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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Dr Reddys Laboratories Ltd | NYSE:RDY | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.72 | 0.89% | 81.94 | 82.89 | 81.19 | 81.22 | 105,057 | 20:06:57 |
Dr. Reddy’s Laboratories Ltd. (BSE: 500124 | NSE: DRREDDY | NYSE: RDY | NSEIFSC: DRREDDY) today announced its consolidated financial results for the quarter ended June 30, 2024. The information mentioned in this release is based on consolidated financial statements under International Financial Reporting Standards (IFRS).
Q1FY25
Revenues₹ 76,727 Mn
[Up: 14% YoY; 8% QoQ]
Gross Margin 60.4%[Q1FY24: 58.7%; Q4FY24: 58.6%]
SG&A Expenses₹ 22,691 Mn
[Up: 28% YoY; 11% QoQ]
R&D Expenses₹ 6,193 Mn
[8.1% of Revenues]
EBITDA₹ 21,599 Mn
[28.2% of Revenues]
Profit before Tax₹ 18,821 Mn
[Up: 2% YoY; 18% QoQ]
Profit after Tax₹ 13,920 Mn
[Down: 1% YoY; Up: 7% QoQ]
Commenting on the results, Co-Chairman & MD, G V Prasad said: “We had a good start to the new fiscal year and our growth & profitability was mainly driven by our generics business. We continue to strengthen our core businesses and have made strategic investments in biologics, consumer healthcare and innovation to drive patient impact and value creation.”
All amounts in millions, except EPSAll US dollar amounts based on convenience translation rate of 1 USD = ₹ 83.33
Dr. Reddy’s Laboratories Limited & Subsidiaries
Revenue Mix by Segment for the quarter
Particulars
Q1FY25
Q1FY24
YoY Gr %
Q4FY24
QoQ Gr%
(₹)
(₹)
(₹)
Global Generics
68,858
60,083
15
61,191
13%
North America
38,462
32,002
20
32,626
18%
Europe
5,265
5,047
4
5,208
1%
India
13,252
11,482
15
11,265
18%
Emerging Markets
11,878
11,552
3
12,091
(2%)
Pharmaceutical Services and Active Ingredients (PSAI)
7,657
6,709
14
8,219
(7%)
Others
212
592
(64)
1,420
(85%)
Total
76,727
67,384
14
70,830
8%
Consolidated Income Statement for the quarter
Particulars
Q1FY25
Q1FY24
YoY Gr %
Q4FY24
QoQ Gr%
($)
(₹)
($)
(₹)
($)
(₹)
Revenues
921
76,727
809
67,384
14
850
70,830
8
Cost of Revenues
365
30,383
334
27,831
9
352
29,347
4
Gross Profit
556
46,344
475
39,553
17
498
41,483
12
% of Revenues
60.4%
58.7%
58.6%
Operating Expenses
Selling, General & Administrative Expenses
272
22,691
212
17,702
28
246
20,476
11
% of Revenues
29.6%
26.3%
28.9%
Research & Development Expenses
74
6,193
60
4,984
24
83
6,877
(10)
% of Revenues
8.1%
7.4%
9.7%
Impairment of Non-Current Assets, net
0
5
0
11
(55)
(2)
(173)
(103)
Other Operating (Income)/Expense
(6)
(470)
(9)
(780)
(40)
(8)
(656)
(28)
Results from Operating Activities
215
17,925
212
17,636
2
180
14,959
20
Finance (Income)/Expense, net
(10)
(837)
(9)
(784)
7
(12)
(1022)
(18)
Share of Profit of Equity Accounted Investees, net of tax
(1)
(59)
(1)
(43)
37
(0)
(35)
69
Profit before Income Tax
226
18,821
222
18,463
2
192
16,016
18
% of Revenues
24.5%
27.4%
22.6%
Income Tax Expense
59
4,901
53
4,438
10
35
2,946
66
Profit for the Period
167
13,920
168
14,025
(1)
157
13,070
7
% of Revenues
18.1%
20.8%
18.5%
Diluted Earnings per Share (EPS)
1.00
83.46
1.01
84.22
(1)
0.94
78.35
7
EBITDA Computation for the quarter
Particulars
Q1FY25
Q1FY24
Q4FY24
($)
(₹)
($)
(₹)
($)
(₹)
Profit before Income Tax
226
18,821
222
18,463
192
16,016
Interest (Income) / Expense, net*
(12)
(1,037)
(8)
(685)
(10)
(835)
Depreciation
30
2,508
27
2,281
29
2,421
Amortization
16
1,302
16
1,302
15
1,291
Impairment
0
5
0
11
(2)
(173)
EBITDA
259
21,599
256
21,372
225
18,720
% of Revenues
28.2%
31.7%
26.4%
*Includes Income from Investment
Key Balance Sheet Items
Particulars
As on 30th Jun 2024
As on 31st Mar 2024
As on 30th Jun 2023
($)
(₹)
($)
(₹)
($)
(₹)
Cash and Cash Equivalents and Other Investments
