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, 2020. The information mentioned in this release is on the basis of consolidated financial statements under International Financial Reporting Standards (IFRS).
| Revenues | Rs. 4,418 Cr | |||||
| [YoY: Up 15%; QoQ: Down 0.3%] | ||||||
| Gross Margin |
56.0% |
|||||
| [Q1 FY20: 51.7%; Q4 FY20: 51.5%] | ||||||
| SG&A Expenses | Rs. 1,279 Cr | |||||
| [YoY: Up 6%; QoQ: Up 5%] | ||||||
| R&D Expenses | Rs. 398 Cr | |||||
| [9.0% of Revenues] | ||||||
| EBITDA* | Rs. 1,162 Cr | |||||
| [YoY: Up 2%; QoQ: Up 16%] | ||||||
| Profit before Tax | Rs. 879 Cr | |||||
| [19.9% of Revenues] | ||||||
| Profit after Tax | Rs. 579 Cr | |||||
| [13.1% of Revenues] | ||||||
* Q1 FY20 includes a settlement income of Rs. 346 Cr, adjusted for which the EBITDA YoY growth is 47%
Commenting on the results, Co-chairman & MD, G V Prasad said “the current quarter’s financial performance has been strong across all parameters. I am glad that we have been able to serve our patients well and ensured continuity of business operations despite the challenging times. We have started integration of the acquired business from Wockhardt and executed two important licencing arrangements for treatment options for COVID-19. Currently, we are working towards bringing both these drugs to multiple markets”.
All amounts in millions, except EPS All US dollar amounts based on convenience translation rate of I USD = Rs. 75.53
Dr. Reddy’s Laboratories Limited and Subsidiaries
Consolidated Income Statement
|
Particulars |
Q1 FY21 |
Q1 FY20 |
YoY |
Q4 FY20 |
QoQ |
|||
|
($) |
(Rs.) |
($) |
(Rs.) |
($) |
(Rs.) |
|||
|
Revenues |
585 |
44,175 |
509 |
38,435 |
15 |
587 |
44,318 |
(0) |
|
Cost of Revenues |
257 |
19,420 |
246 |
18,576 |
5 |
285 |
21,510 |
(10) |
|
Gross Profit |
328 |
24,755 |
263 |
19,859 |
25 |
302 |
22,808 |
9 |
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
Selling, General & Administrative expenses |
169 |
12,786 |
160 |
12,065 |
6 |
161 |
12,177 |
5 |
|
Research and Development expenses |
53 |
3,980 |
48 |
3,609 |
10 |
55 |
4,190 |
(5) |
|
Impairment of non-current assets |
|
|
|
|
|
0 |
7 |
(100) |
|
Other operating income |
(2) |
(118) |
(50) |
(3,759) |
(97) |
(2) |
(168) |
(30) |
|
Results from operating activities |
107 |
8,107 |
105 |
7,944 |
2 |
87 |
6,602 |
23 |
|
Net finance income |
(8) |
(605) |
(5) |
(393) |
54 |
(6) |
(435) |
39 |
|
Share of profit of equity accounted investees |
(1) |
(77) |
(2) |
(163) |
(53) |
(1) |
(105) |
(27) |
|
Profit before Income Tax |
116 |
8,789 |
113 |
8,500 |
3 |
95 |
7,142 |
23 |
|
Income tax |
40 |
2,996 |
25 |
1,872 |
60 |
(7) |
(500) |
(699) |
|
Profit for the period |
77 |
5,793 |
88 |
6,628 |
(13) |
101 |
7,642 |
(24) |
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per Share (EPS) |
0.46 |
34.86 |
0.53 |
39.91 |
(13) |
0.61 |
46.01 |
(24) |
|
As a % to Revenues |
Q1 FY21 |
Q1 FY20 |
Q4 FY20 |
||||
|
Gross Profit |
56.0 |
|
51.7 |
|
|
51.5 |
|
|
SG&A |
28.9 |
|
31.4 |
|
|
27.5 |
|
|
R&D |
9.0 |
|
9.4 |
|
|
9.5 |
|
|
EBITDA |
|
26.3 |
|
29.5 |
|
|
22.6 |
|
PBT |
19.9 |
|
22.1 |
|
|
16.1 |
|
|
PAT |
13.1 |
|
17.2 |
|
|
17.2 |
EBITDA Computation
|
Particulars |
Q1 FY21 |
Q1 FY20 |
Q4 FY20 |
|||||
|
($) |
(Rs.) |
($) |
(Rs.) |
($) |
(Rs.) |
|||
|
Profit before Income Tax |
116 |
8,789 |
|
113 |
8,500 |
|
95 |
7,142 |
|
Interest income (net)* |
(4) |
(306) |
|
(3) |
(239) |
|
(1) |
(100) |
|
Depreciation |
28 |
2,120 |
|
28 |
2,124 |
|
28 |
2,080 |
|
Amortization |
14 |
1,020 |
|
13 |
958 |
|
12 |
885 |
|
Impairment |
0 |
0 |
|
0 |
0 |
|
0 |
7 |
|
EBITDA |
154 |
11,622 |
|
150 |
11,343 |
|
133 |
10,013 |
* Includes income from Investments
All amounts in millions, except EPS All US dollar amounts based on convenience translation rate of I USD = Rs. 75.53
Key Balance Sheet Items
|
Particulars |
As on 30th Jun 2020 |
As on 31st Mar 2020 |
As on 30th Jun 2019 |
|||
|
($) |
(Rs.) |
($) |
(Rs.) |
($) |
(Rs.) |
|
|
Cash and cash equivalents and other investments |
374 |
28,227 |
345 |
26,068 |
377 |
28,439 |
|
Trade receivables (current & non-current) |
640 |
48,316 |
689 |
52,015 |
503 |
37,961 |
|
Inventories |
518 |
39,148 |
464 |
35,066 |
465 |
35,137 |
|
Property, plant and equipment* |
717 |
54,183 |
693 |
52,332 |
716 |
54,083 |
|
Goodwill and Other Intangible assets* |
609 |
45,991 |
419 |
31,653 |
633 |
47,821 |
|
Loans and borrowings (current & non-current) |
418 |
31,582 |
293 |
22,102 |
455 |
34,389 |
|
Trade payables |
252 |
19,038 |
221 |
16,659 |
197 |
14,842 |
|
Equity |
2,142 |
1,61,748 |
2,052 |
1,54,988 |
1,936 |
1,46,209 |
*On the basis of provisional allocation of purchase price for the business acquired from Wockhardt
Revenue Mix by Segment
|
Particulars |
Q1 FY21 |
Q1 FY20 |
YoY Growth % |
Q4 FY20 |
QoQ |
|
(Rs.) |
(Rs.) |
(Rs.) |
|||
|
Global Generics |
35,075 |
32,982 |
6% |
36,398 |
(4%) |
