HYDERABAD, India
Dr. Reddy’s Laboratories Ltd. (BSE: 500124 | NSE: DRREDDY | NYSE: RDY) today announced its consolidated financial results for the quarter ended December 31, 2018 under International Financial Reporting Standards (IFRS).
|
Q3 Performance Summary |
9M Performance Summary |
|||||||||
|
Rs.3,850 Cr |
Rs.11,369 Cr |
|||||||||
|
Revenue |
Revenue |
|||||||||
| [Up: 1% QoQ; 1% YoY] | [Up: 7% YoY] | |||||||||
|
53.9% |
54.9% |
|||||||||
|
Gross Margin |
Gross Margin |
|||||||||
| [Q2 FY19: 55.0%; Q3 FY18: 56.3%] | [9M FY18: 53.8%] | |||||||||
|
Rs.1,204 Cr |
Rs.3,651 Cr |
|||||||||
|
SGNA expenses |
SGNA expenses |
|||||||||
| [Dc: 3% QoQ; Flat: YoY] | [Up: 5% YoY] | |||||||||
|
Rs.367 Cr |
Rs.1,195 Cr |
|||||||||
|
R&D expenses |
R&D expenses |
|||||||||
|
[9.5% of Revenues] |
[10.5% of Revenues] | |||||||||
|
Rs.581 Cr |
Rs.1,659 Cr |
|||||||||
|
Profit before Tax |
Profit before Tax |
|||||||||
| [Flat: QoQ; Dc: 2% YoY] | [Up: 57% YoY] | |||||||||
|
Rs.485 Cr |
Rs.1,445 Cr |
|||||||||
|
Profit after Tax |
Profit after Tax |
|||||||||
| [Dc: 4% QoQ; Up: 45% YoY] | [Up: 113% YoY] | |||||||||
Commenting on the results, CEO and Co-chairman, G.V. Prasad said “We continued to improve our performance in the third quarter of FY 19, supported by significant growth in emerging markets and India, pickup in new product launches, and improvements in cost structure. We are on track towards delivering sustainable & profitable growth.”
All amounts in millions, except EPS All US dollar amounts based on convenience translation rate of I USD = Rs.69.58
| Dr. Reddy’s Laboratories Limited and Subsidiaries | ||||||||||||||||||||||
| Consolidated Income Statement | ||||||||||||||||||||||
| Particulars | Q3 FY19 | Q3 FY18 |
YoY |
Q2 FY19 | QoQ Gr% |
|||||||||||||||||
| ($) | (Rs.) | ($) | (Rs.) | ($) | (Rs.) | |||||||||||||||||
| Revenues | 553 | 38,500 | 547 | 38,060 | 1 | 546 | 37,978 | 1 | ||||||||||||||
| Cost of Revenues | 255 | 17,748 | 239 | 16,649 | 7 | 245 | 17,081 | 4 | ||||||||||||||
| Gross Profit | 298 | 20,752 | 308 | 21,411 | (3) | 300 | 20,897 | (1) | ||||||||||||||
| Operating Expenses | ||||||||||||||||||||||
| Selling, General & Administrative expenses | 173 | 12,036 | 173 | 12,048 | (0) | 178 | 12,372 | (3) | ||||||||||||||
| Research and Development expenses | 53 | 3,668 | 67 | 4,667 | (21) | 59 | 4,120 | (11) | ||||||||||||||
| Other (income) / expense net | (10) | (681) | (4) | (313) | 118 | (9) | (641) | 6 | ||||||||||||||
| Results from operating activities | 82 | 5,729 | 72 | 5,009 | 14 | 73 | 5,046 | 14 | ||||||||||||||
| Net finance (income) / expense | 0 | 13 | (12) | (851) | (102) | (9) | (625) | (102) | ||||||||||||||
| Share of (profit) / loss of equity accounted investees, net of tax | (1) | (89) | (1) | (85) | 5 | (2) | (109) | (18) | ||||||||||||||
| Profit before income tax | 83 | 5,805 | 85 | 5,945 | (2) | 83 | 5,780 | 0 | ||||||||||||||
| Income tax expense | 14 | 953 | 37 | 2,601* | (63) | 11 | 742 | 28 | ||||||||||||||
| Profit for the period | 70 | 4,852 | 48 | 3,344 | 45 | 72 | 5,038 | (4) | ||||||||||||||
| Diluted Earnings Per Share (EPS) | 0.42 | 29.21 | 0.29 | 20.13 | 45 | 0.44 | 30.31 | (4) | ||||||||||||||
* ~ Rs. 930 million impact on account of reforms in US tax laws
| As % to Revenues |
Q3 |
Q3 |
Q2 |
|||||||||||||||
| Gross Profit | 53.9 | 56.3 | 55.0 | |||||||||||||||
| SG&A | 31.3 | 31.7 | 32.6 | |||||||||||||||
| R&D | 9.5 | 12.3 | 10.8 | |||||||||||||||
| EBITDA | 22.5 | 21.2 | 22.8 | |||||||||||||||
| PBT | 15.1 | 15.6 | 15.2 | |||||||||||||||
| PAT | 12.6 | 8.8 | 13.3 |
|
EBITDA Computation |
||||||||||||||||||||||||
| Particulars | Q3 FY19 | Q3 FY18 | Q2 FY19 | |||||||||||||||||||||
| ($) | (Rs.) | ($) | (Rs.) | ($) | (Rs.) | |||||||||||||||||||
| Profit before Income Tax | 83 | 5,805 | 85 | 5,945 | 83 | 5,780 | ||||||||||||||||||
| Interest (income) net* | (4) | (260) | (13) | (881) | (2) | (132) | ||||||||||||||||||
| Depreciation | 30 | 2,073 | 30 | 2,089 | 29 | 2,033 | ||||||||||||||||||
| Amortization | 15 | 1,035 | 13 | 902 | 14 | 965 | ||||||||||||||||||
| EBITDA | 124 | 8,653 |
116 |
8,055 | 124 | 8,646 | ||||||||||||||||||
* Includes income from Investments
All amounts in millions, except EPS All US dollar amounts based on convenience translation rate of I USD = Rs.69.58
|
Key Balance Sheet Items |
||||||||||||||||||
| Particulars |
As on 31st Dec, |
As on 30th Sep, |
As on 31st Dec, |
|||||||||||||||
| ($) | (Rs.) | ($) | (Rs.) | ($) | (Rs.) | |||||||||||||
| Cash and cash equivalents and other investments | 368 | 25,593 | 299 | 20,837 | 360 | 25,032 | ||||||||||||
| Trade receivables (current & non-current) | 536 | |||||||||||||||||