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Dr. Reddy’s Q1 FY19 Financial Results

2018年07月26日 PM09:56
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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 quarter ended June 30, 2018 under International Financial Reporting Standards (IFRS).

         

Revenues

  Rs.3,721 Cr
[YoY: 12% Up, QoQ: 5% Up]
 

Gross Margin

55.7%
[Q1 FY18: 51.6%; Q4 FY18: 53.5%]
 

SG&A expenses

Rs.1,211 Cr
[YoY: 3% Up, QoQ: Flat]
 

R&D expenses

Rs.416 Cr
[11.2% of Revenues]
 

Profit before Tax

Rs.501 Cr
[13.5% of Revenues]
 

Profit after Tax

Rs.456 Cr
[12.3% of Revenues]
 

Commenting on the results, Co-chairman and CEO, GV Prasad said “I am pleased with our first quarter results, aided by the launch of gSuboxone. Our focus on operational efficiencies has helped in significantly improving our margin profile. Looking ahead, while we may continue to experience price erosion in the North America Generics market, we will also continue to drive growth and cost efficiencies, at the same time, enhancing our quality management systems and building healthy portfolios across the markets we serve”.

All amounts in millions, except EPS
All US dollar amounts based on convenience translation rate of I USD = Rs.68.46

 
Dr. Reddy’s Laboratories Limited and Subsidiaries
 
Consolidated Income Statement
 
Particulars   Q1 FY19   Q1 FY18  

YoY
Gr %

  Q4 FY18   QoQ
Gr%
  ($)   (Rs.)   ($)   (Rs.)     ($)   (Rs.)  
Revenues 543   37,207   484   33,159 12   516   35,349 5

Cost of Revenues

 

241

 

16,479

 

235

 

16,062

 

3

 

240

 

16,454

 

0

Gross Profit   303   20,728   250   17,097   21   276   18,895   10
Operating Expenses

Selling, General & Administrative expenses

177 12,106 172 11,763 3 176 12,067 0.3

Research and Development expenses

61 4,157 74 5,075 (18) 63 4,348 (4)

Other operating (income) / expense

  (4)   (303)   (3)   (194)   56   (2)   (167)   80
Results from operating activities   70   4,768   7   453   952   39   2,647   80

Net finance (income) / expense

(2)

(156)

(3)

(221)

(30)

(15)

(1,032)

(85)

Share of (profit) / loss of equity accounted investees

(1)

(83)

(1)

(98)

(15)

(1)

(69)

20

Profit before income tax   73   5,007   11   772   548   55   3,748   34

Income tax expense

  7   446   3   181   146   11   726   (39)
Profit for the period   67   4,561   9   591   672   44   3,022   51
        -       -           -    
Diluted Earnings Per Share (EPS)   0.40   27.45   0.05   3.56   672   0.27   18.18   51
 
       
As % to Revenues Q1 FY19 Q1 FY18 Q4 FY18
Gross Profit 55.7 51.6 53.5
SG&A 32.5 35.5 34.1
R&D 11.2 15.3 12.3
PBT 13.5 2.3 10.6
PAT 12.3 1.8 8.5
 
 

EBITDA Computation

 
Particulars Q1 FY19   Q1 FY18   Q4 FY18
($)   (Rs.) ($)   (Rs.) ($)   (Rs.)
Profit before Income Tax 73   5,007 11   772 55   3,748
Interest (income) net* (1) (46) (3) (211) (15) (1,001)
Depreciation# 32 2,214 29 2,008 31 2,109
Amortization# 13   896 12   791 13   921
EBITDA 118   8,071 49   3,360 84   5,777

* Includes income from Investments # includes impairment charge

 
 

Key Balance Sheet Items

 
Particulars  

As on 30th June 2018

  As on 31st March 2018  

As on 30th June 2017

  ($) (Rs.)   ($) (Rs.)   ($) (Rs.)
Cash and cash equivalents and other investments   249 17,047   344 23,517   213 14,572
Trade receivables (current & non-current)   703 48,095   596 40,786   601 41,140
Inventories   460 31,498   425 29,089   410 28,095
Property, plant and equipment   833 57,020   845 57,869   842 57,611
Goodwill and Other Intangible assets   720 49,289   710 48,610   709 48,564
Loans and borrowings (current & non-current)   793 54,273   741 50,714   737 50,462
Trade payables   216 14,816   234 16,052   193 13,225
Equity   1,905 1,30,430   1,847 1,26,460   1,803 1,23,423
   

Revenue Mix by Segment

 
Particulars   Q1 FY19   Q1 FY18   YoY
Growth %
  Q4 FY18   QoQ
Growth %
  (Rs.)   (Rs.)     (Rs.)  
Global Generics   30,636   27,455   12   27,836   10
North America   15,903   14,946   6   14,487   10
Europe   2,016   2,075   (3)   1,711   18
India   6,074   4,687   30   6,138   (1)
Emerging Markets   6,643   5,747   16   5,500   21
Pharmaceutical Services and Active Ingredients (PSAI)   5,409   4,651   16   6,251   (13)
Proprietary Products & Others   1,162   1,053   10   1,262   (8)
Total   37,207   33,159   12   35,349   5
 

Segmental Analysis

Global Generics (GG)

Revenues from GG segment at Rs.30.6 billion. Year-on-year growth of 12%, primarily driven by contributions from Emerging Markets, India and launch of gSuboxone in the US. Sequential growth is 10%.

  • Revenues from North America at Rs.15.9 billion. Year-on-year growth is 6%. Sequential growth of 10%, driven by contribution from new products, primarily gSuboxone, and partly offset by competitive pressures on some of the key molecules.

As of 30th J

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