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Dr. Reddy’s Q4 and FY18 Financial Results

2018年05月22日 PM10:12
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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 fourth quarter and full year ended March 31, 2018 under International Financial Reporting Standards (IFRS).

Q4 Performance Summary

         

FY18 Performance Summary

 

Rs.3,535 Cr

Rs.14,203 Cr

Revenue

Revenue

[Down: 7% QoQ; 1% YoY]

[Up: 1% YoY]

 

53.5%

53.7%

Gross Margin

Gross Margin

[Q3 FY18: 56.3%; Q4 FY17: 51.2%]

[FY17: 55.6%]

 

Rs.1,207 Cr

Rs.4,691 Cr

SGNA expenses

SGNA expenses

[Up: 10% YoY]

[Up: 1% YoY]

 

Rs.435 Cr

Rs.1,826 Cr

R&D expenses

R&D expenses

[12.3% of Revenues]

[12.9% of Revenues]

 

Rs.375 Cr

Rs.1,434 Cr

Profit before Tax

Profit before Tax

[10.6% of Revenues]

[10.1% of Revenues]

 

Rs.302 Cr

Rs.981 Cr

Profit after Tax

Profit after Tax

[8.5% of Revenues]

[6.9% of Revenues]

 

Note: During 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 charge of Rs. 130 Crores for the full year.

Commenting on the results, CEO and Co-chairman, G.V. Prasad said, “We concluded a challenging year for Dr. Reddy’s with a relatively muted fourth quarter’s performance. This was mainly on account of continuing headwinds in the U.S markets and a temporary drop in sales in Russia, attributable to a shift in the channel purchasing pattern.

Looking ahead, we will continue to work diligently on resolving pending regulatory issues. We will also focus on accelerating new products to market and improving our approval process.”

All amounts in millions, except EPS
All US dollar amounts based on convenience translation rate of I USD = Rs.65.11

       
Dr. Reddy’s Laboratories Limited and Subsidiaries
 
Consolidated Income Statement
 
Particulars

Q4 FY18

  Q4 FY17 YoY
Gr %
Q3 FY18 QoQ
Gr%
($)   (Rs.)   ($)   (Rs.)    

($)

  (Rs.)  

Revenues

543   35,349 546   35,542 (1) 585   38,060 (7)
Cost of Revenues 253   16,454   267   17,360   (5)   256   16,649   (1)
Gross Profit 290   18,895   279   18,182   4   329   21,411   (12)
Operating Expenses
Selling, General & Administrative expenses 185 12,067 169 10,973 10 185 12,048 0
Research and Development expenses 67 4,348 70 4,579 (5) 72 4,667 (7)
Other operating (income) / expense (3)   (167)   (8)   (505)   (67)   (5)   (313)   (46)
Results from operating activities 41   2,647   48   3,135   (16)   77   5,009   (47)
Net finance (income) / expense (16) (1,032) 1 48 (13) (851) 21
Share of (profit) / loss of equity accounted investees (1)   (69)   (2)   (102)   (32)   (1)   (85)   (18)
Profit before income tax 58   3,748   49   3,189   18   91   5,945   (37)
Income tax expense 11   726   1   64       40   2,601   (72)
Profit for the period 46   3,022   48   3,125   (3)   51   3,344   (10)
      -       -           -    
Diluted Earnings Per Share (EPS) 0.28   18.18   0.29   18.83   (3)   0.31   20.13   (10)
 
As % to Revenues   Q4 FY18   Q4 FY17     Q3 FY18
Gross Profit 53.5 51.2 56.3
SG&A 34.1 30.9 31.7
R&D 12.3 12.9 12.3
PBT 10.6 9.0 15.6
PAT 8.5 8.8 8.8
 
   

EBITDA Computation

 
Particulars Q4 FY18 Q4 FY17 Q3 FY18
($)   (Rs.) ($)   (Rs.) ($)   (Rs.)
Profit before Income Tax 58   3,748 49   3,189 91   5,945
Interest (income) net* (15) (1,001) (1) (90) (14) (881)
Depreciation # 32 2,109 36 2,338 32 2,089
Amortization # 14   921 13   866 14   902
EBITDA 89   5,777 97   6,303 124   8,055
 

* – Includes income from Investments # includes impairment charge

 
         

Revenue Mix by Segment

 
Particulars Q4 FY18 Q4 FY17 YoY
Growth %
Q3 FY18 QoQ
Growth %
  (Rs.)   (Rs.)     (Rs.)  
Global Generics   27,836   29,138   (4)   30,105   (8)
North America   14,487   15,349   (6)   16,073   (10)
Europe*   1,711   2,066   (17)   2,006   (15)
India   6,138   5,711   7   6,126   0
Emerging Markets #   5,500   6,012   (9)   5,900   (7)
Pharmaceutical Services and Active Ingredients (PSAI)   6,251   5,401   16   5,436   15
Proprietary Products & Others   1,262   1,003   26   2,519   (50)
Total   35,349   35,542   (1)   38,060   (7)
 
* Europe primarily includes Germany and UK
# Emerging Markets refers to Russia, other CIS countries, Romania and Rest of the World markets
 
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  •    
    Dr. Reddy’s Laboratories Limited and Subsidiaries
    Consolidated Income Statement
     
    Particulars FY 18 FY 17 Growth %
    ($)   (Rs.)   %   ($)   (Rs.)   %  
    Revenues 2,181   1,42,028   100.0 2,163   1,40,809   100.0 1
    Cost of Revenues 1,009   65,724   46.3   959   62,453   44.4   5
    Gross Profit 1,172   76,304   53.7   1,203   78,356   55.6   (3)
    Operating Expenses