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Dr. Reddy’s Q1 FY18 Financial Results

2017年07月27日 PM09:23
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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 first quarter ended June 30, 2017 under International Financial Reporting Standards (IFRS).

Q1 FY18: Key Highlights

  • Consolidated Revenues at Rs. 33.2 billion, year-on-year growth of 3%
  • Gross Profit Margin at 51.6%, declined ~460 bps over last year
  • Research & Development (R&D) spend at Rs. 5.1 billion, 15.3% of Revenues
  • Selling, general & administrative (SG&A) expenses at Rs. 11.8 billion, year on year decline of 4%
  • EBITDA at Rs. 3.4 billion, 10.1% of Revenues
  • Profit after tax at Rs. 0.6 billion, 1.8% of Revenues

Commenting on the results, G V Prasad, Co-Chairman and CEO said, “Our first quarter’s results of FY 18 have been below expectations. While headwinds in the form of price erosion due to U.S. customer consolidation continue, a lower contribution from new product launches in the U.S. and the GST implementation in India also impacted our performance.
On the positive side, we have progressed on our quality journey and have had several successful inspections. We continue to focus on strengthening our manufacturing & quality systems, revitalizing growth and creating a leaner and agile organization.”

 

All amounts in millions, except EPS

All US dollar amounts based on convenience translation rate of I USD = Rs. 64.62

 

Dr. Reddy’s Laboratories Limited and Subsidiaries

 

Consolidated Income Statement

 
Particulars   Q1 FY 18   Q1 FY 17  

Growth
%

  ($ )   (Rs.)   %     ($ )   (Rs.)   %    
Revenues 513   33,159   100.0   501   32,345   100.0 3
Cost of revenues   249     16,062     48.4     219     14,167     43.8     13  
Gross profit   265     17,097     51.6     281     18,178     56.2     (6 )
Operating Expenses
Selling, general & administrative expenses 182 11,763 35.5 190 12,284 38.0 (4 )
Research and development expenses 79 5,075 15.3 74 4,802 14.8 6
Other operating expense / (income)   (3 )   (194 )   (0.6 )   -1     (96 )   (0.3 )   102  
Results from operating activities   7     453     1.4     18     1,188     3.7     (62 )
Finance expense / (income), net (3 ) (221 ) (0.7 ) -7 (445 ) (1.4 ) (50 )
Share of (profit) of equity accounted investees, net of income tax   (2 )   (98 )   (0.3 )   -1     (74 )   (0.2 )   33  
Profit before income tax   12     772     2.3     26     1,707     5.3     (55 )
Income tax expense   3     181     0.5     7     444     1.4     (59 )
Profit for the period   9     591     1.8     20     1,263     3.9     (53 )
                             
Diluted EPS   0.06     3.56         0.12     7.43         (52 )
 
 

EBITDA Computation

           
Particulars Q1 FY 18     Q1 FY 17
        ($ )     (Rs.)     ($ )     (Rs.)
Profit before income tax 12     772 26     1,707
Interest (income) / expense net* (3 ) (211 ) (6 ) (409 )
Depreciation 31 2,008 27 1,760
Amortization         12       791       14       921  
EBITDA         52       3,360       62       3,979  
EBITDA (% to Revenues)               10.1             12.3  
 

* Includes income from investments

 
       

Key Balance Sheet Items

 
Particulars As on 30th June 17     As on 31st March 17
    ($)     (Rs.)     ($)     (Rs.)
Cash and cash equivalents and Other current Investments     226       14,572     281       18,136
Trade receivables     637       41,140     589       38,065
Inventories     435       28,095     441       28,529
Property, plant and equipment     892       57,611     885       57,160
Goodwill and Other Intangible assets     752       48,564     753       48,677
Loans and borrowings (current & non-current)     781       50,462     761       49,185
Trade payables     205       13,225     208       13,417
Equity     1,910       1,23,423     1,920       1,24,044
       
           

Revenue Mix by Segment

 
Particulars Q1 FY 18     Q1 FY 17

Growth
%

    ($ )     (Rs.)     %     ($ )     (Rs.)     %    
Global Generics     425       27,455     83     412       26,638     82     3  
North America           14,946                 15,523           (4 )
Europe*           2,075                 1,615           28  
India           4,687                 5,223           (10 )
Emerging Markets#           5,747        

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