Hyderabad, India, February 03, 2012: Dr. Reddy’s Laboratories Ltd. (NYSE: RDY) today announced its unaudited consolidated financial results for the quarter ended December 31, 2011 under International Financial Reporting Standards (IFRS).
Key Highlights
*Note: Adjustments on account of interest on bonus debentures (net of tax)
All figures in millions, except EPS
All dollar figures based on convenience translation rate of 1USD = ₹ 53.01
Particulars | Q3 FY12 | Q3 FY11 | Growth % | |||||
($) | (₹) | % | ($) | (₹) | (%) | |||
Revenue | 522 | 27,692 | 100 | 358 | 18,985 | 100 | 46 | |
Cost of revenues | 210 | 11,117 | 40 | 162 | 8,571 | 45 | 30 | |
Gross profit | 313 |
| 60 | 196 | 10,414 | 55 | 59 | |
Operating Expenses |
|
|
|
|
|
|
| |
Selling, general & administrative expenses | 145 | 7,679 | 28 | 120 | 6,374 | 34 | 20 | |
Research and development expenses | 29 | 1,514 | 5 | 25 | 1,306 | 7 | 16 | |
Other operating (income) / expense | (3) | (165) | (1) | (4) | (199) | (1) | (17) | |
Results from operating activities | 142 | 7,547 | 27 | 55 | 2,933 | 15 | 157 | |
Net finance (income) / expense | (3) | (174) | (1) | 1 | 48 | 0 | – | |
Share of (profit) / loss of equity accounted investees | (0) | (26) | (0) | 0 | 1 | 0 | – | |
Profit / (loss) before income tax | 146 | 7,747 | 28 | 54 | 2,884 | 15 | 169 | |
Income tax (benefit) / expense | 49 | 2,616 | 9 | 3 | 152 | 1 | – | |
Profit / (loss) for the period | 97 | 5,131 | 19 | 52 | 2,732 | 14 | 88 |
Diluted EPS | 0.6 | 30.2 |
| 0.3 | 16.1 |
| 88 |
EBITDA Computation | Q3 FY12 | Q3 FY11 | ||
($) | (₹) | ($) | (₹) | |
PBT (reported) | 146 | 7,747 | 54 | 2,884 |
Interest | 3 | 155 | 2 | 98 |
Depreciation | 17 | 899 | 14 | 758 |
Amortization | 8 | 408 | 6 | 307 |
EBITDA | 174 | 9,208 | 76 | 4,048 |
Adjusted PAT Computation | Q3 FY12 | Q3 FY11 | ||
($) | (₹) | ($) | (₹) | |
PAT (reported) | 97 | 5,131 | 52 | 2,732 |
Adjustments: |
|
|
|
|
Interest on Bonus Debentures (net of tax) | 1 | 78 |
|
|
Adjusted PAT | 98 | 5,209 | 52 | 2,732 |
Particulars | As on 31st Dec 11 | As on 30th Sep 11 | |||
($) | (₹) | ($) | (₹) | ||
Cash and cash equivalents | 313 | 16,587 | 143 | 7,596 | |
Trade receivables | 498 | 26,373 | 388 | 20,568 | |
Inventories | 369 | 19,586 | 351 | 18,592 | |
Property, plant and equipment | 612 |
| 593 | 31,450 | |
Goodwill and other intangible assets | 287 | 15,182 | 285 | 15,115 | |
Loans and borrowings (current & non-current) | 727 | 38,502 | 591 | 31,303 | |
Trade payables | 173 | 9,189 | 169 | 8,940 | |
Equity | 980 | 51,927 | 907 | 48,081 |
| Q3 FY12 | Q3 FY 11 | Growth % | |||||
($) | (₹) | as a % | ($) | (₹) | as a % | |||
Global Generics | 402 | 21,287 | 77 | 256 | 13,589 | 72 | 57 | |
North America |
| 11,114 |
|
| 4,765 |
| 133 | |
Europe |
| 2,426 |
|
| 2,124 |
| 14 | |
India |
| 3,333 |
|
| 3,000 |
| 11 | |
Russia & Other CIS |
| 3,317 |
|
| 2,880 |
| 15 | |
RoW |
| 1,097 |
|
| 820 |
| 34 | |
PSAI | 105 | 5,563 | 20 | 94 | 4,979 | 26 | 12 | |
North America |
| 1,170 |
|
| 770 |
| 52 | |
Europe |
| 1,651 |
|
|
|
| (10) | |
India |
| 862 |
|
| 622 |
| 39 | |
RoW |
| 1,880 |
|
| 1,757 |
| 7 | |
Others | 15 | 842 | 3 | 8 | 417 | 2 | 102 | |
Total | 522 | 27,692 | 100 | 358 | 18,985 | 100 | 46 |
Segmental Analysis
Global Generics: North America
Revenues from North America were at ₹ 11.1 billion in Q3 FY12 versus ₹ 4.8 billion in Q3 FY11. Growth was led by the high value launch of olanzapine 20 mg, new products launched in the last twelve months and strong volume growth across key products.
