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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 | |
---|---|---|---|---|---|---|---|---|
-0.02 | -0.03% | 69.65 | 70.11 | 69.395 | 70.00 | 319,828 | 01:00:00 |
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, 2017 under International Financial Reporting Standards (IFRS).
FY17: Key Highlights
Q4 FY17: Key Highlights
Commenting on the results, Co-chairman and CEO, G V Prasad said, “FY17 has been a challenging year due to lack of new product approvals for the US market. However, our other geographies delivered good performances, with several new product launches. We are also seeing expanded global access to our Biosimilars, as a result of successful registrations in Emerging Markets. We will continue our focus on rationalisation of cost structures and building a sustainable quality culture across the organisation.”
All amounts in millions, except EPSAll US dollar amounts based on convenience translation rate of I USD = Rs. 64.85
Dr. Reddy’s Laboratories Limited and Subsidiaries
Consolidated Income Statement for Q4 FY 17
Q4 FY17 Q4 FY16 Particulars ($) (Rs.) % ($) (Rs.) % Growth % Revenues 548 35,542 100.0 579 37,562 100.0 (5 ) Cost of revenues 268 17,360 48.8 251 16,286 43.4 7 Gross profit 280 18,182 51.2 328 21,276 56.6 (15 ) Operating Expenses Selling, general & administrative expenses 169 10,973 30.9 179 11,632 31.0 (6 ) Research and development expenses 71 4,579 12.9 75 4,879 13.0 (6 ) Other operating (income) / expense (8 ) (505 ) (1.4 ) (5 ) (307 ) (0.8 ) 64 Results from operating activities 48 3,135 8.8 78 5,072 13.5 (38 ) Net finance expense 1 48 0.1 41 2,646 7.0 (98 ) Share of (profit) / loss of equity accounted investees (2 ) (102 ) (0.3 ) (1 ) (59 ) (0.2 ) 72 Profit before income tax 49 3,189 9.0 38 2,485 6.6 28 Income tax expense 1 64 0.2 27 1,739 4.6 (96 ) Profit for the period 48 3,125 8.8 11 746 2.0 319 - - Diluted EPS 0.29 18.83 0.07 4.36 332EBITDA Computation
Particulars Q4 FY 17 Q4 FY 16 $ Rs. $ Rs. Profit before income tax 49 3,189 38 2,485 Interest income, net* (1 ) (90 ) (11 ) (713 ) Depreciation# 36 2,338 32 2,062 Amortization 13 866 15 970 EBITDA 97 6,303 74 4,804 EBITDA% to Revenues 17.7 % 12.8 %* Includes income from Investments; # Includes Impairment charge
Key Balance Sheet Items
Particulars As on 31st Mar 17 As on 31st Dec 16 ($) (Rs.) ($) (Rs.) Cash and cash equivalents and Other current Investments 280 18,136 311 20,145 Trade Receivables 587 38,065 634 41,119 Inventories 440 28,529 463 30,052 Property, plant and equipment 881 57,160 882 57,209 Goodwill and Other Intangible assets 751 48,677 771 49,977 Loans and borrowings (current & non-current) 758 49,185 894 57,999 Trade & other payables 207 13,417 205 13,308 Equity 1,913 1,24,044 1,866 121,040Dr. Reddy’s Laboratories Limited and Subsidiaries
Consolidated Income Statement for FY 17
FY17 FY16 Particulars ($) (Rs.) % ($) (Rs.) % Growth % Revenues 2,171 1,40,809 100.0 2,386 1,54,708 100.0 (9 ) Cost of revenues 963 62,453 44.4 963 62,427 40.4 0 Gross profit 1,208 78,356 55.6 1,423 92,281 59.6 (15 ) Operating Expenses Selling, general & administrative expenses 715 46,372 32.9 705 45,702 29.5 1 Research and development expenses 301 19,551 13.9 275 17,834 11.5 10 Other operating (income) / expense (16 ) (1,065 ) (0.8 ) (13 ) (874 ) (0.6 ) 22 Results from operating activities 208 13,498 9.6 457 29,619 19.1 (54 ) Net finance (income) / expense (12 ) (806 ) (0.6 ) 42 2,708 1.8 (130 ) Share of (profit) / loss of equity accounted investees (5 ) (349 ) (0.2 ) (4 ) (229 ) (0.1 ) 52 Profit / (loss) before income tax 226 14,653 10.4 418 27,140 17.5 (46 ) Income tax (benefit) / expense 40 2,614 1.9 110 7,127 4.6 (63 ) Profit / (loss) for the period 186 12,039 8.5 309 20,013 12.9 (40 ) - Diluted EPS 1.11 72.09 1.80 116.98 (38 )EBITDA Computation
Particulars FY 17 FY 16 $ Rs. $ Rs. Profit before income tax 226 14,653 418 27,140 Interest income, net* (14 ) (880 ) (22 ) (1,425 ) Depreciation# 122 7,931 106 6,874 Amortization# 59 3,791 56 3,663 EBITDA 393 25,495 559 36,252 EBITDA% to Revenues 18.1 % 23.4 %* Includes income from Investments; # Includes Impairment charge
Key Balance Sheet Items
