars         Q2 FY15     Q2 FY14
        ($)     (Rs.)     ($)     (Rs.)
Profit before tax 112     6,937 124     7,695

Interest (income)/expense net

(3 ) (178 ) 1 71
Depreciation 23 1,409 19 1,171
Amortization         9       548       9       562
EBITDA         141       8,715       153       9,499
EBITDA (% to sales)               24.3             28.3
 

All amounts in millions, except EPS
All US dollar amounts based on convenience translation rate of 1 USD = Rs. 61.92

Segmental Analysis

Global Generics

Revenues are at Rs. 28.9 billion, year-on-year growth of 9%, primarily driven by India, Rest of the World market territories (primarily Venezuela) and North America.

  • Revenues from North America at Rs. 14.3 billion, year-on-year growth of 8%.

    • Sustained performance of FY14 ‘limited competition’ launches, namely decitabine, azacitidine, and divalproex sodium ER.
    • Progress on market share expansion of key molecules, namely divalproex sodium ER, metoprolol succinate and ziprasidone.
    • 1 new product launched during the quarter.
    • 2 ANDA filings during the quarter. Cumulatively, 72 ANDAs are pending for approval with the USFDA of which 45 are Para IVs, and we believe 11 to have ‘First To File’ status.
  • Revenues from Emerging Markets at Rs. 8.3 billion, year-on-year growth of 14%.
    • Revenues from Russia at Rs. 4.1 billion, year-on-year decline of 11% primarily on account of the Rouble devaluation. In constant currency the growth is flat.
    • Emerging Markets Ex-Russia at Rs. 4.2 billion recorded year-on-year growth of 57% primarily driven by strong performance in Venezuela Market.
  • Revenues from India at Rs. 4.8 billion, year-on-year growth of 14%.
    • Growth is driven by healthy volume expansion in our focus brands, some of which are also listed under the NLEM portfolio.

Pharmaceutical Services and Active Ingredients (PSAI)

  • Revenues from PSAI at Rs. 6.4 billion.
  • During the quarter 28 DMFs were filed globally, filed 3 in the US, 19 in the ROW and 6 in Europe. The cumulative number of DMF filings as of September 30, 2014 is 703.

Income Statement Highlights:

  • Gross profit margin at 58.5% registered a 50 basis points improvement over Q2 FY14. Gross profit margin for GG and PSAI business segments are at 65.6% and 26.8% respectively.
  • SG&A expenses at Rs. 10.7 billion, year-on-year increase of 10%. The increase is largely due to annual increments, additional manpower deployment in the past 12 months and other sales and marketing spend for events specific to this quarter.
  • R&D expenses at Rs. 4.1 billion, year-on-year growth of 37%. 11.5% of revenues in Q2 FY15 as compared to 9.0% of revenues in Q2 FY14. The increase is in line with our planned scale-up in development activities.
  • Net Finance income at Rs. 421 million compared to Rs. 291 million in Q2 FY14. The increase is on account of:
    • Net reduction in forex benefit of Rs. 118 million
    • Net Incremental interest benefit of Rs. 247 million
  • EBITDA at Rs. 8.7 billion, year-on-year decline of 8%; 24% of revenues.
  • Profit after Tax at Rs. 5.7 billion, year-on-year decline of 17%; 16% of revenues.
  • Diluted earnings per share in Q2 FY15 at Rs. 33.60
  • Capital expenditure for Q2 FY15 is Rs. 2.3 billion.
Appendix 1: Key Balance Sheet Items
   
Particulars As on 30th Sep 14     As on 30th June 14
    ($)     (Rs.)     ($)     (Rs.)
Cash and cash equivalents and Other Investment     464       28,737     532       32,950
Trade receivables     609       37,722     583       36,110
Inventories     454       28,123     409       25,319
Property, plant and equipment     752       46,559     732       45,350
Goodwill and Other Intangible assets     220       13,648     231       14,277
Loans and borrowings (current & non-current)     627       38,854     675       41,818
Trade payables     207       12,843     172       10,640
Equity     1,599       99,004     1,562       96,729
       

Appendix 2: Revenue Mix by Segment

 
Particulars     Q2 FY15     Q2 FY14     Growth %
    ($)     (Rs.)     %     ($)     (Rs.)     %  
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