1,147
95,599
990
82,529
734
61,162
Trade Receivables
973
81,088
964
80,298
925
77,095
Inventories
823
68,568
763
63,552
629
52,398
Property, Plant, and Equipment
964
80,343
923
76,886
807
67,207
Goodwill and Other Intangible Assets
497
41,374
494
41,204
508
42,306
Loans and Borrowings (Current & Non-Current)
368
30,675
240
20,020
150
12,520
Trade Payables
409
34,109
371
30,919
332
27,682
Equity
3,536
2,94,627
3,367
2,80,550
2,943
2,45,259
Key Business Highlights
ESG & other Updates
Revenue Analysis
Global Generics (GG)
North America
Europe
India
Emerging Markets
Pharmaceutical Services and Active Ingredients (PSAI)
Income Statement Highlights:
Gross Margin
Selling, General & Administrative (SG&A) Expenses
Research & Development (R&D) Expenses
Other Operating Income
Net Finance Income
Profit before Tax
Profit after Tax
Diluted Earnings per Share (EPS)
Other Highlights:
Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Others:
About key metrics and non-GAAP Financial Measures
This press release contains non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. Such non-GAAP financial measures are measures of our historical performance, financial position or cash flows that are adjusted to exclude or include amounts from the most directly comparable financial measure calculated and presented in accordance with IFRS.
The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with IFRS. Our non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. These measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes.
We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business.
For more information on our non-GAAP financial measures and a reconciliation of GAAP to non-GAAP measures, please refer to "Reconciliation of GAAP to Non-GAAP Results" table in this press release.
All amounts in millions, except EPS
Reconciliation of GAAP Measures to Non-GAAP Measures
Operating Working Capital
Particulars
As on 30th Jun 2024
(₹)
Inventories
68,568
Trade Receivables
81,088
Less:
Trade Payables
34,109
Operating Working Capital
115,547
Free Cash Flow
Particulars
Three months ended 30th Jun 2024
(₹)
Net cash generated from operating activities
10,027
Less:
Taxes
(1,531)
Investments in Property, Plant & Equipment, and Intangibles
(6,224)
Free Cash Flow
2,272
Net Cash Surplus and Debt to Equity
Particulars
As on 30th Jun 2024
(₹)
Cash and Cash Equivalents
4,913
Investments
90,686
Short-term Borrowings
(23,165)
Long-term Borrowings, Non-Current
(6,229)
Less:
Restricted Cash Balance – Unclaimed Dividend
155
Lease liabilities (included in Long-term Borrowings, Non-Current)
(2,429)
Equity Investments (Included in Investments)
1,174
Net Cash Surplus
67,305
Equity
2,94,628
Net Debt/Equity
(0.23)
Computation of Return on Capital Employed
Particulars
As on 30th Jun 2024
(₹)
Profit before Tax
18,821
Less:
Interest and Investment Income (Excluding forex gain/loss)
1,037
Earnings Before Interest and taxes [A]
17,784
Average Capital Employed [B]
215,327
Return on Capital Employed (A/B) (Ratio)
Annualised Return on Capital Employed (A/B)
33%
Computation of Capital Employed:
Particulars
As on
30th Jun, 2024
31st Mar, 2024
Property Plant and Equipment
80,343
76,886
Intangibles
37,131
36,951
Goodwill
4,243
4,253
Investment in Equity Accounted Associates
4,236
4,196
Other Current Assets
24,483
22,560
Other Investments
973
1,059
Other Non-Current Assets
1,659
1,632
Inventories
68,568
63,552
Trade Receivables
81,088
80,298
Derivative Financial Instruments
91
(299)
Less:
Other Liabilities
40,379
46,866
Provisions
5,532
5,444
Trade payables
34,109
30,919
Operating Capital Employed
222,795
207,859
Average Capital Employed
215,327
Computation of EBITDA
Refer page no. 3.
