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Dr. Reddy’s Q3 and 9M FY16 Financial Results

2016年02月09日 PM06:55
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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 December 31, 2015 under International Financial Reporting Standards (IFRS).

Q3 FY16: Key Highlights

  • Consolidated revenues at Rs. 39.7 billion, year-on-year growth of 3%. Growth is driven by healthy performance in NAG, Europe and India; partially offset by Emerging markets, which were impacted by unfavorable macro-economic conditions.
  • Gross Profit Margin at 59.5%, improved by ~130 bps over last year
  • Research & Development (R&D) spend at Rs. 4.1 billion. Continued focus on building complex generics and differentiated products pipeline.
  • Selling, general & administrative (SG&A) expenses at Rs. 12.0 billion
  • EBITDA at Rs. 10.1 billion, 25.5% of revenues.
  • Profit after tax at Rs. 5.8 billion. Diluted EPS at Rs. 33.9

9M FY16: Key Highlights

  • Consolidated revenues at Rs. 117.1 billion, year-on-year growth of 7%
  • Gross Profit Margin at 60.6%, improved by ~200 bps over last year
  • Research & Development (R&D) spend at Rs. 13.0 billion. Continued focus on building complex generics and differentiated products pipeline.
  • Selling, general & administrative (SG&A) expenses at Rs. 34.1 billion
  • EBITDA at Rs. 31.4 billion, 26.8% of revenues
  • Profit after tax at Rs. 19.3 billion. Diluted EPS at Rs. 112.6

Commenting on the company’s third quarter results, Co-chairman and CEO, G V Prasad said, “Despite multiple challenges, we have had a satisfactory quarter in terms of our financial performance. All of our key markets continue to perform well and show healthy growth. However, our performance has been impacted due to adverse macro-economic conditions across key emerging market territories. The two approvals and one tentative approval of our NDAs in the very first review cycle has been a positive development and lays the foundation for building a strong and sustainable proprietary products business. Enhancing our quality management practices and meeting the US FDA expectations continues to be our highest priority.”

 

All amounts in millions, except EPS

All US dollar amounts based on convenience translation rate of 1 USD = Rs. 66.19

 

Dr. Reddy’s Laboratories Limited and Subsidiaries

           

Consolidated Income Statement

 
Particulars Q3 FY 16     Q3 FY 15 Growth %
    ($)     (Rs.)     %     ($)     (Rs.)     %      
Revenues 599     39,679     100.0 581     38,431     100.0 3
Cost of revenues     243     16,089     40.5     243     16,079     41.8     0
Gross profit     356     23,590     59.5     338     22,352     58.2     6
Operating Expenses
Selling, general & administrative expenses 182 12,039 30.3 168 11,151 29.0 8
Research and development expenses 62 4,095 10.3 65 4,316 11.2 (5)
Other operating expense / (income)     (2)     (122)     (0.3)     (5)     (341)     (0.9)     (64)
Results from operating activities     114     7,578     19.1     109     7,226     18.8     5
Finance expense / (income), net 1 62 0.2 (15) (1,013) (2.6) NA
Share of profit of equity accounted investees, net of income tax     (1)     (64)     (0.2)     (1)     (47)     (0.1)     38
Profit before income tax     115     7,580     19.1     125     8,286     21.6     (9)
Income tax expense     27     1,788     4.5     38     2,541     6.6     (30)
Profit for the period     88     5,792     14.6     87     5,745     15.0     1
                                           
Diluted EPS     0.51     33.86           0.51     33.61           1
 
       

EBITDA Computation

 
Particulars Q3 FY 16   Q3 FY 15
      ($)   (Rs.)   ($)   (Rs.)
Profit before tax 115   7,580 125   8,286
Interest (income) / expense net* (4) (236) (5) (347)
Depreciation 25 1,685 22 1,462
Amortization 13 892 9 579
Impairment       3   194   8   534
EBITDA       153   10,115   159   10,515
EBITDA (% to sales)           25.5       27.4
 

* Includes income from investments

 

All amounts in millions, except EPS

All US dollar amounts based on convenience translation rate of 1 USD = Rs. 66.19

 
 

Key Balance Sheet Items

       
Particulars As on 31st Dec 15     As on 30th Sep 15
    ($)     (Rs.)     ($)     (Rs.)
Cash and cash equivalents and Other current Investments     575     38,028     514     34,050
Trade receivables     633     41,904     647     42,840
Inventories     403     26,689     410     27,147
Property, plant and equipment     797     52,736     771     51,055
Goodwill and Other Intangible assets     374     24,739     365     24,155
Loans and borrowings (current & non-current)     511     33,801     560     37,072
Trade payables     179     11,833     193     12,766
Equity     1,944     128,681     1,836     121,499
       
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    Revenue Mix by Segment

     
    Particulars Q3 FY 16     Q3 FY 15 Growth %
          ($)     (Rs.)    

    %

        ($)     (Rs.)    

    %

       
    Global Generics       507     33,558     84     473     31,335     81     7
    North America             19,417                 16,462           18
    Europe*             1,937                 1,702           14
    India             5,805                 4,328           34
    Emerging Markets#             6,399                 8,843           (28)
    PSAI