Q2 FY13 Revenues at Rs. 28.8 billion Q2 FY13 EBITDA at Rs. 7.7 billion *Adjusted Q2 FY13 PAT at Rs. 4.9 billion | H1 FY13 Revenues at Rs. 54.2 billion H1 FY13 EBITDA at Rs. 12.7 billion **Adjusted H1 FY13 PAT at Rs. 7.8 billion |
Hyderabad, India, October 30 th , 2012: Dr. Reddy’s Laboratories Ltd. (NYSE: RDY) today announced its unaudited consolidated financial results for the quarter ended September 30, 2012 under International Financial Reporting Standards (IFRS).
Key Highlights (Q2 FY13)
* Adjusted for (a) impairment charges in Q2 FY13 (b) the benefit on reversal of provision for voluntary retirement scheme (‘VRS’)in Q2 FY 12 and (c) tax normalization on account of the annual effective tax rate and the aforementioned adjustments
** Adjusted for (a) impairment charges in Q2 FY13 (b) net charge for voluntary retirement scheme(‘VRS’) and (c) tax normalization on account of the annual effective tax rate and the aforementioned adjustments
All figures in millions, except EPS
All dollar figures based on convenience translation rate of 1USD = Rs. 52.92
Dr. Reddy’s Laboratories Ltd. and Subsidiaries
Unaudited Consolidated Income Statement
Particulars | Q2 FY13 | Q2 FY12 | Growth % | ||||
($) | ( Rs. ) | % | ($) | ( Rs. ) | (%) | ||
Revenues | 544 | 28,809 | 100 | 429 | 22,678 | 100 | 27 |
Cost of revenues | 255 | 13,504 | 47 | 198 | 10,473 | 46 | 29 |
Gross profit | 289 | 15,305 | 53 | 231 | 12,205 | 54 | 25 |
Operating Expenses |
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|
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Selling, general & administrative expenses | 151 | 8,013 | 28 | 136 | 7,217 | 32 | 11 |
Research and development expenses | 33 | 1,759 | 6 | 28 | 1,459 | 6 | 21 |
Impairment loss on goodwill and intangible assets | 13 | 688 | 2 |
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|
Other operating (income) / expense | (8) | (397) | (1) | (4) | (216) | (1) | 85 |
Results from operating activities | 99 | 5,242 | 18 | 71 | 3,745 | 17 | 40 |
Net finance (income) / expense | (7) | (371) | (1) | 1 | 50 | 0 | (849) |
Share of (profit) / loss of equity accounted investees | (1) | (28) | (0) | (0) | (13) | (0) | 115 |
Profit before income tax (‘PBT’) | 107 | 5,641 | 20 | 70 | 3,708 | 16 | 52 |
Income tax expense | 30 | 1,567 | 5 | 12 | 630 | 3 | 148 |
Profit for the period | 77 | 4,074 | 14 | 58 | 3,078 | 14 | 32 |
Diluted EPS | 0.5 | 23.9 |
| 0.3 | 18.1 |
| 32 |
Profit Computation:
EBITDA Computation | Q2 FY13 | Q2 FY12 | ||
($) | ( Rs. ) | ($) | ( Rs. ) | |
PBT | 107 | 5,641 | 70 | 3,708 |
Net Interest Expenses / (Income) | (1) | (32) | 4 | 225 |
Depreciation | 18 | 943 | 17 | 879 |
Amortization | 8 | 433 | 7 | 389 |
Impairment | 13 | 688 |
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|
Reported EBITDA | 145 | 7,673 | 98 | 5,201 |
Adjustments of exceptional items: |
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|
Part reversal of provision booked in Q1 FY12 for VRS |
|
| (2) | (94) |
Adjusted EBITDA | 145 | 7,673 | 97 | 5,107 |
PAT Computation | Q2 FY13 | Q2 FY12 | |||
($) | ( Rs. ) | ($) | ( Rs. ) | ||
PAT | 77 | 4,074 | 58 | 3,078 | |
Adjustments: |
|
|
|
| |
|
|
| (2) | (94) | |
| 13 | 688 |
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| |
Tax adjustment* | 3 | 175 | (4) | (192) | |
Adjusted PAT | 93 | 4,937 | 53 | 2,792 |
* Q2 FY13 normalized to the FY13 annual effective tax rate and Q2 FY12 normalized to the FY12 annual effective tax rate and the effect of the aforementioned transactions
SEGMENTAL ANALYSIS
Global Generics
Revenues from Global Generics segment for Q2 FY13 at Rs. 20.1 billion, recorded YoY growth of 25% driven by key markets of North America , India and other emerging markets..
