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Dr.Reddy’s Q4 and FY16 Financial Results

2016年05月12日 PM07:47
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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, 2016 under International Financial Reporting Standards (IFRS).

FY16: Key Highlights

  • Received two final approvals and one tentative approval of the NDAs filed by the Proprietary Products Business. Zembrace launched in April 2016.
  • Consolidated revenues at Rs. 154.7 billion, year-on-year growth of 4%.
  • Gross Profit Margin at 59.6%, improved by ~200 bps over last year.
  • Research & Development (R&D) spend at Rs. 17.8 billion, 11.5% of revenues. Continued focus on building complex generics and differentiated products pipeline.
  • EBITDA at Rs. 36.3 billion, 23.4% of revenues. Adjusted* EBITDA at 26.7% of revenues, year-on-year growth of 11%.
  • Profit after tax at Rs. 20.0 billion. Diluted EPS at Rs. 117.

Q4 FY16: Key Highlights

  • Consolidated revenues at Rs. 37.6 billion, year-on-year decline of 3%
  • EBITDA at Rs. 4.8 billion, 12.8% of revenues. Adjusted* EBITDA at 24.0% of revenues.

Commenting on the company’s fourth quarter results, Co-chairman and CEO, G V Prasad said, “It’s been a challenging quarter for Dr. Reddy’s. While there has been a marginal decline in revenues, there has been a greater impact on profitability. This is mainly due to the provision, made as a matter of abundant precaution, to write down our outstanding receivables from Venezuela. We will continue to actively engage with the Venezuelan Government to provide affordable medicine to fulfill the need of people of the country, subject to repatriation of funds.

“Our Bio-similars business is gaining traction, as we have started to receive approvals and build partnerships for our products in the emerging markets. Our topmost priority continues to be the strengthening of our quality management processes across the organisation.”

* Adjusted for impact of devaluation and translation, on certain monetary assets and liabilities of our Venezuela subsidiary

All amounts in millions, except EPS

   

All US dollar amounts based on convenience translation rate of 1 USD = Rs. 66.25

 
Dr. Reddy’s Laboratories Limited and Subsidiaries
Consolidated Income Statement
 
Particulars FY 16     FY 15     Growth %
    ($)    

(Rs.)

    %     ($)    

(Rs.)

    %      
Revenues 2,335     1,54,708     100.0 2,237     1,48,189     100.0 4
Cost of revenues     942       62,427       40.4       948       62,786       42.4       (1 )
Gross profit     1,393       92,281       59.6       1,289       85,403       57.6       8  
Operating Expenses
Selling, general & administrative expenses 690 45,702 29.5 643 42,585 28.7 7
Research and development expenses 269 17,834 11.5 263 17,449 11.8 2
Other operating expense / (income)     (13 )     (874 )     (0.6 )     (14 )     (917 )     (0.6 )     (5 )
Results from operating activities     447       29,619       19.1       397       26,286       17.7       13  
Finance expense / (income), net 41 2,708 1.8 (25 ) (1,682 ) (1.1 ) NM
Share of (profit) of equity accounted investees, net of income tax     (3 )     (229 )     (0.1 )     (3 )     (195 )     (0.1 )     18  
Profit before income tax     410       27,140       17.5       425       28,163       19.0       (4 )
Income tax expense     108       7,127       4.6       90       5,984       4.0       19  
Profit for the period     302       20,013       12.9       335       22,179       15.0       (10 )
                                           
Diluted EPS     1.77       117             1.96       130             (10 )
 

EBITDA Computation

 
Particulars     FY 16     FY 15
    ($)    

(Rs.)

    ($)    

(Rs.)

Profit before tax 410     27,140 425     28,163
Interest (income) / expense net* (22 ) (1,425 ) (11 ) (724 )
Depreciation 104 6,874 86 5,719
Amortization 52 3,469 36 2,381
Impairment     2.9       194       9.5       629  
EBITDA     547       36,252       546       36,168  
EBITDA (% to sales)           23.4             24.4  
                         
Adjusted** EBITDA (% to sales)           26.7             25.0  

* Includes income from investments

**Venezuela adjustment
The Company has not received approvals from the Venezuelan government to repatriate any amount beyond USD 4 million already received during the year. The Company believes that in the interim, it is appropriate to use the DICOM rate (i.e. 272.5 VEF per USD) instead of official ‘preferential’ rate (i.e. 10 VEF per USD) for translating the monetary assets and liabilities of the Venezuelan subsidiary as at 31 March 2016. Accordingly, the resultant impact for Q4 FY 16 and Fiscal 2016 is Rs. 4,309 million and Rs. 5,085 million respectively. Similar charge on account of translation of net monetary assets was Rs. 843 million accrued in Q4 FY 15.

   

All amounts in millions, except EPS

All US dollar amounts based on convenience translation rate of 1 USD = Rs. 66.25

 

Key Balance Sheet Items

 
Particulars As on 31st Mar 16     As on 31st Mar 15
    ($)    

(Rs.)

    ($)    

(Rs.)

Cash and cash equivalents and Other current Investments     603       39,955     599       39,654
Trade receivables     623       41,306     615       40,755
Inventories     386       25,578     385       25,529
Property, plant and equipment     815       53,961     726       48,090
Goodwill and Other Intangible assets     372       24,644     248       16,430
Loans and borrowings (current & non-current)     506       33,513     651       43,125
Trade payables     186       12,300     161       10,660
Equity     1,937       1,28,336     1,680       1,11,302
       

Revenue Mix by Segment

 
Particulars     FY 16     FY 15     Growth %
    ($)    

(Rs.)

    %     ($)    

(Rs.) </

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