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Dr. Reddy’s Q1 FY21 Financial Results

2020年07月29日 PM07:47
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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, 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
Gr %

Q4 FY20

QoQ
Gr%

($)

(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

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  • Particulars

    Q1 FY21

    Q1 FY20

    YoY

    Growth %

    Q4 FY20

    QoQ
    Growth %

    (Rs.)

    (Rs.)

    (Rs.)

    Global Generics

    35,075

    32,982

    6%

    36,398

    (4%)