Particulars As on 31st Mar 17 As on 31st Mar 16 ($) (Rs.) ($) (Rs.) Cash and cash equivalents and Other current Investments 280 18,136 616 39,955 Trade Receivables 587 38,065 637 41,306 Inventories 440 28,529 394 25,578 Property, plant and equipment 881 57,160 832 53,961 Goodwill and Other Intangible assets 751 48,677 380 24,644 Loans and borrowings (current & non-current) 758 49,185 517 33,513 Trade & other payables 207 13,417 190 12,300 Equity 1,913 1,24,044 1,979 1,28,336Revenue Mix by Segment [FY 17 vs FY 16]
Particulars FY 17 FY 16 Growth % ($) (Rs.) % ($) (Rs.) % Global Generics 1,780 1,15,409 82 1,975 1,28,062 83 (10 ) North America 63,601 75,445 (16 ) Europe* 7,606 7,732 (2 ) India 23,131 21,293 9 Emerging Markets# 21,071 23,592 (11 ) PSAI 328 21,277 15 345 22,379 14 (5 ) North America 3,569 3,052 17 Europe 8,410 9,313 (10 ) India 1,750 2,618 (33 ) Rest of World 7,548 7,396 2 Proprietary Products & Others 64 4,123 3 66 4,267 3 (3 ) Total 2,171 1,40,809 100 2,386 1,54,708 100 (9 )Revenue Mix by Segment [Q4 FY 17 vs Q3 FY 17]
Particulars Q4 FY 17 Q3 FY 17 Growth % ($) (Rs.) % ($) (Rs.) % Global Generics 449 29,138 82 472 30,638 83 (5 ) North America 15,349 16,595 (8 ) Europe* 2,066 2,148 (4 ) India 5,711 5,947 (4 ) Emerging Markets# 6,012 5,948 1 PSAI 83 5,401 15 83 5,400 14 - North America 532 1,259 (58 ) Europe 2,539 1,828 39 India 395 409 (3 ) Rest of World 1,935 1,904 2 Proprietary Products & Others 15 1,003 3 16 1,027 3 (2 ) Total 548 35,542 100 572 37,065 100 (4 )Revenue Mix by Segment [Q4 FY 17 vs Q4 FY 16]
Particulars Q4 FY17 Q4 FY16 Growth % ($) (Rs.) % ($) (Rs.) % Global Generics 449 29,138 82 475 30,774 82 (5 ) North America 15,349 18,950 (19 ) Europe* 2,066 1,759 17 India 5,711 5,267 8 Emerging Markets# 6,012 4,798 25 PSAI 83 5,401 15 89 5,766 15 (6 ) North America 532 742 (28 ) Europe 2,539 2,586 (2 ) India 395 603 (35 ) Rest of World 1,935 1,835 5Proprietary Products & Others
15 1,003 3 16 1,022 3 (2 ) Total 548 35,542 100 579 37,562 100 (5 )* Europe primarily includes Germany, UK and out licensing sales business# Emerging Markets refers to Russia, other CIS countries, Romania and Rest of the World markets including Venezuela
Segmental Analysis
Global Generics (GG)
Revenues from GG segment for FY 17 at Rs. 115.4 billion, year-on-year decline of 10%; primarily on account of lower contribution from North America and Emerging Markets. Revenues for fourth quarter declined by 5% on a year-on-year basis.
Pharmaceutical Services and Active Ingredients (PSAI)
Proprietary Products (PP)
Zembrace™Sym Touch ™(Suma 3 mg) injection and Sernivo™ (betamethasone dipropionate) Spray, 0.05% are gradually gaining traction, with an improvement in the sales volumes.
Income Statement Highlights:
The Board has recommended payment of a dividend of Rs. 20 per equity share of face value Rs 5/- each (400% of face value) for the year ended March 31, 2017 subject to approval of members
Earnings Call Details (06:00 pm IST, 08:30 am EDT, May 12, 2017)
The Company will host an earnings call to discuss the performance and answer any questions from participants. This call will be accessible through an audio dial-in and a web-cast.
Audio conference Participants can dial-in on the numbers below
Primary number:
91 22 3960 0616
International Toll Free Number USA 18667462133 UK 08081011573 Singapore 8001012045 Hong Kong 800964448 Playback of call: 91 22 3065 2322, 91 22 6181 3322 Conference ID: 375# Web-castMore details will be provided through our website, www.drreddys.com
Transcript of the event will be available at www.drreddys.com. Playback will be available for a few days.
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 gastro-intestinal, cardiovascular, diabetology, oncology, pain management and dermatology. Dr. Reddy’s operates in markets across the globe. Our major markets include – USA, India, Russia and other CIS countries. 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.
The company assumes no obligation to update any information contained herein.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170512005358/en/
Dr. Reddy's Laboratories Ltd.INVESTOR RELATIONSSAUNAK SAVLAPh: +91-40-4900 2135saunaks@drreddys.comorMEDIA RELATIONSCALVIN PRINTERPh: +91-40-4900 2121calvinprinter@drreddys.com
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