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Dr. Reddy’s Q3 and 9M FY18 Financial Results

2018年01月25日 PM07:51
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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 third quarter and nine months ended December 31, 2017 under International Financial Reporting Standards (IFRS).

Q3 Performance Summary

     

9M Performance Summary

Rs.3,806 Cr

Rs.10,668 Cr

Revenue

Revenue

[Up: 7% QoQ, Up: 3% YoY] [Up: 1% YoY]
 

56.3%

53.8%

Gross Margin

Gross Margin

[Q2 FY18: 53.3%; Q3 FY17: 59.1%] [9M FY17: 57.2%]
 

Rs.1,205 Cr

Rs.3,484 Cr

SGNA expenses

SGNA expenses

[Up: 6% YoY] [Down: 2% YoY]
 

Rs.467 Cr

Rs.1,392 Cr

R&D expenses

R&D expenses

[12.3% of Revenues] [13.0% of Revenues]
 

Rs.806 Cr

Rs.1,830 Cr

EBITDA

EBITDA

[21.2% of Revenues] [17.2% of Revenues]
 

Rs.334 Cr*

Rs.678 Cr*

Profit after Tax

Profit after Tax

[8.8% of Revenues] [6.4% of Revenues]
 

* During Q3 FY18, the ‘Tax Cuts and Jobs Act of 2017’ was approved and enacted in the United States. Consequent to this enactment the deferred tax assets and liabilities of the US entity have been re-measured resulting in a one-time charge of Rs. 93 Crores. [Adjusted PAT for Q3 FY 18: Rs.427 Crores and 9M FY 18: Rs.771 Crores]

Commenting on the results, CEO and Co-chairman G.V. Prasad said, “We had a satisfactory third quarter performance, with all our key markets performing well. We recorded sequential revenue growth of 7%, despite continuing challenges such as price erosion in the U.S. Our first-cycle NDA approval of Impoyz™ is a significant milestone in the commercialization of our proprietary products pipeline. We will continue our focus on operational excellence and controlling of SG&A costs across the organisation.”

All amounts in millions, except EPS

     

All US dollar amounts based on convenience translation rate of I USD = Rs. 63.83

 

Dr. Reddy’s Laboratories Limited and Subsidiaries

Consolidated Income Statement

 
Particulars       Q3 FY 18   Q3 FY 17   Growth %
     

($)

 

  (Rs.)   %    

($)

 

  (Rs.)   %    
Revenues       596   38,060   100.0   581   37,065   100.0 3
Cost of revenues       261     16,649     43.7     238     15,166     40.9     10  
Gross profit       335     21,411     56.3     343     21,899     59.1     (2 )
Operating Expenses
Selling, general & administrative expenses 189 12,048 31.7 178 11,341 30.6 6
Research and development expenses 73 4,667 12.3 78 4,956 13.4 (6 )
Other operating expense / (income)       (5 )   (313 )   (0.8 )   (3 )   (187 )   (0.5 )   67  
Results from operating activities       78     5,009     13.2     91     5,789     15.6     (13 )
Finance expense / (income), net (13 ) (851 ) (2.2 ) (1 ) (44 ) (0.1 ) 1850
Share of (profit) of equity accounted investees, net of income tax       (1 )   (85 )   (0.2 )   (1 )   (89 )   (0.2 )   (5 )
Profit before income tax       93     5,945     15.6     93     5,922     16.0     0  
Income tax expense       41     2,601*   6.8     19     1,221     3.3     113  
Profit for the period       52     3,344     8.8     74     4,701     12.7     (29 )
                                 
Diluted EPS       0.32     20.13         0.44     28.32         (29 )

* ~Rs. 930 million impact on account of reforms in US tax laws

 

EBITDA Computation

 

Particulars

     

Q3 FY 18

 

Q3 FY 17

     

($)

 

 

(Rs.)

 

($)

 

 

(Rs.)

Profit before income tax 93   5,945   93   5,922
Interest (income) / expense net* (14 ) (881 ) (1 ) (53 )
Depreciation 33 2,089 30 1,936
Amortization 14 882 15 956
Impairment       0.3     20     0.5     32  
EBITDA       126     8,055     138     8,793  
EBITDA (% to revenues)           21.2         23.7  

* – Includes income from Investments

 

Key Balance Sheet Items

 
Particulars       As on 31st Dec 17   As on 30th Sep 17
     

($)

 

  (Rs.)  

($)

 

  (Rs.)
Cash and cash equivalents and Other current Investments       344     21,958   263     16,793
Trade receivables (current)       665     42,432   661     42,203
Inventories       420     26,825   423     26,998
Property, plant and equipment       912     58,189   907     57,905
Goodwill and Other Intangible assets       755     48,182   778     49,634
Loans and borrowings (current & non-current)       860     54,911   841     53,668
Trade payables       228     14,575   222     14,193
Equity       1,938     1,23,685   1,909     1,21,840
     

All amounts in millions, except EPS

     

All US dollar amounts based on convenience translation rate of I USD = Rs. 63.83

 

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