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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 | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 73.47 | 0 | 09:00:00 |
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).
Q4 Performance Summary
FY20 Performance Summary
Rs. 4,432 Cr
Rs. 17,460 Cr
Revenue
Revenue
[Up: 1% QoQ; Up: 10% YoY]
[Up: 13% YoY]
51.5%
53.8%
Gross Margin
Gross Margin[Q3 FY20: 54.1%; Q4 FY19: 52.4%]
[FY19: 54.2%]
Rs. 1,218 Cr
Rs. 5,013 CrSGNA expenses
SGNA expenses[Down: 4% QoQ, Down: 1% YoY]
[Up: 3% YoY]
Rs. 419 Cr
Rs. 1,541 CrR&D expenses
R&D expenses[9.5% of Revenues]
[8.8% of Revenues]
Rs. 1,001 Cr
Rs. 4,643 CrEBITDA
EBITDA[Down: 7% QoQ; Up: 14% YoY]
[Up: 36% YoY]
Rs. 714 Cr
Rs. 1,803 Cr *
Profit before Tax
Profit before Tax[16.1% of Revenues]
[10.3% of Revenues]* 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
Dr. Reddy’s Laboratories Limited and Subsidiaries
Consolidated Income Statement
Particulars
Q4 FY20
Q4 FY19
YoY Gr %
Q3 FY20
QoQ Gr%
($)
(Rs.)
($)
(Rs.)
($)
(Rs.)
Revenues
588
44,318
533
40,166
10
581
43,838
1
Cost of Revenues
285
21,510
254
19,113
13
267
20,116
7
Gross Profit
303
22,808
279
21,053
8
315
23,722
(4)
Operating Expenses
Selling, General & Administrative expenses
162
12,177
163
12,294
(1)
168
12,670
(4)
Research and Development expenses
56
4,190
49
3,662
14
52
3,949
6
Impairment of non-current assets
0
7
1
82
(91)
175
13,200
(100)
Other operating income
(2)
(168)
(4)
(330)
(49)
(3)
(228)
(26)
Results from operating activities
88
6,602
71
5,345
24
(78)
(5,869)
(212)
Net finance income
(6)
(435)
(5)
(349)
25
(6)
(419)
4
Share of profit of equity accounted investees
(1)
(105)
(2)
(157)
(33)
(2)
(176)
(40)
Profit before income tax
95
7,142
78
5,851
22
(70)
(5,274)
(235)
Income tax
(7)
(500)
20
1,507
(133)
6
423
(218)
Profit for the period
101
7,642
58
4,344
76
(76)
(5,697)
(234)
Diluted Earnings Per Share (EPS)
0.61
46.01
0.35
26.16
76
(0.46)
(34.37)
(234)
As % to Revenues
Q4 FY20
Q4 FY19
Q3 FY20
Gross Profit
51.5
52.4
54.1
SG&A
27.5
30.6
28.9
R&D
9.5
9.1
9.0
EBITDA
22.6
22.0
24.5
PBT
16.1
14.6
(12.0)
PAT
17.2
10.8
(13.0)
EBITDA Computation
Particulars
Q4 FY20
Q4 FY19
Q3 FY20
($)
(Rs.)
($)
(Rs.)
($)
(Rs.)
Profit before Income Tax
95
7,142
78
5,851
(70)
(5,274)
Interest (income) net*
(1)
(100)
(3)
(215)
(4)
(274)
Depreciation
28
2,080
28
2,136
28
2,130
Amortization
12
885
13
965
13
955
Impairment
0
7
1
82
175
13,200
EBITDA
133
10,013
117
8,819
142
10,737
* Includes income from Investments
Revenue Mix by Segment
Particulars
Q4 FY20
Q4 FY19
YoY Growth %
Q3 FY20
QoQ Growth %
(Rs.)
(Rs.)
(Rs.)
Global Generics
36,398
30,384
20
35,927
1
North America
18,072
14,957
21
15,999
13
Europe
3,446
1,912
80
3,093
11
India
6,839
6,505
5
7,636
(10)
Emerging Markets
8,042
7,010
15
9,199
(13)
Pharmaceutical Services and Active Ingredients (PSAI)
7,195
6,765
6
6,906
4
Proprietary Products & Others
725
3,017
(76)
1,005
(28)
Total
44,318
40,166
10
43,838
1
Dr. Reddy’s Laboratories Limited and Subsidiaries
Consolidated Income Statement
Particulars
FY 20
FY 19
Growth %
($)
(Rs.)
%
($)
(Rs.)
