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Dr. Reddy’s Q4 & FY15 Financial Results

2015年05月12日 PM08:21
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HYDERABAD, India

Dr. Reddy’s Laboratories Ltd. (NYSE: RDY) (BSE: 500124) (NSE:DRREDDY) today announced its consolidated financial results for the fourth quarter and full year ended March 31, 2015 under International Financial Reporting Standards (IFRS).

FY15: Key Highlights

  • Three NDAs filed in our Proprietary Products business.
  • Consolidated revenues for FY15 at Rs. 148.2 billion, year-on-year growth of 12%.
  • Gross Profit Margin for FY15 at 57.6% versus 57.4% as in FY14.
  • Research & Development (R&D) expenses for FY15 at Rs. 17.4 billion, year-on-year increase of 41%.
  • Selling, general & administrative (SG&A) expenses for FY15 at Rs. 42.6 billion, year-on-year increase of 10%.
  • EBITDA for FY15 at Rs. 36.2 billion, 24% of revenues; year-on-year growth of 9%.
  • Profit after tax for FY15 at Rs. 22.2 billion, 15% of revenues; year-on-year growth of 3%

Q4 FY15: Key Highlights

  • Consolidated revenues for Q4 FY15 at Rs. 38.7 billion, year-on-year growth of 11%.
  • EBITDA for Q4 FY15 at Rs. 8.1 billion, 21% of revenues. During Q4 FY15 we have recorded a foreign exchange translation loss of Rs. 843 million on certain net monetary assets in Venezuela.
  • Profit after tax for Q4 FY15 at Rs. 5.2 billion, 13% of revenues.

Dr. Reddy’s Co-chairman and CEO, GV Prasad commented, “We are pleased with the progress on our financial and non-financial parameters, which we delivered despite currency volatility in some of our Emerging Market geographies. Our commitment to R&D continues to show results, with the filings of NDAs in our Proprietary Products business during the quarter and continued filings of complex generics assets. Overall, our results demonstrate our commitment to execute on our strategy, across businesses, as we constantly strengthen our focus on patients and providing them access to affordable medicines.”

All amounts in millions, except EPS

All US dollar amounts based on convenience translation rate of 1 USD = Rs. 62.31

 
Dr. Reddy’s Laboratories Limited and Subsidiaries
Consolidated Income Statement
   
Particulars FY15     FY14     Growth %
    ($)     (Rs.)     %       ($)     (Rs.)     %      
Revenues 2,378     148,189     100 2,121     132,170     100 12
Cost of revenues     1,008       62,786       42.4       905       56,369       42.6       11  
Gross profit     1,371       85,403       57.6       1,217       75,801       57.4       13  
Operating Expenses
Selling, general & administrative expenses 683 42,585 28.7 622 38,783 29.3 10
Research and development expenses 280 17,449 11.8 199 12,402 9.4 41
Other operating expense / (income)     (15 )     (917 )     (0.6 )     (23 )     (1,416 )     (1 )     (35 )
Results from operating activities     422       26,286       17.7       418       26,032       19.7       1  
Finance (expense)/income, net 27 1,682 1.1 6 400 0.3 321
Share of profit of equity accounted investees, net of income tax     3       195       0.1       3       174       0.1       12  
Profit before income tax     452       28,163       19.0       427       26,606       20.1       6  
Income tax expense     96       5,984       4.0       82       5,094       3.9       17  
Profit for the year     356       22,179       15.0       345       21,512       16.3       3  
                                           
Diluted EPS     2.08       129.8             2.02       126.0             3  
 
 

EBITDA Computation

 
Particulars     FY15     FY14
    ($)     (Rs.)     ($)     (Rs.)
Profit before tax 452     28,163 427     26,606
Interest (income) / expense net (12 ) (725 ) (0 ) (24 )
Depreciation 92 5,722 77 4,804
Amortization 38 2,381 37 2,292
Impairment / (reversal of impairment) adjustment     10       629       (8 )     (497 )
EBITDA     580       36,170       532       33,180  
EBITDA (% to sales)           24.4             25.1  

Note:

Selling, general & administrative expenses, as above, includes an impairment charge Rs. 510 million [in FY15] and impairment reversal of Rs. 497 million [in FY14]

Research & Development expenses, as above, includes an impairment charge of Rs. 119 million in [FY15]

 

All amounts in millions, except EPS

All US dollar amounts based on convenience translation rate of 1 USD = Rs. 62.31

 

Appendix 1: Key Balance Sheet Items

       
Particulars As on 31st March 15 As on 31st Mar 14
    ($)     (Rs.)     ($)     (Rs.)
Cash and cash equivalents and Other Investments     636       39,654     538       33,534
Trade receivables     654       40,755     530       33,037
Inventories     410       25,529     385       23,992
Property, plant and equipment     772       48,090     713       44,424
Goodwill and Other Intangible assets     264       16,430     236       14,697
Loans and borrowings (current & non-current)     692       43,125     718       44,741
Trade payables     171       10,660     169       10,503
Equity     1,786       111,302     1,457       90,801

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    Appendix 2: Revenue Mix by Segment

     
    Particulars     FY15     FY14     Growth %
        ($)     (Rs.)     %     ($)     (Rs.)     %    
    Global Generics     1,935       120,556     81     1,688       105,164     80     15  
    North America           64,723