HYDERABAD, India
Dr. Reddy’s Laboratories Ltd. (BSE: 500124 | NSE: DRREDDY | NYSE: RDY) today announced its consolidated financial results for the quarter and the half year ended September 30, 2020. The information mentioned in this release is on the basis of consolidated financial statements under International Financial Reporting Standards (IFRS).
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Q2 Performance Summary |
H1 Performance Summary |
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Rs. 4,897 Cr |
Rs. 9,314 Cr |
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Revenue |
Revenue |
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[Up: 11% QoQ; 2% YoY] |
[Up: 8% YoY] |
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|
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53.9% |
54.9% |
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Gross Margin |
Gross Margin |
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[Q1 FY21: 56.0%; Q2 FY20: 57.5%] |
[H1 FY20: 54.9%] |
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Rs.1,311 Cr |
Rs. 2,589 Cr |
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SGNA expenses |
SGNA expenses |
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[Up: 3% QoQ; Down: 1% YoY] |
[Up: 2% YoY] |
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Rs. 436 Cr |
Rs. 834 Cr |
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R&D expenses |
R&D expenses |
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[8.9% of Revenues] |
[9.0% of Revenues] |
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Rs. 1,267 Cr |
Rs. 2,430 Cr |
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EBITDA |
EBITDA |
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[Up: 9% QoQ; Down: 12% YoY] |
[Down: 5% YoY] |
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Rs. 862 Cr |
Rs. 1,741 Cr |
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Profit before Tax |
Profit before Tax |
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[Down: 2% QoQ; Up: 12% YoY] |
[Up: 8% YoY] |
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Rs. 762 Cr |
Rs. 1,342 Cr |
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Profit after Tax |
Profit after Tax |
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[Up: 32% QoQ; Down: 30% YoY] |
[Down: 24% YoY] |
*Q2 FY21 YoY sales growth of 20% adjusted for proprietary products out-licensing income in previous year
Commenting on the results, Co-chairman & MD, G V Prasad said, “We are pleased to report continued growth across all the markets and improved productivity which is reflected in the healthy EBITDA margin and RoCE. Our research teams are working on several potential remedies for COVID in addition to the already launched products.”
All amounts in millions, except EPS. All US dollar amounts based on convenience translation rate of I USD = Rs. 73.54
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Dr. Reddy’s Laboratories Limited and Subsidiaries |
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Consolidated Income Statement |
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Particulars |
Q2 FY21 |
Q2 FY20 |
YoY |
Q1 FY21 |
QoQ |
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($) |
(Rs.) |
($) |
(Rs.) |
($) |
(Rs.) |
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|
Revenues |
666 |
48,967 |
653 |
48,009 |
2 |
601 |
44,175 |
11 |
|
Cost of Revenues |
307 |
22,558 |
277 |
20,389 |
11 |
264 |
19,420 |
16 |
|
Gross Profit |
359 |
26,409 |
376 |
27,620 |
(4) |
337 |
24,755 |
7 |
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Operating Expenses |
|
|
|
|
|
|
|
|
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Selling, General & Administrative expenses |
178 |
13,107 |
180 |
13,217 |
(1) |
174 |
12,786 |
3 |
|
Research and Development expenses |
59 |
4,359 |
50 |
3,662 |
19 |
54 |
3,980 |
10 |
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Impairment of non-current assets |
11 |
781 |
48 |
3,560 |
(78) |
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|
|
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Other operating income |
(2) |
(149) |
(2) |
(135) |
10 |
(2) |
(118) |
26 |
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Results from operating activities |
113 |
8,311 |
99 |
7,316 |
14 |
110 |
8,107 |
3 |
|
Net finance income |
(3) |
(237) |
(3) |
(231) |
3 |
(8) |
(605) |
(61) |
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Share of profit of equity accounted investees |
(1) |
(73) |
(2) |
(117) |
(38) |
(1) |
(77) |
(5) |
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Profit before income tax |
117 |
8,621 |
104 |
7,664 |
12 |
120 |
8,789 |
(2) |
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Income tax |
13 |
998 |
(44) |
(3,261) |
(131) |
41 |
2,996 |
(67) |
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Profit for the period |
104 |
7,623 |
149 |
10,925 |
(30) |
79 |
5,793 |
32 |
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|
|
|
|
|
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Diluted Earnings Per Share (EPS) |
0.62 |
45.83 |
0.90 |
65.82 |
(30) |
0.47 |
34.86 |
31 |
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As a % to revenues |
Q2 FY21 |
Q2 FY20 |
Q1 FY21 |
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Gross Profit |
53.9 |
|
|
57.5 |
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|
56.0 |
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SG&A |
26.8 |
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|
27.5 |
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|
28.9 |
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R&D |
8.9 |
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|
7.6 |
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|
9.0 |
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EBITDA |
25.9 |
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|
29.9 |
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|
26.3 |
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PBT |
17.6 |
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|
16.0 |
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|
19.9 |
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PAT |
15.6 |
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|
22.8 |
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|
13.1 |
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EBITDA Computation |
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Particulars |
Q2 FY21 |
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|
Q2 FY20 |
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|
Q1 FY21 |
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($) |
(Rs.) |
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|
|
($) |
(Rs.) |
|
|
|
($) |
(Rs.) |
|
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Profit before Income Tax |
117 |
8,621 |
|
|
|
104 |
7,664 |
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|
|
120 |
8,789 |
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Interest income (net)* |
(0) |
(1) |
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|
(3) |
(226) |
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|
|
(4) |
(306) |
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Depreciation |
30 |
2,188 |
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|
|
31 |
2,306 |
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|
|
29 |
2,120 |
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Amortization |
15 |
1,084 |
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|
14 |
1,033 |
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|
|
14 |
1,020 |
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Impairment |
11 |
781 |
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|
48 |
3,560 |
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|
|
|
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EBITDA |
172 |
12,673 |
|
|
|
195 |
14,337 |
|
|
|
158 |
11,622 |
* Includes income from Investments
All amounts in millions, except EPS. All US dollar amounts based on convenience translation rate of I USD = Rs. 73.54
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Key Balance Sheet Items |
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Particulars |
As on 30th Sep |
As on 30th Jun |
As on 30th Sep |
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|
($) |
(Rs.) |
($) |
(Rs.) |
($) |
(Rs.) |
|
|
Cash and cash equivalents and other investments |
355 |
26,074 |
384 |
28,227 |
414 |
30,446 |
|
Trade receivables (current & non-current) |
684 |
50,335 |
657 |
48,316 |
573 |
42,153 |
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Inventories |
559 |
41,134 |
532 |
39,148 |
476 |
35,033 |
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Property, plant and equipment |
748 |
55,026 |
737 |
54,183 |
721 |
53,008 |
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Goodwill and Other Intangible assets |
619 |
45,553 |
625 |
45,991 |
603 |
44,340 |
|
Loans and borrowings (current & non-current) |
373 |
27,429 |
429 |
31,582 |
429 |
31,545 |
|
Trade payables |
310 |
22,833 |
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