HYDERABAD, India
Dr. Reddy’s Laboratories Ltd. (NYSE: RDY) today announced its consolidated financial results for the fourth quarter and full year ended March 31, 2014 under International Financial Reporting Standards (IFRS).
Key Highlights
- Consolidated revenues for FY 14 at Rs. 132.2 billion, year-on-year growth of 14%.
- Consolidated revenues for Q4 FY14 at Rs. 34.8 billion, year-on-year growth of 4%.
- Gross Profit Margin for FY 14 at 57.4% versus 52.1% as in FY 13.
- Gross Profit Margins for Q4 FY14 at 57.2% versus 50.4% as in Q4 FY 13.
- Research & Development (R&D) expenses for FY 14 at Rs. 12.4 billion, year-on-year increase of 62%. Expenses at 9.4% to revenues versus 6.6% to revenues as in FY13.
- Research & Development (R&D) expenses for Q4 FY14 of Rs. 4.0 billion.
- Selling, general & administrative (SG&A) expenses for FY 14 at Rs. 38.8 billion, year-on-year increase of 13%. Expenses at 29.3% to revenues versus 29.5% to revenues as in FY13.
- Selling, general & administrative (SG&A) expenses for Q4 FY14 at Rs. 10.3 billion.
- EBITDA for FY 14 of Rs. 33.2 billion, 25% of revenues; year-on-year growth of 19%.
- EBITDA for Q4 FY14 of Rs. 7.9 billion, 23% of revenues. Q4 FY 13 included one time settlement income of Rs. 1.2 billion received from Nordian Inc (formerly MDS Inc).
- Profit after tax for FY14 at Rs. 21.5 billion, 16% of revenues; year-on-year growth of 28%
- Profit after tax for Q4 FY14 at Rs. 4.8 billion, 14% of revenues.
- The company launched 54 new generic products, filed 51 new product registrations and 61 DMFs globally in FY 14.
- The company launched 13 new generic products, filed 22 new product registrations and 29 DMFs globally in Q4 FY14.
All amounts in millions, except EPS |
All US dollar amounts based on convenience translation rate of I USD = Rs. 60.00 |
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Dr. Reddy’s Laboratories Limited and Subsidiaries |
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Consolidated Income Statement |
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Particulars | FY14 | FY13 | Growth % | ||||||||||||||||||||
($) | (Rs.) | % | ($) | (Rs.) | % | ||||||||||||||||||
Revenues | 2,203 | 132,170 | 100 | 1,938 | 116,266 | 100 | 14 | ||||||||||||||||
Cost of revenues | 939 | 56,369 | 42.6 | 928 | 55,687 | 47.9 | 1 | ||||||||||||||||
Gross profit | 1,263 | 75,802 | 57.4 | 1,010 | 60,579 | 52.1 | 25 | ||||||||||||||||
Operating Expenses | |||||||||||||||||||||||
Selling, general & administrative expenses | 646 | 38,783 | 29.3 | 571 | 34,271 | 29.5 | 13 | ||||||||||||||||
Research and development expenses | 207 | 12,402 | 9.4 | 128 | 7,673 | 6.6 | 62 | ||||||||||||||||
Other operating expense / (income) | (24 | ) | (1,416 | ) | (1 | ) | (41 | ) | (2,479 | ) | (2 | ) | (43 | ) | |||||||||
Results from operating activities | 434 | 26,032 | 19.7 | 352 | 21,112 | 18.2 | 23 | ||||||||||||||||
Net finance income | 7 | 400 | 0 | 8 | 460 | 0 | (13 | ) | |||||||||||||||
Share of profit of equity accounted investees, net of income tax | 3 | 174 | 0 | 2 | 104 | 0 | 67 | ||||||||||||||||
Profit before income tax | 443 | 26,606 | 20.1 | 361 | 21,676 | 18.6 | 23 | ||||||||||||||||
Income tax expense | 85 | 5,094 | 3.9 | 82 | 4,900 | 4.2 | 4 | ||||||||||||||||
Profit for the year | 359 | 21,512 | 16.3 | 280 | 16,776 | 14.4 | 28 | ||||||||||||||||
Diluted EPS | 2.10 | 126.04 | 1.64 | 98.4 | 28 |
EBITDA Computation |
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Particulars | FY14 | FY13 | ||||||||||||
($) | (Rs.) | ($) | (Rs.) | |||||||||||
Profit before income tax | 443 | 26,606 | 361 | 21,676 | ||||||||||
Interest income | (0 | ) | (24 | ) | (2 | ) | (94 | ) | ||||||
Depreciation | 80 | 4,804 | 64 | 3,859 | ||||||||||
Amortization & Impairment | 30 | 1,794 | 40 | 2,378 | ||||||||||
EBITDA | 553 | 33,180 | 464 | 27,819 | ||||||||||
Note:
Selling, general & administrative expenses, as above, includes an impairment reversal of Rs. 497 million [FY 14] and impairment charge of Rs. 688 million [FY 13]
All amounts in millions, except EPS |
All US dollar amounts based on convenience translation rate of 1 USD = Rs. 60.00 |
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Appendix 1: Key Balance Sheet Items |
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Particulars | As on 31st March 14 | As on 31st March 13 | ||||||||||
($) | (Rs.) | ($) | (Rs.) | |||||||||
Cash and cash equivalents and Other Investment | 559 | 33,534 | 368 | 22,099 | ||||||||
Trade receivables | 551 | 33,037 | 533 | 31,972 | ||||||||
Inventories | 400 | 23,992 | 360 | 21,600 | ||||||||
Property, plant and equipment | 740 | 44,424 | 630 | 37,814 | ||||||||
Goodwill and Other Intangible assets | 245 | 14,697 | 234 | 14,021 | ||||||||
Loans and borrowings (current & non-current) | 746 | 44,742 | 613 | 36,760 | ||||||||
Trade payables | 175 | 10,503 | 198 | 11,862 | ||||||||
Equity | 1,513 | 90,801 | 1,213 | 72,785 | ||||||||
Appendix 2: Revenue Mix by Segment |
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Particulars | FY14 | FY13 | Growth % | ||||||||||||||||
($) | (Rs.) | % | ($) | (Rs.) | % | ||||||||||||||
Global Generics | 1,753 | 105,164 | 80 | 1,376 | 82,563 | 71 | 27 | ||||||||||||
North America | 55,303 | 53 | 37,846 | 46 | 46 | ||||||||||||||
Europe | 6,970 | 7 | 7,716 | 9 | (10 | ) | |||||||||||||
India | 15,713 | 15 | 14,560 | 18 | 8 | ||||||||||||||
Russia & Other CIS | 19,819 | 19 | 16,908 | 20 | 17 | ||||||||||||||
Rest of World | 7,359 | 7 | 5,533 | 7 | 33 | ||||||||||||||
PSAI | 400 | 23,974 | 18 | 512 | 30,702 | 26 | (22 | ) | |||||||||||
North America | 4,354 | 18 | 5,744 | 19 | (24 | ) | |||||||||||||
Europe | 8,770 | 37 | 12,007 | 39 | (27 | ) | |||||||||||||
India | 3,787 | 16 | 4,638 | 15 | (18 | ) | |||||||||||||
Rest of World | 7,063 | 29 | 8,313 | 27 | (15 | ) | |||||||||||||
Proprietary Products & Others | 51 | 3,032 | 2 | 50 | 3,001 | 3 | 1 | ||||||||||||
Total | 2,203 | 132,170 | 100 | 1,938 | 116,266 | 100 |