Pharmaceutical Services and Active Ingredients (PSAI)
Income Statement Highlights:
* * Adjusted for (a) impairment charges in Q2 FY13 (b) the benefit on reversal of provision for voluntary retirement scheme (‘VRS’)in Q2 FY 12 and (c) tax normalization on account of the annual effective tax rate and the aforementioned adjustments
All dollar figures based on convenience translation rate of 1USD = Rs. 52.92
(in millions) Appendix 1: Key Balance Sheet Items
Particulars | As on 30 th Sep 12 | As on 30 th June 12 | ||
($) | ( Rs. ) | ($) | ( Rs. ) | |
Cash and cash equivalents | 390 | 20,641 | 403 | 21,353 |
Trade receivables | 496 | 26,247 | 472 | 24,975 |
Inventories | 414 | 21,885 | 389 | 20,580 |
Property, plant and equipment | 667 | 35,300 | 653 | 34,550 |
Goodwill and other intangible assets | 233 | 12,297 | 257 | 13,597 |
Loans and borrowings (current & non-current) | 660 | 34,901 | 670 | 35,430 |
Trade payables | 197 | 10,412 | 165 | 8,750 |
Equity | 1,197 | 63,354 | 1,127 | 59,664 |
(in millions) Appendix 2: Revenue Mix by Segment
| Q2FY13 | Q2FY12 | Growth % | ||||
($) | ( Rs. ) | as a % | ($) | ( Rs. ) | as a % | ||
Global Generics | 380 | 20,103 | 70 | 305 | 16,136 | 71 | 25 |
North America |
| 9,270 | 46 |
| 6,287 | 39 | 47 |
Europe |
| 1,777 | 9 |
| 2,117 | 13 | (16) |
India |
| 3,879 | 19 |
| 3,459 | 21 | 12 |
Russia & Other CIS |
| 3,841 | 19 |
| 3,380 | 21 | 14 |
RoW |
| 1,336 | 7 |
| 893 | 6 | 50 |
PSAI | 149 | 7,876 | 27 | 112 | 5,933 | 26 | 33 |
North America |
| 1,353 | 17 |
| 1,068 | 18 | 27 |
Europe |
| 2,906 | 37 |
| 2,303 | 39 | 26 |
India |
| 1,148 | 15 |
| 752 | 13 | 53 |
RoW |
| 2,469 | 31 |
| 1,810 | 31 | 36 |
Proprietary Products and Others | 16 | 830 | 3 | 12 | 610 | 3 | 36 |
Total | 544 | 28,809 | 100 | 429 | 22,678 | 100 | 27 |
All figures in millions, except EPS
All dollar figures based on convenience translation rate of 1USD = Rs. 52.92
Appendix 3: Consolidated Income Statement
Particulars | H1 FY13 | H1 FY12 | Growth % | ||||
($) | ( Rs. ) | % | ($) | ( Rs. ) | (%) | ||
Revenues | 1,024 | 54,215 | 100 | 802 | 42,461 | 100 | 28 |
Cost of revenues | 479 | 25,369 | 47 | 372 | 19,701 | 46 | 29 |
Gross profit | 545 | 28,846 | 53 | 430 | 22,760 | 54 | 27 |
Operating Expenses |
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Selling, general & administrative expenses | 308 | 16,291 | 30 | 264 | 13,972 | 33 | 17 |
Research and development expenses | 63 | 3,322 | 6 | 50 | 2,656 | 6 | 25 |
Impairment loss on goodwill and intangible assets | 13 | 688 | 1 |
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Other operating (income) / expense | (12) | (615) | (1) | (8) | (402) | (1) | 54 |
Results from operating activities | 173 | 9,160 | 17 | 123 | 6,534 | 15 | 40 |
Net finance (income) / expense | (3) | (159) | (0) | 2 | 96 | 0 | (266) |
Share of (profit) / loss of equity accounted investees | (1) | (47) | (0) | (0) | (17) | (0) | 176 |
Profit before income tax | 177 | 9,366 | 17 | 122 | 6,455 | 15 | 45 |
Income tax expense | 37 | 1,932 | 4 | 14 | 750 | 2 | 157 |
Profit for the period | 140 | 7,434 | 14 | 108 | 5,705 | 13 | 30 |
Diluted EPS | 0.8 | 43.6 |
| 0.6 | 33.5 |
| 30 |
Appendix 4: Profit Computation
EBITDA Computation | H1 FY13 | H1 FY12 | |||
($) | ( Rs. ) | ($) | ( Rs. ) | ||
PBT | 177 | 9,366 | 122 | 6,455 | |
| 0 | 12 | 8 | 446 | |
| 35 | 1,839 | 32 | 1,708 | |
Amortization | 16 | 833 | 15 | 794 | |
Impairment | 13 | 688 |
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Reported EBITDA | 241 | 12,738 | 178 | 9,403 | |
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| 1 | 42 | |
| 241 | 12,738 | 178 | 9,445 |
PAT Computation | H1 FY13 | H1 FY12 | |||
($) | ( Rs. ) | ($) | ( Rs. ) | ||
PAT | 140 | 7,434 | 108 | 5,705 | |
Adjustments: |
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| |
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| 1 | 42 | |
| 13 | 688 |
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Tax adjustment* | (5) | (280) | (14) | (729) | |
Adjusted PAT | 148 | 7,842 | 95 | 5,018 |
* H1 FY13 normalized to the FY13 annual effective tax rate and H1 FY12 normalized to the FY12 annual effective tax rate and the effect of the aforementioned transactions
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