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 |
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|
Consolidated Income Statement |
||||||||||||||||
|
Particulars |
Q3 FY21 |
Q3 FY20 |
YoY |
Q2 FY21 |
QoQ |
|||||||||||
|
($) |
(Rs.) |
($) |
(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 |
<p class="bwcellpmargin bwali | ||||
