HYDERABAD, India
Dr. Reddy’s Laboratories Ltd. (BSE: 500124 | NSE: DRREDDY | NYSE: RDY) today announced its consolidated financial results for the fourth quarter and full year ended March 31, 2020 under International Financial Reporting Standards (IFRS).
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Q4 Performance Summary |
FY20 Performance Summary |
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Rs. 4,432 Cr |
Rs. 17,460 Cr |
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Revenue |
Revenue |
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|
[Up: 1% QoQ; Up: 10% YoY] |
[Up: 13% YoY] |
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|
|
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51.5% |
53.8% |
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Gross Margin |
Gross Margin | |
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[Q3 FY20: 54.1%; Q4 FY19: 52.4%] |
[FY19: 54.2%] | |
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Rs. 1,218 Cr |
Rs. 5,013 Cr | |
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SGNA expenses |
SGNA expenses | |
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[Down: 4% QoQ, Down: 1% YoY] |
[Up: 3% YoY] | |
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Rs. 419 Cr |
Rs. 1,541 Cr | |
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R&D expenses |
R&D expenses | |
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[9.5% of Revenues] |
[8.8% of Revenues] | |
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Rs. 1,001 Cr |
Rs. 4,643 Cr | |
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EBITDA |
EBITDA | |
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[Down: 7% QoQ; Up: 14% YoY] |
[Up: 36% YoY] | |
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Rs. 714 Cr |
Rs. 1,803 Cr * |
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Profit before Tax |
Profit before Tax | |
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[16.1% of Revenues] |
[10.3% of Revenues] |
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* Excluding intangibles impairment of Rs. 1,677 Cr; Adjusted Profit before tax is Rs. 3,480 Cr (55% growth YoY) |
Commenting on the results, Co-Chairman and MD, GV Prasad said, “FY 20 has been a very positive year for the company. Progress made during the year includes VAI status for CTO 6, healthy product pipeline build up, productivity improvement, and strong financial performance across our businesses.”
All amounts in millions, except EPS. All US dollar amounts based on convenience translation rate of I USD = Rs. 75.39
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Dr. Reddy’s Laboratories Limited and Subsidiaries |
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Consolidated Income Statement |
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Particulars |
Q4 FY20 |
Q4 FY19 |
YoY |
Q3 FY20 |
QoQ |
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|
($) |
(Rs.) |
($) |
(Rs.) |
($) |
(Rs.) |
|||
|
Revenues |
588 |
44,318 |
533 |
40,166 |
10 |
581 |
43,838 |
1 |
|
Cost of Revenues |
285 |
21,510 |
254 |
19,113 |
13 |
267 |
20,116 |
7 |
|
Gross Profit |
303 |
22,808 |
279 |
21,053 |
8 |
315 |
23,722 |
(4) |
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Operating Expenses |
|
|
|
|
|
|
|
|
|
Selling, General & Administrative expenses |
162 |
12,177 |
163 |
12,294 |
(1) |
168 |
12,670 |
(4) |
|
Research and Development expenses |
56 |
4,190 |
49 |
3,662 |
14 |
52 |
3,949 |
6 |
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Impairment of non-current assets |
0 |
7 |
1 |
82 |
(91) |
175 |
13,200 |
(100) |
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Other operating income |
(2) |
(168) |
(4) |
(330) |
(49) |
(3) |
(228) |
(26) |
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Results from operating activities |
88 |
6,602 |
71 |
5,345 |
24 |
(78) |
(5,869) |
(212) |
|
Net finance income |
(6) |
(435) |
(5) |
(349) |
25 |
(6) |
(419) |
4 |
|
Share of profit of equity accounted investees |
(1) |
(105) |
(2) |
(157) |
(33) |
(2) |
(176) |
(40) |
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Profit before income tax |
95 |
7,142 |
78 |
5,851 |
22 |
(70) |
(5,274) |
(235) |
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Income tax |
(7) |
(500) |
20 |
1,507 |
(133) |
6 |
423 |
(218) |
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Profit for the period |
101 |
7,642 |
58 |
4,344 |
76 |
(76) |
(5,697) |
(234) |
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Diluted Earnings Per Share (EPS) |
0.61 |
46.01 |
0.35 |
26.16 |
76 |
(0.46) |
(34.37) |
(234) |
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As % to Revenues |
Q4 |
Q4 |
Q3 |
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Gross Profit |
51.5 |
52.4 |
54.1 |
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SG&A |
27.5 |
30.6 |
28.9 |
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R&D |
9.5 |
9.1 |
9.0 |
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EBITDA |
|
22.6 |
|
22.0 |
|
|
24.5 |
|
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PBT |
16.1 |
14.6 |
(12.0) |
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PAT |
17.2 |
10.8 |
(13.0) |
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EBITDA Computation |
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Particulars |
Q4 FY20 |
Q4 FY19 |
Q3 FY20 |
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($) |
(Rs.) |
($) |
(Rs.) |
($) |
(Rs.) |
|||
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Profit before Income Tax |
95 |
7,142 |
78 |
5,851 |
(70) |
(5,274) |
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Interest (income) net* |
(1) |
(100) |
(3) |
(215) |
(4) |
(274) |
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Depreciation |
28 |
2,080 |
28 |
2,136 |
28 |
2,130 |
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Amortization |
12 |
885 |
13 |
965 |
13 |
955 |
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Impairment |
0 |
7 |
|
1 |
82 |
|
175 |
13,200 |
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EBITDA |
133 |
10,013 |
117 |
8,819 |
142 |
10,737 |
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* Includes income from Investments |
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Revenue Mix by Segment |
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Particulars |
Q4 FY20 |
Q4 FY19 |
YoY |
Q3 FY20 |
QoQ |
|
(Rs.) |
(Rs.) |
(Rs.) |
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Global Generics |
36,398 |
30,384 |
20 |
35,927 |
1 |
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North America |
18,072 |
14,957 |
21 |
15,999 |
13 |
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Europe |
3,446 |
1,912 |
80 |
3,093 |
11 |
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India |
6,839 |
6,505 |
5 |
7,636 |
(10) |
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Emerging Markets |
8,042 |
7,010 |
15 |
9,199 |
(13) |
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Pharmaceutical Services and Active Ingredients (PSAI) |
7,195 |
6,765 |
6 |
6,906 |
4 |
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Proprietary Products & Others |
725 |
3,017 |
(76) |
1,005 |
(28) |
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Total |
44,318 |
40,166 |
10 |
43,838 |
1 |
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Dr. Reddy’s Laboratories Limited and Subsidiaries |
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Consolidated Income Statement |
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Particulars |
FY 20 |
FY 19 |
Growth % |
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($) |
(Rs.) |
% |
($) |
(Rs.) |
% |
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Revenues |
2,316 |
1,74,600 |
100.0 |
2,041 |
1,53,851 |
100.0 |
13 |
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Cost of Revenues |
1,069 |
80,591 |
46.2 |
934 |
70,421 |
45.8 |
14 |
|
Gross Profit |
1,247 |
94,009 |
53.8 |
1,107 |
83,430 |
54.2 |
13 |
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Operating Expenses |
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|
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Selling, General & Administrative expenses |
665 |
50,129 |
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