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Dr. Reddy’s Q2 & H1 FY21 Financial Results

2020年10月28日 PM06:40
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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 and the half year ended September 30, 2020. The information mentioned in this release is on the basis of consolidated financial statements under International Financial Reporting Standards (IFRS).

Q2 Performance Summary

H1 Performance Summary

 

Rs. 4,897 Cr

Rs. 9,314 Cr

Revenue

Revenue

[Up: 11% QoQ; 2% YoY]

[Up: 8% YoY]

 

53.9%

54.9%

Gross Margin

Gross Margin

[Q1 FY21: 56.0%; Q2 FY20: 57.5%]

[H1 FY20: 54.9%]

 

Rs.1,311 Cr

Rs. 2,589 Cr

SGNA expenses

SGNA expenses

[Up: 3% QoQ; Down: 1% YoY]

[Up: 2% YoY]

 

Rs. 436 Cr

Rs. 834 Cr

R&D expenses

R&D expenses

[8.9% of Revenues]

[9.0% of Revenues]

 

Rs. 1,267 Cr

Rs. 2,430 Cr

EBITDA

EBITDA

[Up: 9% QoQ; Down: 12% YoY]

[Down: 5% YoY]

 

Rs. 862 Cr

Rs. 1,741 Cr

Profit before Tax

Profit before Tax

[Down: 2% QoQ; Up: 12% YoY]

[Up: 8% YoY]

 

Rs. 762 Cr

Rs. 1,342 Cr

Profit after Tax

Profit after Tax

[Up: 32% QoQ; Down: 30% YoY]

[Down: 24% YoY]

*Q2 FY21 YoY sales growth of 20% adjusted for proprietary products out-licensing income in previous year

Commenting on the results, Co-chairman & MD, G V Prasad said, “We are pleased to report continued growth across all the markets and improved productivity which is reflected in the healthy EBITDA margin and RoCE. Our research teams are working on several potential remedies for COVID in addition to the already launched products.”

All amounts in millions, except EPS. All US dollar amounts based on convenience translation rate of I USD = Rs. 73.54

Dr. Reddy’s Laboratories Limited and Subsidiaries

Consolidated Income Statement

 

Particulars

Q2 FY21

Q2 FY20

YoY
Gr %

Q1 FY21

QoQ
Gr%

($)

(Rs.)

($)

(Rs.)

($)

(Rs.)

Revenues

666

48,967

653

48,009

2

601

44,175

11

Cost of Revenues

307

22,558

277

20,389

11

264

19,420

16

Gross Profit

359

26,409

376

27,620

(4)

337

24,755

7

Operating Expenses

 

 

 

 

 

 

 

 

Selling, General & Administrative expenses

178

13,107

180

13,217

(1)

174

12,786

3

Research and Development expenses

59

4,359

50

3,662

19

54

3,980

10

Impairment of non-current assets

11

781

48

3,560

(78)

 

 

 

Other operating income

(2)

(149)

(2)

(135)

10

(2)

(118)

26

Results from operating activities

113

8,311

99

7,316

14

110

8,107

3

Net finance income

(3)

(237)

(3)

(231)

3

(8)

(605)

(61)

Share of profit of equity accounted investees

(1)

(73)

(2)

(117)

(38)

(1)

(77)

(5)

Profit before income tax

117

8,621

104

7,664

12

120

8,789

(2)

Income tax

13

998

(44)

(3,261)

(131)

41

2,996

(67)

Profit for the period

104

7,623

149

10,925

(30)

79

5,793

32

 

 

 

 

 

 

 

 

Diluted Earnings Per Share (EPS)

0.62

45.83

0.90

65.82

(30)

0.47

34.86

31

As a % to revenues

Q2 FY21

Q2 FY20

Q1 FY21

Gross Profit

53.9

 

 

57.5

 

 

 

56.0

SG&A

26.8

 

 

27.5

 

 

 

28.9

R&D

8.9

 

 

7.6

 

 

 

9.0

EBITDA

25.9

 

 

29.9

 

 

 

26.3

PBT

17.6

 

 

16.0

 

 

 

19.9

PAT

15.6

 

 

22.8

 

 

 

13.1

EBITDA Computation

 

Particulars

Q2 FY21

 

 

 

Q2 FY20

 

 

 

Q1 FY21

($)

(Rs.)

 

 

 

($)

(Rs.)

 

 

 

($)

(Rs.)

Profit before Income Tax

117

8,621

 

 

 

104

7,664

 

 

 

120

8,789

Interest income (net)*

(0)

(1)

 

 

 

(3)

(226)

 

 

 

(4)

(306)

Depreciation

30

2,188

 

 

 

31

2,306

 

 

 

29

2,120

Amortization

15

1,084

 

 

 

14

1,033

 

 

 

14

1,020

Impairment

11

781

 

 

 

48

3,560

 

 

 

 

 

EBITDA

172

12,673

 

 

 

195

14,337

 

 

 

158

11,622

* Includes income from Investments

All amounts in millions, except EPS. All US dollar amounts based on convenience translation rate of I USD = Rs. 73.54

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  • Key Balance Sheet Items

     

    Particulars

    As on 30th Sep
    2020

    As on 30th Jun
    2020

    As on 30th Sep
    2019

    ($)

    (Rs.)

    ($)

    (Rs.)

    ($)

    (Rs.)

    Cash and cash equivalents and other investments

    355

    26,074

    384

    28,227

    414

    30,446

    Trade receivables (current & non-current)

    684

    50,335

    657

    48,316

    573

    42,153

    Inventories

    559

    41,134

    532

    39,148

    476

    35,033

    Property, plant and equipment

    748

    55,026

    737

    54,183

    721

    53,008

    Goodwill and Other Intangible assets

    619

    45,553

    625

    45,991

    603

    44,340

    Loans and borrowings (current & non-current)

    373

    27,429

    429

    31,582

    429

    31,545

    Trade payables

    310

    22,833