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Dr. Reddy’s Q3 & 9M FY21 Financial Results

2021年01月29日 PM06:37
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HYDERABAD, India

Dr. Reddy’s Laboratories Ltd. (BSE: 500124 | NSE: DRREDDY | NYSE: RDY | NSEIFSC: DRREDDY) today announced its consolidated financial results for the quarter and the nine months ended December 31, 2020. The information mentioned in this release is on the basis of consolidated financial statements under International Financial Reporting Standards (IFRS).

Q3 Performance Summary

9M Performance Summary

 

 

Rs. 4,930 Cr

Rs. 14,244 Cr

Revenue

Revenue

[Up: 12% YoY; 1% QoQ]

[Up: 9% YoY]

 

 

53.8%

54.6%

Gross Margin

Gross Margin

[Q3 FY20: 54.1%; Q2 FY21: 53.9%]

[9M FY20: 54.7%]

 

 

Rs.1,439 Cr

Rs. 4,028 Cr

SGNA expenses

SGNA expenses

[Up: 14% YoY; 10% QoQ]

[Up: 6% YoY]

 

 

Rs. 411 Cr

Rs. 1,245 Cr

R&D expenses

R&D expenses

[8.3% of Revenues]

[8.7% of Revenues]

 

 

Rs. 1,185 Cr

Rs. 3,615 Cr

EBITDA

EBITDA

[24.0% of Revenues]

[25.4% of Revenues]

 

 

Rs. 284 Cr*

Rs. 2,025 Cr

Profit before Tax

Profit before Tax

[5.8% of Revenues]

[14.2% of Revenues]

 

 

Rs. 20 Cr**

Rs. 1,361 Cr

Profit after Tax

Profit after Tax

[0.4% of Revenues]

[9.6% of Revenues]

*Excluding the impairment charge in Q3 FY21, the Profit before Tax is Rs. 882 cr
**Q3 FY21 Profit after Tax was impacted primarily due to non-recognition of deferred tax asset on impairment

Commenting on the results, Co-chairman & MD, G V Prasad said, “We continued with our growth momentum while maintaining EBITDA margins. The profits were impacted due to trigger based impairment charge taken on a few acquired products including Nuvaring. We are progressing well on the phase 3 clinical trials for Sputnik V vaccine in India. We continue to focus on enhancing our product offerings to our patients to serve them better.”

All amounts in millions, except EPS. All US dollar amounts based on convenience translation rate of I USD = Rs. 73.01

Dr. Reddy’s Laboratories Limited and Subsidiaries

Consolidated Income Statement

 

Particulars

Q3 FY21

Q3 FY20

YoY
Gr %

Q2 FY21

QoQ
Gr %

($)

(Rs.)

($)

(Rs.)

($)

(Rs.)

Revenues

675

 

49,296

 

600

 

43,838

 

12

 

671

 

48,967

 

1

 

Cost of Revenues

312

 

22,758

 

276

 

20,116

 

13

 

309

 

22,558

 

1

 

Gross Profit

363

 

26,538

 

325

 

23,722

 

12

 

362

 

26,409

 

0

 

Operating Expenses

 

 

 

 

 

 

 

 

Selling, General & Administrative expenses

197

 

14,387

 

174

 

12,670

 

14

 

180

 

13,107

 

10

 

Research and Development expenses

56

 

4,108

 

54

 

3,949

 

4

 

60

 

4,359

 

(6

)

Impairment of non-current assets

82

 

5,972

 

181

 

13,200

 

(55

)

11

 

781

 

665

 

Other operating income

(2

)

(128

)

(3

)

(228

)

(44

)

(2

)

(149

)

(14

)

Results from operating activities

30

 

2,199

 

(80

)

(5,869

)

-

 

114

 

8,311

 

(74

)

Net finance income

(7

)

(493

)

(6

)

(419

)

18

 

(3

)

(237

)

108

 

Share of profit of equity accounted investees

(2

)

(151

)

(2

)

(176

)

(14

)

(1

)

(73

)

107

 

Profit / (loss) before Income Tax

39

 

2,843

 

(72

)

(5,274

)

-

 

118

 

8,621

 

(67

)

Income Tax

36

 

2,645

 

6

 

423

 

525

 

14

 

998

 

165

 

Profit / (loss) for the period

3

 

198

 

(78

)

(5,697

)

-

 

104

 

7,623

 

(97

)

 

Diluted Earnings Per Share (EPS)

0.02

 

1.19

 

(0.47

)

(34.37

)

-

 

0.63

 

45.83

 

(97

)

 

As % to revenues

Q3 FY21

Q3 FY20

Q2 FY21

Gross Profit

53.8

54.1

 

53.9

SG&A

29.2

28.9

 

26.8

R&D

8.3

9.0

 

8.9

EBITDA

24.0

24.5

 

25.9

PBT

5.8

(12.0

)

17.6

PAT

0.4

(13.0

)

15.6

EBITDA Computation

 

Particulars

Q3 FY21

Q3 FY20

Q2 FY21

($)

(Rs.)

($)

(Rs.)

($)

(Rs.)

Profit before Income Tax

39

 

2,843

 

(72

)

(5,274

)

118

 

8,621

 

Interest income (net)*

(2

)

(180

)

(4

)

(274

)

(0

)

(1

)

Depreciation

29

 

2,131

 

29

 

2,130

 

30

 

2,188

 

Amortization

15

 

1,086

 

13

 

955

 

15

 

1,084

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