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Dr. Reddy’s Q3 & 9M FY20 Financial Results

2020年01月27日 PM06:32
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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 December 31, 2019 under International Financial Reporting Standards (IFRS).

Q3 Performance Summary

     

9M Performance Summary

Rs. 4,384 Cr

   

Rs.13,028 Cr

Revenue

   

Revenue

[Down: 9% QoQ; Up: 14% YoY]

   

 [Up: 15% YoY]

 

   

54.1%

   

54.7%

Gross Margin

   

Gross Margin

[Q2 FY20: 57.5%; Q3 FY19: 53.9%]

   

[9M FY19: 54.9%]

 

   

Rs.1,267 Cr

   

Rs.3,795 Cr

SGNA expenses

   

SGNA expenses

[Down: 4% QoQ, Up: 5% YoY]

   

[Up: 4% YoY]

 

   

Rs.395 Cr

   

Rs.1,122 Cr

R&D expenses

   

R&D expenses

[9.0% of Revenues]

   

[8.6% of Revenues]

 

   

Rs.1,074 Cr

   

Rs.3,642 Cr

EBITDA

   

EBITDA

[Down: 25% QoQ; Up: 24% YoY]

   

[Up: 44% YoY]

 

   

Rs. (527 Cr)*

   

Rs.1,089 Cr

Profit before Tax

   

Profit before Tax

[Down: 169% QoQ; 191% YoY]

   

[Down: 34% YoY]

* Excluding intangibles impairment of Rs. 1,320 Cr; Profit before tax is Rs. 793 Cr

Note: Financials include other income of Rs. 3.5 billion received from Celgene pursuant to settlement for Lenalidomide

Commenting on the results, Co-Chairman and MD, GV Prasad said “The current quarter performance has been good across all our businesses and we achieved strong EBITDA margins. The profits were impacted due to trigger based impairment charge taken on a few products including gNuvaring. We continue to focus on execution and have made significant progress on quality systems and operational efficiencies”.

All amounts in millions, except EPS. All US dollar amounts based on convenience translation rate of I USD = Rs.71.36

Dr. Reddy’s Laboratories Limited and Subsidiaries

Consolidated Income Statement

Particulars

Q3 FY20

Q3 FY19

YoY
Gr %

Q2 FY20

QoQ
Gr%

($)

(Rs.)

($)

(Rs.)

($)

(Rs.)

Revenues

614

43,838

540

38,500

14

673

48,009

(9)

Cost of Revenues

282

20,116

249

17,748

13

286

20,389

(1)

Gross Profit

332

23,722

291

20,752

14

387

27,620

(14)

Operating Expenses

 

 

 

 

 

 

 

 

Selling, General & Administrative expenses

178

12,670

169

12,036

5

185

13,217

(4)

Research and Development expenses

55

3,949

51

3,668

8

51

3,662

8

Impairment of non-current assets

185

13,200

 

50

3,560

271

Other operating (income)

(3)

(228)

(10)

(681)

(67)

(2)

(135)

68

Results from operating activities

(82)

(5,869)

80

5,729

(202)

103

7,316

(180)

Net finance (income)

(6)

(419)

0

13

 

(3)

(231)

81

Share of (profit) / loss of equity accounted investees

(2)

(176)

(1)

(89)

98

(2)

(117)

50

Profit before income tax

(74)

(5,274)

81

5,805

(191)

107

7,664

(169)

Income tax expense

6

423

13

953

(56)

(46)

(3,261)

(113)

Profit for the period

(80)

(5,697)

68

4,852

(217)

153

10,925

(152)

 

 

 

 

 

 

 

 

Diluted Earnings Per Share (EPS)

(0.48)

(34.37)

0.41

29.21

(217)

0.92

65.82

(152)

As % to Revenues

Q3 FY20

Q3 FY19

Q2

FY20

Gross Profit

54.1

53.9

57.5

SG&A

28.9

31.3

34.9

R&D

9.0

9.5

7.6

EBITDA

 

24.5

 

22.5

 

 

29.9

 

PBT*

(12.0)

15.1

16.0

PAT

(13.0)

12.6

22.8

*Excluding intangibles impairment Q3 FY20 PBT @ 18.1%

EBITDA Computation

Particulars

Q3 FY20

Q3 FY19

Q2 FY20

($)

(Rs.)

($)

(Rs.)

($)

(Rs.)

Profit before Income Tax

(74)

(5,274)

81

5,805

107

7,664

Interest (income) net*

(4)

(274)

(4)

(260)

(3)

(226)

Depreciation

30

2,130

29

2,073

32

2,306

Amortization

13

955

14

1,035

14

1,033

Impairment

185

13,200

 

 

50

3,561

EBITDA

150

10,737

121

8,652

201

14,338

* Includes income from Investments

Note: Q3 FY20 Financials include an impairment charge of Rs. 13,200 million on some of the Company’s products forming part of Global Generics and Proprietary Products segments

Q2 FY20 Financials include Rs. 6,901 million from the out-licensing income, net of expenses related to Neuro products of Proprietary Products

Q2 FY20 Financials include an impairment charge of Rs. 3,561 million on some of the Company’s products forming part of Global Generics segment

 

Key Balance Sheet Items

Particulars

As on 31st Dec,
2019

As on 30th Sep
2019

As on 31st Dec
2018

($)

(Rs.)

($)

(Rs.)

($)

(Rs.)

Cash and cash equivalents and other investments

287

20,457

427

30,446

359

25,593

Trade receivables (current & non-current)

646

46,095

591

42,153

523

37,302

Inventories

529

37,746

491

35,033

475

33,911

Property, plant and equipment

739

52,709

743

53,008

776

55,344

Goodwill and Other Intangible assets

432

30,847

621

44,340

690

49,205

Loans and borrowings (current & non-current)

229

16,320

442

31,545

614

43,836

Trade payables

250

17,810

216

15,434

223

15,939

Equity

2,083

1,48,672

2,155

1,53,816

1,902

1,35,708

Revenue Mix by Segment

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  • Particulars

    Q3 FY20

    Q3 FY19

    YoY
    Growth %

    Q2 FY20

    QoQ
    Growth %

    (Rs.)

    (Rs.)

    (Rs.)

    Global Generics

    35,927

    31,347

    15%

    32,816

    9%

    North America

    15,999

    14,832

    8%

    14,265