HYDERABAD, India
Dr. Reddy’s Laboratories Ltd. (NYSE: RDY) today announced its audited consolidated financial results for the fourth quarter and full year ended March 31, 2013 under International Financial Reporting Standards (IFRS).
Key Highlights
- Consolidated revenues for FY13 at Rs. 116.3 billion, recorded year-on-year growth of 20%. Excluding the beneficial impact of olanzapine exclusivity in FY12, registered year-on-year growth of 26%. Growth primarily driven by North America and Emerging Markets (which include Russia, other CIS countries and Rest of World (RoW) territories) in the Global Generics segment; and overall performance by Pharmaceutical Services and Active Ingredients segment.
- Consolidated revenues of Rs. 33.4 billion in Q4 FY13, year-on-year growth of 26%.
- EBITDA of Rs. 27.8 billion in FY13, 24% of revenues, with year-on-year growth of 9.5%.
- EBITDA of Rs. 9.3 billion in Q4 FY13, 28% of revenues, with year-on-year growth of 37%.
- Profit after tax* for FY13 at Rs. 17.5 billion, 15% of revenues with year-on-year growth of 17%
- Profit after tax of Rs. 5.7 billion in Q4 FY13, 17% of revenues with year-on-year growth of 67%.
- During the year, the company launched 78 new generic products, filed 56 new product registrations and filed 47 DMFs globally.
- During the quarter, the company launched 18 new generic products, filed 14 new product registrations and filed 17 DMFs globally.
# Excluding olanzapine exclusivity in FY12
*PAT adjusted for Impairment of intangibles/goodwill
All figures in millions, except EPS |
All US dollar figures based on convenience translation rate as on 31st March, 2013 1USD = Rs. 54.52 |
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Dr. Reddy’s Laboratories Limited and Subsidiaries | ||||||||||||||||||||||||||||
Audited Consolidated Income Statement | ||||||||||||||||||||||||||||
Particulars | FY13 | FY12 | Growth % | |||||||||||||||||||||||||
($) | (Rs.) | % | ($) | (Rs.) | % | |||||||||||||||||||||||
Revenue | 2,133 | 116,266 | 100 | 1,774 | 96,737 | 100 | 20 | |||||||||||||||||||||
Cost of revenues | 1,021 | 55,687 | 48 | 797 | 43,432 | 45 | 28 | |||||||||||||||||||||
Gross profit | 1,111 | 60,579 | 52 | 978 | 53,305 | 55 | 14 | |||||||||||||||||||||
Operating Expenses | ||||||||||||||||||||||||||||
Selling, general & administrative expenses | 616 | 33,584 | 29 | 529 | 28,867 | 30 | 16 | |||||||||||||||||||||
Research and development expenses | 141 | 7,673 | 7 | 108 | 5,911 | 6 | 30 | |||||||||||||||||||||
Write down of intangible assets | 9 | 507 | 0 | 19 | 1,040 | 1 | (51 | ) | ||||||||||||||||||||
Write down of goodwill | 3 | 181 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Other operating income | (45 | ) | (2,479 | ) | (2 | ) | (14 | ) | (765 | ) | (1 | ) | 224 | |||||||||||||||
Results from operating activities | 387 | 21,112 | 18 | 335 | 18,252 | 19 | 16 | |||||||||||||||||||||
Net finance income | (8 | ) | (460 | ) | (0 | ) | (3 | ) | (160 | ) | (0 | ) | 187 | |||||||||||||||
Share of profit of equity accounted investees | (2 | ) | (104 | ) | (0 | ) | (1 | ) | (54 | ) | (0 | ) | 93 | |||||||||||||||
Profit before income tax | 398 | 21,677 | 19 | 339 | 18,466 | 19 | 17 | |||||||||||||||||||||
Income tax expense | 90 | 4,900 | 4 | 77 | 4,204 | 4 | 17 | |||||||||||||||||||||
Profit for the year | 308 | 16,776 | 14 | 262 | 14,262 | 15 | 18 | |||||||||||||||||||||
Diluted EPS | 1.8 | 98.44 | 1.5 | 83.81 | 17 | |||||||||||||||||||||||
EBITDA Computation |
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Particulars | FY13 | FY12 | |||||||||||||
($) | (Rs.) | ($) | (Rs.) | ||||||||||||
PBT | 398 | 21,677 | 339 | 18,466 | |||||||||||
Interest and Income from Mutual Funds | (2 | ) | (94 | ) | 13 | 690 | |||||||||
Depreciation | 71 | 3,859 | 67 | 3,628 | |||||||||||
Amortization & Impairment | 44 | 2,378 | 48 | 2,626 | |||||||||||
EBITDA | 510 | 27,820 | 466 | 25,409 | |||||||||||
All figures in millions, except EPS |
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All US dollar figures based on convenience translation rate as on 31st March, 2013 1USD = Rs. 54.52 |
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Appendix 1: Key Balance Sheet Items |
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Particulars | As on 31st March 13 | As on 31st March 12 | ||||||||||||
($) | (Rs.) | ($) | (Rs.) | |||||||||||
Cash and cash equivalents | 405 | 22,099 | 333 | 18,152 | ||||||||||
Trade receivables | 586 | 31,972 | 465 | 25,339 | ||||||||||
Inventories | 396 | 21,600 | 355 | 19,352 | ||||||||||
Property, plant and equipment | 694 | 37,814 | 610 | 33,246 | ||||||||||
Goodwill and Other Intangible assets | 257 | 14,021 | 248 | 13,529 | ||||||||||
Loans and borrowings (current & non-current) | 674 | 36,760 | 591 | 32,210 | ||||||||||
Trade payables | 218 | 11,862 | 174 | 9,503 | ||||||||||
Equity | 1,341 | 73,085 | 1,054 | 57,444 | ||||||||||
Appendix 2: FY13 Revenue Mix by Segment |
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Particulars | FY13 | FY12 | Growth % | |||||||||||||||||||||
($) | (Rs.) | % | ($) | (Rs.) | % | |||||||||||||||||||
Global Generics | 1,514 | 82,563 | 71 | 1,288 | 70,243 | 73 | 18 | |||||||||||||||||
North America | 37,846 | 46 | 31,889 | 45 | 19 | |||||||||||||||||||
Europe | 7,716 | 9 | 8,259 | 12 | (7 | ) | ||||||||||||||||||
India | 14,560 | 18 | 12,931 | 18 | 13 | |||||||||||||||||||
Russia & Other CIS | 16,908 | 20 | 13,260 | 19 | 28 | |||||||||||||||||||
RoW | 5,533 | 7 | 3,904 | 6 | 42 | |||||||||||||||||||
PSAI | 563 | 30,702 | 26 | 437 | 23,812 | 25 | 29 | |||||||||||||||||
North America | 5,744 | 19 | 4,272 | 18 | 34 |