Earnings Call Details
The management of the Company will host an Earnings call to discuss the Company’s financial performance and answer any questions from the participants.
Date: Saturday, July 27, 2024
Time: 16:30 pm IST | 07:00 am ET
Conference Joining Information
Option 1: Pre-register with the below link and join without waiting for the operator
https://services.choruscall.in/DiamondPassRegistration/register?confirmationNumber=9959258&linkSecurityString=3f1c80877a
Option 2: Join through below Dial-In Numbers
Universal Access Number:
+91 22 6280 1219
+91 22 7115 8120
International Toll-Free Number:
USA: 1 866 746 2133
UK: 0 808 101 1573
Singapore: 800 101 2045
Hong Kong: 800 964 448
No password/pin number is necessary to dial in to any of the above numbers. The operator will provide instructions on asking questions before and during the call.
Play Back: The play back will be available after the earnings call, till August 3rd, 2024. For play back dial in phone No: +91 22 7194 5757, and Playback Code is 57537.
Audio and Transcript: Audio and Transcript of the Earnings call will be available on the Company’s website: www.drreddys.com
About Dr. Reddy’s: Dr. Reddy’s Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY, NSEIFSC: DRREDDY) is a global pharmaceutical company headquartered in Hyderabad, India. Established in 1984, we are committed to providing access to affordable and innovative medicines. Driven by our purpose of ‘Good Health Can’t Wait’, we offer a portfolio of products and services including APIs, generics, branded generics, biosimilars and OTC. Our major therapeutic areas of focus are gastrointestinal, cardiovascular, diabetology, oncology, pain management and dermatology. Our major markets include – USA, India, Russia & CIS countries, China, Brazil, and Europe. As a company with a history of deep science that has led to several industry firsts, we continue to plan and invest in businesses of the future. As an early adopter of sustainability and ESG actions, we released our first Sustainability Report in 2004. Our current ESG goals aim to set the bar high in environmental stewardship; access and affordability for patients; diversity; and governance. For more information, log on to: www.drreddys.com.
Disclaimer: This press release may include statements of future expectations and other forward-looking statements that are based on the management’s current views and assumptions and involve known or unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words "may", "will", "should", "expects", "plans", "intends", "anticipates", "believes", "estimates", "predicts", "potential", or "continue" and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to without limitation, (i) general economic conditions such as performance of financial markets, credit defaults , currency exchange rates , interest rates , persistency levels and frequency / severity of insured loss events (ii) mortality and morbidity levels and trends, (iii) changing levels of competition and general competitive factors, (iv) changes in laws and regulations and in the policies of central banks and/or governments, (v) the impact of acquisitions or reorganization , including related integration issues, and (vi) the susceptibility of our industry and the markets addressed by our, and our customers’, products and services to economic downturns as a result of natural disasters, epidemics, pandemics or other widespread illness, including coronavirus (or COVID-19), and (vii) other risks and uncertainties identified in our public filings with the Securities and Exchange Commission, including those listed under the "Risk Factors" and "Forward-Looking Statements" sections of our Annual Report on Form 20-F for the year ended March 31, 2024. The company assumes no obligation to update any information contained herein.” The company assumes no obligation to update any information contained herein.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240727061586/en/
INVESTOR RELATIONS RICHA PERIWAL richaperiwal@drreddys.com AISHWARYA SITHARAM aishwaryasitharam@drreddys.com MEDIA RELATIONS USHA IYER ushaiyer@drreddys.com
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