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Dr. Reddy’s Q2 and H1 FY17 Financial Results

2016年10月25日 PM07:37
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HYDERABAD, India

Dr. Reddy’s Laboratories Ltd. (BSE: 500124 | NSE: DRREDDY | NYSE: RDY) today announced its consolidated financial results for the second quarter and half year ended September 30, 2016 under International Financial Reporting Standards (IFRS).

Q2 FY17: Key Highlights

  • Revenues at Rs. 35.9 billion: QoQ growth: 11%

    • YoY decline: 10%
  • Gross Profit Margin at 56.0%. Lower by ~530 bps versus the same quarter last year
  • Research & Development (R&D) spend at Rs. 5.2 billion. [14.5% of Revenues]
  • Selling, general & administrative (SG&A) expenses at Rs. 11.8 billion [YoY increase: 6%]
    • Includes NPPA provision of Rs. 344 million, explained in details in the note
  • EBITDA at Rs. 6.4 billion [17.9% of Revenues]
  • Profit after tax at Rs. 2.9 billion [8.2% of Revenues]

H1 FY17: Key Highlights

  • Revenues at Rs. 68.2 billion

    • YoY decline: 12%
  • Gross Profit Margin at 56.1%. Lower by ~510 bps versus H1 FY16
  • Research & Development (R&D) spend at Rs. 10.0 billion. [14.7% of Revenues]
  • Selling, general & administrative (SG&A) expenses at Rs. 24.1 billion [YoY increase: 9%]
  • EBITDA at Rs. 10.4 billion [15.2% of Revenues]
  • Profit after tax at Rs. 4.2 billion [6.2% of Revenues]

Commenting on the results, Co-chairman and CEO, G V Prasad said, “All our major businesses have shown sequential improvement over the previous quarter with revenues growing by 11% and EBITDA by 61%. We have made considerable progress in our remediation efforts and continue to work on addressing the concerns of the regulators. Looking ahead we will continue to focus on launching new products in our generics business, improving productivity and strengthening our quality management systems.”

       

All amounts in millions, except EPS

All US dollar amounts based on convenience translation rate of 1 USD = Rs. 66.58

 

Dr. Reddy’s Laboratories Limited and Subsidiaries

Consolidated Income Statement
Particulars     Q2 FY 17     Q2 FY 16     Growth %
    ($)     (Rs.)     %     ($)     (Rs.)     %    
Revenues 539     35,857     100.0 599     39,889     100.0 (10)
Cost of revenues     237     15,760     44.0     232     15,421     38.7     2
Gross profit     302     20,097     56.0     368     24,468     61.3     (18)
Operating Expenses
Selling, general & administrative expenses 177 11,774 32.8 166 11,058 27.7 6
Research and development expenses 78 5,214 14.5 67 4,473 11.2 17
Other operating expense / (income)     (4)     (277)     (0.8)     (5)     (320)     (0.8)     (13)
Results from operating activities     51     3,386     9.4     139     9,257     23.2     (63)
Finance expense / (income), net (5) (365) (1.0) 3 216 0.5 (269)
Share of (profit) of equity accounted investees, net of income tax     (1)     (84)     (0.2)     (1)     (57)     (0.1)     49
Profit before income tax     58     3,835     10.7     137     9,098     22.8     (58)
Income tax expense     13     885     2.5     28     1,880     4.7     (53)
Profit for the period     44     2,950     8.2     108     7,218     18.1     (59)
                                           
Diluted EPS     0.27     17.76           0.63     42.20           (58)
 

EBITDA Computation

Particulars     Q2 FY 17     Q2 FY 16
    ($)     (Rs.)     ($)     (Rs.)
Profit before income tax 58     3,835     137     9,098
Interest (income) / expense net* (5) (329) (3) (172)
Depreciation 28 1,897 24 1,606
Amortization 14 950 13 860
Impairment     1     67        
EBITDA     96     6,420     171     11,392
EBITDA (% to sales)           17.9           28.6

* – Includes income from Investments

 
 

Key Balance Sheet Items

Particulars     As on 30th Sep 16     As on 30th June 16
    ($)     (Rs.)     ($)     (Rs.)
Cash and cash equivalents and Other current Investments     321     21,379     384     25,578
Trade receivables     555     36,939     533     35,499
Inventories     428     28,516     419     27,922
Property, plant and equipment     842     56,052     825     54,951
Goodwill and Other Intangible assets     762     50,766     425     28,284
Loans and borrowings (current & non-current)     908     60,480     565     37,632
Trade payables     184     12,281     191     12,723
Equity     1,731     1,15,264     1,714     1,14,112
           
 

All amounts in millions, except EPS

       

All US dollar amounts based on convenience translation rate of 1 USD = Rs. 66.58

 

Revenue Mix by Segment [Year on year]

Particulars     Q2 FY 17     Q2 FY 16     Growth %
    ($)     (Rs.)    

%

    ($)     (Rs.)    

%

   
Global Generics     435     28,995     81     492     32,768     82     -12
North America           16,134                 18,563           -13
Europe*           1,776                 2,124           -16
India           6,251                 5,464           14
Emerging Markets#           4,834                 6,617           -27
PSAI     87     5,784     16     89     5,918     15  
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