%
Revenues
2,316
1,74,600
100.0
2,041
1,53,851
100.0
13
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
Operating Expenses
Selling, General & Administrative expenses
665
50,129
28.7
646
48,680
31.6
3
Research and Development expenses
204
15,410
8.8
207
15,607
10.1
(1)
Impairment of non-current assets
222
16,767
9.6
3
210
0.1
7884
Other operating income
(57)
(4,290)
(2.5)
(26)
(1,955)
(1.3)
119
Results from operating activities
212
15,993
9.2
277
20,888
13.6
(23)
Net finance income
(20)
(1,478)
(0.8)
(15)
(1,117)
(0.7)
32
Share of profit of equity accounted investees
(7)
(561)
(0.3)
(6)
(438)
(0.3)
28
Profit before income tax
239
18,032
10.3
298
22,443
14.6
(20)
Income tax
(19)
(1,466)
(0.8)
48
3,648
2.4
(140)
Profit for the period
259
19,498
11.2
249
18,795
12.2
4
Diluted Earnings Per Share (EPS)
1.56
117.40
1.50
113.09
4
EBITDA Computation
Particulars
FY 20
FY 19
($)
(Rs.)
($)
(Rs.)
Profit before Income Tax
239
18,032
298
22,443
Interest (income) net*
(11)
(839)
(9)
(654)
Depreciation
115
8,640
111
8,362
Amortization
51
3,832
51
3,828
Impairment
222
16,767
3
210
EBITDA
616
46,431
453
34,189
EBITDA (% to revenues)
26.6
22.2
* Includes income from Investments
Key Balance Sheet Items
Particulars
As on 31st Mar, 2020
As on 31st Dec 2019
As on 31st Mar 2019
($)
(Rs.)
($)
(Rs.)
($)
(Rs.)
Cash and cash equivalents and other investments
346
26,068
271
20,457
339
25,570
Trade receivables (current & non-current)
690
52,015
611
46,095
530
39,982
Inventories
465
35,066
501
37,746
445
33,579
Property, plant and equipment
694
52,332
699
52,709
717
54,088
Goodwill and Other Intangible assets
420
31,653
409
30,847
640
48,269
Loans and borrowings (current & non-current)
293
22,102
216
16,320
509
38,381
Trade payables
221
16,659
236
17,810
193
14,553
Equity
2,056
1,54,988
1,972
1,48,672
1,860
1,40,197
Revenue Mix by Segment [Year on year]
Particulars
FY 20
FY 19
Growth %
($)
(Rs.)
%
($)
(Rs.)
%
Global Generics
1,832
1,38,123
79.1
1,630
1,22,903
79.9
12
North America
64,659
59,957
8
Europe
11,707
7,873
49
India
28,946
26,179
11
Emerging Markets
32,811
28,894
14
Pharmaceutical Services and Active Ingredients (PSAI)
342
25,747
14.7
320
24,140
15.7
7
Proprietary Products & Others
142
10,730
6.1
90
6,808
4.4
58
Total
2,316
1,74,600
100.0
2,041
1,53,851
100.0
13
Response to COVID-19
We are taking all the protective measures in terms of ensuring the health and safety of our employees by following the physical distance norms, using protective gear, and other appropriate measures. Various initiatives have been undertaken to ensure that our manufacturing related operations continue unabated, enabling us to serve our patients. A few products related to COVID-19 are under development. We are using digital channels for enabling work from home and reaching out to doctors, customers and vendors. We are also playing our part of contributing to the society by extending support through various CSR initiatives such as supporting the health care professionals and others with the PPE kits, masks, sanitizers, gloves besides providing food assistance to the marginal sections & migrant families.
Revenue Analysis [Q4 and full year FY 20]
Global Generics (GG)
North America Generics (NAG)
India
Emerging Markets (EM)
Europe
Pharmaceutical Services and Active Ingredients (PSAI)
Proprietary Products (PP)
Income Statement Highlights:
Earnings Call Details (05:15 pm IST, 07:45 am EDT, May 20, 2020)
The Company will host an earnings call to discuss the performance and answer any questions from participants.
Audio conference Participants can dial-in on the numbers below:
Universal Access Number:
+91 22 6280 1219
Secondary number:
+91 22 7115 8120
Local Access number:
+91 70456 71221
(Available all over India)
International Toll Free Number
USA
1 866 746 2133
UK
0 808 101 1573
Singapore
800 101 2045
Hong Kong
800 964 448
Playback of call:
+91 22 7194 5757, +91 22 6663 5757
Conference ID:
74886
Transcript of the event will be available at www.drreddys.com. The play back will be available after the earnings call, till May 27th, 2020.
About Dr. Reddy’s: Dr. Reddy’s Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY) is an integrated pharmaceutical company, committed to providing affordable and innovative medicines for healthier lives. Through its three businesses - Pharmaceutical Services & Active Ingredients, Global Generics and Proprietary Products – Dr. Reddy’s offers a portfolio of products and services including APIs, custom pharmaceutical services, generics, biosimilars and differentiated formulations. Our major therapeutic areas of focus are gastrointestinal, cardiovascular, diabetology, oncology, pain management and dermatology. Dr. Reddy’s operates in markets across the globe. Our major markets include – USA, India, Russia & CIS countries, and Europe. 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 reorganisation , including related integration issues, (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, 2019. 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/20200520005384/en/
INVESTOR RELATIONS AMIT AGARWAL amita@drreddys.com (Ph: +91-40-4900 2135)
MEDIA RELATIONS APARNA TEKURI aparnatekuri@drreddys.com
(PH: +91-40-4900 2446)
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