Global Generics: Russia & Other CIS
Revenues in Russia & Other CIS markets were at ₹ 3.3 billion in Q3 FY12 versus ₹ 2.9 billion in Q3 FY11.
Global Generics: India
Revenues in India were at ₹ 3.3 billion in Q3 FY12 versus ₹ 3.0 billion in Q3 FY11, driven by volume increase in key products and new product launches in the last twelve months.
Global Generics: Europe
Revenues from Europe were at ₹ 2.4 billion in Q3 FY12 versus ₹ 2.1 billion in Q3 FY11.
Pharmaceutical Services and Active Ingredients (PSAI)
Revenues from PSAI were at ₹ 5.6 billion in Q3 FY12 versus ₹ 5.0 billion in Q3 FY11. Growth was largely driven by Pharmaceutical Services segment and benefit of rupee depreciation.
Income Statement Highlights:
Consolidated Income Statement: Nine months ending December 2011
All figures in millions, except EPS
All US dollar figures based on convenience translation rate of 1USD = ₹ 53.01
Particulars | 9 Months FY12 | 9 Months FY11 | Growth % | ||||
($) | (₹) | % | ($) | (₹) | (%) | ||
Revenue | 1,323 | 70,153 | 100 | 1,028 | 54,520 | 100 | 29 |
Cost of revenues | 581 | 30,818 | 44 | 475 | 25,206 | 46 | 22 |
Gross profit | 742 | 39,335 | 56 | 553 | 29,314 | 54 | 34 |
Operating Expenses |
|
|
|
|
|
|
|
Selling, general & administrative expenses | 409 | 21,651 | 31 | 331 | 17,562 | 32 | 23 |
Research and development expenses | 79 | 4,170 | 6 | 67 | 3,569 | 7 | 17 |
Other operating (income) / expense | (11) | (567) | (1) | (11) | (602) | (1) | (6) |
Results from operating activities | 266 | 14,081 | 20 | 166 | 8,786 | 16 | 60 |
Net finance (income) / expense | (1) | (78) | (0) | 5 | 262 | 0 | – |
Share of (profit) / loss of equity accounted investees | (1) | (43) | (0) | (0) | (7) | (0) | 514 |
Profit / (loss) before income tax | 268 | 14,202 | 20 | 161 | 8,531 | 16 | 66 |
Income tax (benefit) / expense | 63 | 3,366 | 5 | 16 | 836 | 2 | 303 |
Profit / (loss) for the period | 204 | 10,836 | 15 | 145 | 7,695 | 14 | 41 |
Diluted EPS
1.2 | 63.7 |
| 0.9 | 45.3 |
| 41 |
EBITDA Computation | 9 Months FY12 | 9 Months FY11 | ||
($) | (₹) | ($) | (₹) | |
PBT (reported) | 268 | 14,202 | 161 | 8,531 |
Interest | 11 | 601 | 2 | 95 |
Depreciation | 49 | 2,606 | 41 | 2,174 |
Amortization | 23 | 1,202 | 17 | 912 |
EBITDA | 351 | 18,611 | 221 | 11,712 |
Adjusted PAT Computation | 9 Months FY12 | 9 Months FY11 | ||
($) | (₹) | ($) | (₹) | |
PAT (reported) | 204 | 10,836 | 145 | 7,695 |
Adjustments: |
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|
|
|
Interest on Bonus Debentures (net of tax) | 5 | 235 |
|
|
Adjusted PAT | 209 | 11,071 | 145 | 7,695 |
Dr. Reddy’s Laboratories Ltd. (NYSE: RDY) is an integrated global pharmaceutical company, committed to providing affordable and innovative medicines for healthier lives. Through its three businesses – Pharmaceutical Services and Active Ingredients, Global Generics and Proprietary Products – Dr. Reddy’s offers a portfolio of products and services including APIs, custom pharmaceutical services, generics, biosimilars, differentiated formulations and NCEs. Therapeutic focus is on gastro-intestinal, cardiovascular, diabetology, oncology, pain management, anti-infective and pediatrics. Major markets include India, USA, Russia and CIS, Germany, UK, Venezuela, S. Africa, Romania, and New Zealand.
Note: All discussions in this release are based on unaudited consolidated IFRS financials.
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