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Dr. Reddy’s Q2 and H1 FY16 Financial Results

2015年10月29日 PM09:07
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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 quarter ended September 30, 2015 under International Financial Reporting Standards (IFRS).

Q2 FY16: Key Highlights

  • Consolidated revenues at Rs. 39.9 billion, year-on-year growth of 11%. In constant currency terms the revenue growth is 14%
  • Gross Profit Margin at 61.3%, improved by 285 bps over last year
  • Research & Development (R&D) spend at Rs. 4.5 billion. Continued focus on building complex generics and differentiated products pipeline
  • Selling, general & administrative (SG&A) expenses at Rs. 11.1 billion. Marginal year-on-year increase. Year-on-year drop seen by ~200 bps in percentage to sales
  • EBITDA at Rs. 11.4 billion, 28.6% of revenues, strong year-on-year growth of 31%
  • Profit after tax at Rs. 7.2 billion, strong year-on-year growth of 26%. Diluted EPS at Rs. 42.2

Commenting on the results, Dr. Reddy’s co-chairman and CEO, GV Prasad said, “I am pleased with our performance for this quarter. We had robust sales growth across our markets of US, India and Europe, supported by new products that were launched in the last twelve months. Our investment in R&D remains at 11%, as we continue on our strategy of building an exciting pipeline of assets across our businesses. While satisfied with our performance, we are intensely focused on enhancing our quality management system and infrastructure to meet evolving global requirements and address the pending cGMP related matters at some of our facilities.”

 

All amounts in millions, except EPS

All US dollar amounts based on convenience translation rate of 1 USD = Rs. 65.50

   
Dr. Reddy’s Laboratories Limited and Subsidiaries
Consolidated Income Statement
 
Particulars Q2 FY 16     Q2 FY 15     Growth %
    ($)     (Rs.)     %       ($)     (Rs.)     %        
Revenues 609     39,890     100.0 548     35,879     100.0 11
Cost of revenues     235       15,421       38.7       227       14,893       41.5       4
Gross profit     374       24,469       61.3       320       20,986       58.5       17
Operating Expenses
Selling, general & administrative expenses 169 11,058 27.7 163 10,673 29.7 4
Research and development expenses 68 4,473 11.2 63 4,113 11.5 9
Other operating expense / (income)     (5 )     (320 )     (0.8 )     (4 )     (265 )     (0.7 )     20
Results from operating activities     141       9,258       23.2       99       6,465       18.0       43
Finance expense / (income), net 3 216 0.5 (6 ) (421 ) (1.2 )
Share of profit of equity accounted investees, net of income tax     (1 )     (56 )     (0.1 )     (1 )     (51 )     (0.1 )     10
Profit before income tax     139       9,098       22.8       106       6,937       19.3       31
Income tax expense     29       1,879       4.7       18       1,196       3.3       57
Profit for the period     110       7,219       18.1       88       5,741       16.0       26
                                           
Diluted EPS     0.64       42.20             0.51       33.60             26
 
 

EBITDA Computation

 
Particulars     Q2 FY 16     Q2 FY 15
    ($)     (Rs.)     ($)     (Rs.)
Profit before tax 139     9,098 106     6,937
Interest (income) / expense net* (3 ) (172 ) (3 ) (178 )
Depreciation 25 1,606 22 1,409
Amortization     13       860       8       548  
EBITDA     174       11,392       133       8,715  
EBITDA (% to sales)           28.6             24.3  
 

* Includes dividend and profit on sale of investments

 
 

All amounts in millions, except EPS

All US dollar amounts based on convenience translation rate of 1 USD = Rs. 65.50

 
Key Balance Sheet Items
 
Particulars     As on 30th Sep 15    

As on 30th Jun 15

    ($)     (Rs.)     ($)     (Rs.)
Cash and cash equivalents and Other current Investments     520     34,050     536     35,117
Trade receivables     654     42,840     642     42,030
Inventories     414     27,147     399     26,149
Property, plant and equipment     779     51,055     754     49,386
Goodwill and Other Intangible assets     369     24,155     368     24,106
Loans and borrowings (current & non-current)     566     37,072     632     41,400
Trade payables     195     12,766     175     11,448
Equity     1,855     121,499     1,815     118,885
       
 
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    Particulars     Q2 FY 16     Q2 FY 15     Growth %
        ($)     (Rs.)     %     ($)     (Rs.)     %    
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