HYDERABAD, India
Dr. Reddy’s Laboratories Ltd. (BSE: 500124 | NSE: DRREDDY | NYSE: RDY) today announced its consolidated financial results for the quarter and half year ended September 30, 2018 under International Financial Reporting Standards (IFRS).
| Q2 Performance Summary | H1 Performance Summary | |||
|
Rs. 3,798 Cr |
Rs. 7,519 Cr |
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|
Revenue |
Revenue |
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| [Up: 2% QoQ; 7% YoY] |
[Up: 10% YoY] |
|||
|
55.00% |
55.40% |
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|
Gross Margin |
Gross Margin |
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|
[Q1 FY19: 55.7%; Q2 FY18: 53.3%] |
[H1 FY17: 52.5%] |
|||
|
Rs. 1,237 Cr |
Rs. 2,448 Cr |
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|
SGNA expenses |
SGNA expenses |
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|
[Up: 2% QoQ, 12% YoY] |
[Up: 7% YoY] |
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|
Rs. 412 Cr |
Rs. 828 Cr |
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|
R&D expenses |
R&D expenses |
|||
|
[10.8% of Revenues] |
[11.0% of Revenues] |
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|
Rs. 578 Cr |
Rs. 1,079 Cr |
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|
Profit before Tax |
Profit before Tax |
|||
|
[Up: 15% QoQ; 49% YoY] |
[Up: 132%] |
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|
Rs. 504 Cr |
Rs.960 Cr |
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|
Profit after Tax |
Profit after Tax |
|||
|
[Up: 10% QoQ, 77% YoY] |
[Up: 179%] |
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Commenting on the results, Co-chairman and CEO, G.V. Prasad said, “I am encouraged with our performance and progress in the second quarter. Our continuous focus on execution, operational efficiency and cost optimization are showing results. Looking ahead, our priority will be to resolve pending regulatory issues, and continue to work on execution and cost structures that will enable affordable medicines for more patients.”
|
All amounts in millions, except EPS |
All US dollar amounts based on convenience translation rate of I USD = Rs. 72.54 |
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| Dr. Reddy’s Laboratories Limited and Subsidiaries | ||||||||||||||||
|
Consolidated Income Statement |
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| Particulars | Q2 FY19 | Q2 FY18 | YoY Gr % |
Q1 FY19 | QoQ Gr% |
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| ($) | (Rs.) | ($) | (Rs.) | ($) | (Rs.) | |||||||||||
| Revenues | 524 | 37,978 | 489 | 35,460 | 7 | 513 | 37,207 | 2 | ||||||||
| Cost of Revenues | 235 | 17,081 | 228 | 16,559 | 3 | 227 | 16,479 | 4 | ||||||||
| Gross Profit | 288 | 20,897 | 261 | 18,901 | 11 | 286 | 20,728 | 1 | ||||||||
| Operating Expenses | ||||||||||||||||
| Selling, General & Administrative expenses | 171 | 12,372 | 152 | 11,032 | 12 | 167 | 12,106 | 2 | ||||||||
| Research and Development expenses | 57 | 4,120 | 58 | 4,175 | (1) | 57 | 4,157 | (1) | ||||||||
| Other (income) / expense, net | (9) | (641) | (2) | (114) | 463 | (4) | (303) | 112 | ||||||||
| Results from operating activities | 70 | 5,046 | 52 | 3,808 | 33 | 66 | 4,768 | 6 | ||||||||
| Net finance (income) / expense | (9) | (625) | 0.3 | 24 | – | (2) | (156) | 301 | ||||||||
| Share of (profit) / loss of equity accounted investees, net of tax | (1) | (109) | (1) | (92) | 17 | (1) | (83) | 30 | ||||||||
| Profit before income tax | 80 | 5,780 | 53 | 3,876 | 49 | 69 | 5,007 | 15 | ||||||||
| Income tax expense | 10 | 742 | 14 | 1,027 | (28) | 6 | 446 | 67 | ||||||||
| Profit for the period | 69 | 5,038 | 39 | 2,849 | 77 | 63 | 4,561 | 10 | ||||||||
| Diluted Earnings Per Share (EPS) | 0.42 | 30.31 | 0.24 | 17.15 | 77 | 0.38 | 27.45 | 10 | ||||||||
| As % to Revenues |
Q2 |
Q2 |
Q1 |
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| Gross Profit | 55.0 | 53.3 | 55.7 | |||||||
| SG&A | 32.6 | 31.1 | 32.5 | |||||||
| R&D | 10.8 | 11.8 | 11.2 | |||||||
| EBITDA | 22.8 | 19.4 | 21.7 | |||||||
| PBT | 15.2 | 10.9 | 13.5 | |||||||
| PAT | 13.3 | 8.0 | 12.3 | |||||||
|
EBITDA Computation |
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| Particulars | Q2 FY19 | Q2 FY18 | Q1 FY19 | |||||||||||
| ($) | (Rs.) | ($) | (Rs.) | ($) | (Rs.) | |||||||||
| Profit before Income Tax | 80 | 5,780 | 53 | 3,876 | 69 | 5,007 | ||||||||
| Interest (income) net* | (2) | (132) | 1 | 72 | (1) | (46) | ||||||||
| Depreciation# | 28 | 2,033 | 29 | 2,078 | 31 | 2,214 | ||||||||
| Amortization# | 13 | 965 | 12 | 862 | 12 | 896 | ||||||||
| EBITDA | 119 | 8,646 | 95 | 6,888 | 111 | 8,071 | ||||||||
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* Includes income from Investments |
# includes impairment charge |
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All amounts in millions, except EPS |
All US dollar amounts based on convenience translation rate of I USD = Rs.72.54 |
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Key Balance Sheet Items |
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| Particulars | As on 30th Sep, 2018 | As on 30th June 2018 | As on 30th Sep 2017 | |||||||||
| ($) | (Rs.) | ($) | (Rs.) | ($) | (Rs.) | |||||||
| Cash and cash equivalents and other investments | 287 | 20,837 | 235 | 17,047 | 232 | 16,793 | ||||||
| Trade receivables (current & non-current) | 639 | 46,317 | 663 | 48,095 | 582 | 42,203 | ||||||
| Inventories | 448 | 32,490 | 434 | 31,498 | 372 | 26,998 | ||||||
| Property, plant and equipment | 781 | 56,640 | 786 | 57,020 | 798 | 57,905 | ||||||
| Goodwill and Other Intangible assets | 707 | 51,290 | 679 | 49,289 | 684 | 49,634 | ||||||
| Loans and borrowings (current & non-current) | 765 | 55,522 | 748 | 54,273 | 740 | 53,668 | ||||||
| Trade and other payables | 194 | 14,073 | 204 | 14,816 | 196 | 14,193 | ||||||
| Equity | 1,812 | 1,31,446 | 1,798 | 1,30,430 | 1,680 | 1,21,840 | ||||||
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Revenue Mix by Segment |
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| Particulars | Q2 FY19 | Q2 FY18 | YoY Growth % |
Q1 FY19 | QoQ Growth % |
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| (Rs.) | (Rs.) | (Rs.) | ||||||||
| Global Generics | ||||||||||
