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 nine months ended December 31, 2023. The information mentioned in this release is based on consolidated financial statements under International Financial Reporting Standards (IFRS).
| Q3FY24 | 9MFY24 | |||
| Revenues | Rs. 72,148 Mn [Up: 7% YoY; Up: 5% QoQ] |
Rs. 208,334 Mn [Up: 14% YoY; Up] |
||
| Gross Margin | 58.5% [Q3FY23: 59.2%; Q2FY24: 58.7%] |
58.6% [9M FY23: 56.5%] |
||
| SG&A Expenses | Rs. 20,228 Mn [Up: 12% YoY; 8% QoQ] |
Rs. 56,725 Mn [Up: 13% YoY] |
||
| R&D Expenses | Rs. 5,565 Mn [7.7% of Revenues] |
Rs. 15,996 Mn [7.7% of Revenues] |
||
| EBITDA | Rs. 21,107 Mn [29.3% of Revenues] |
Rs. 64,278 Mn [30.9% of Revenues] |
||
| Profit before Tax | Rs. 18,257 Mn [Up: 12% YoY; Down: 5% QoQ] |
Rs. 55,854 Mn [Up: 19% YoY] |
||
| Profit after Tax | Rs. 13,789 Mn [Up: 11% YoY; Down: 7% QoQ] |
Rs. 42,614 Mn [Up: 20% YoY] |
Commenting on the results, Co-Chairman & MD, G V Prasad said: “We delivered another quarter of highest-ever sales and robust financial performance aided by new products performance and base business market share gain in the U.S., new products launch momentum and strong performance in Europe. We continue to strengthen our core businesses and invest in innovative products including strategic collaborations for novel molecules to meet unmet needs of patients.”
All amounts in millions, except EPS
All US dollar amounts based on convenience translation rate of 1 USD = Rs. 83.19
Dr. Reddy’s Laboratories Limited & Subsidiaries
|
Revenue Mix by Segment [Q3FY24] |
||||||||||
| Particulars |
Q3FY24 |
|
Q3FY23 |
|
YoY |
|
Q2FY24 |
|
QoQ |
|
|
(Rs.) |
|
(Rs.) |
|
Gr % |
|
(Rs.) |
|
Gr% |
||
|
Global Generics |
63,095 |
|
59,241 |
|
7% |
|
61,084 |
|
3% |
|
|
North America |
33,492 |
|
30,567 |
|
9% |
|
31,700 |
|
5% |
|
|
Europe |
4,970 |
|
4,303 |
|
15% |
|
5,286 |
|
-6% |
|
|
India |
11,800 |
|
11,274 |
|
5% |
|
11,860 |
|
-1% |
|
|
Emerging Markets |
12,833 |
|
13,097 |
|
-2% |
|
12,163 |
|
6% |
|
|
Pharmaceutical Services and Active Ingredients (PSAI) |
7,839 |
|
7,758 |
|
1% |
|
7,034 |
|
11% |
|
|
Others |
1,214 |
|
701 |
|
73% |
|
684 |
|
78% |
|
|
Total |
72,148 |
|
67,700 |
|
7% |
|
68,802 |
|
5% |
|
|
Revenue Mix by Segment [9M FY24] |
||||||
|
Particulars |
9MFY24 |
|
9MFY23 |
|
YoY |
|
|
(Rs.) |
|
(Rs.) |
|
Gr% |
||
|
Global Generics |
184,262 |
|
159,511 |
|
16% |
|
|
North America |
97,245 |
|
76,383 |
|
27% |
|
|
Europe |
15,326 |
|
12,644 |
|
21% |
|
|
India |
35,141 |
|
36,113^ |
|
-3% |
|
|
Emerging Markets |
36,550 |
|
34,371 |
|
6% |
|
|
Pharmaceutical Services and Active Ingredients (PSAI) |
21,582 |
|
21,282 |
|
1% |
|
|
Others |
2,490 |
|
2,119 |
|
18% |
|
|
Total |
208,334 |
|
182,911 |
|
14% |
|
|
^ includes divestment income in India in Q1FY23, excluding which India YoY growth is at 4% and total company growth is at 15% |
||||||
|
Consolidated Income Statement [Q3FY24] |
||||||||||||||||
|
Particulars |
Q3FY24 |
|
Q3FY23 |
|
YoY |
|
Q2FY24 |
|
QoQ |
|||||||
|
($) |
|
(Rs.) |
|
($) |
|
(Rs.) |
|
Gr % |
|
($) |
|
(Rs.) |
|
Gr% |
||
|
Revenues |
867 |
|
72,148 |
|
814 |
|
67,700 |
|
7 |
|
827 |
|
68,802 |
|
5 |
|
|
Cost of Revenues |
360 |
|
29,945 |
|
332 |
|
27,607 |
|
8 |
|
342 |
|
28,434 |
|
5 |
|
|
Gross Profit |
507 |
|
42,203 |
|
482 |
|
40,093 |
|
5 |
|
485 |
|
40,368 |
|
5 |
|
|
% of revenues |
|
|
58.5% |
|
|
|
59.2% |
|
|
|
|
|
58.7% |
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, General & Administrative expenses |
243 |
|
20,228 |
|
216 |
|
17,981 |
|
12 |
|
226 |
|
18,795 |
|
8 |
|
|
% of revenues |
|
|
28.0% |
|
|
|
26.6% |
|
|
|
|
|
27.3% |
|
|
|
|
Research & Development expenses |
67 |
|
5,565 |
|
58 |
|
4,821 |
|
15 |
|
65 |
|
5,447 |
|
2 |
|
|
% of revenues |
|
|
7.7% |
|
|
|
7.1% |
|
|
|
|
|
7.9% |
|
|
|
|
Impairment of non-current assets |
1 |
|
110 |
|
2 |
|
134 |
|
(18) |
|
1 |
|
55 |
|
100 |
|
|
Other operating (income)/expense |
(12) |
|
(967) |
|
9 |
|
732 |
|
(232) |
|
(22) |
|
(1796) |
|
(46) |
|
|
Results from operating activities |
208 |
|
17,267 |
|
197 |
|
16,425 |
|
5 |
|
215 |
|
17,867 |
|
(3) |
|
|
Net finance (income)/expense |
(12) |
|
(963) |
|
2 |
|
139 |
|
(793) |
|
(15) |
|
(1225) |
|
(21) |
|
|
Share of profit of equity accounted investees, net of tax |
(0) |
|
(27) |
|
(1) |
|
(60) |
|
(55) |
|
(1) |
|
(42) |
|
(36) |
|
|
Profit before income tax |
219 |
|
18,257 |
|
196 |
|
16,346 |
|
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