Dr. Reddy's Laboratories Limited
NSE Symbol DRREDDY
NON-CONSOLIDATED RESULTS
Dr.Reddy’s Laboratories Ltd has declared not so encouraging results for both Q4 FY 11 and for FY 2011 as a whole, on a non-consolidated basis.
Net Sales for Q4 FY 11 is Rs.1318.71 cr – down by 3.38% from previous qtr (Q3) but up by 14.43% from Corresponding Qtr of Q4 FY 10. The same for FY 2011 as a whole is Rs.5218.04 cr – up by 18.56% from FY 10 and Up by 30.46% from FY 09.
Total Expenditure for Q4 FY 11 is Rs.1179.24 Cr – up by 7.17% from Q3; and up by 22.82% from Q4 FY 10. The same for FY 2011 is Rs.4366.82 Cr – up by 20.34% from FY 10; and up by 23.02% from FY 09.
Profit from Operations for Q4 FY 11 is Rs. 156.97 Cr – down by 43.79% from Q3FY11 and down by 24.57% from Q4 FY 10. The same for FY 2011 is Rs.906.56 cr – up by 11.46% from FY 10 and up by 101.49% from FY 09.
Profit before tax for Q4 FY 11 is Rs.192.28 Cr – down by 39.13% from Q3; and down by 39.79% from Q4 FY 10; The same for FY 2011 is Rs.1051.81 Cr – down by 3.04% from FY 10; but up by 44.17% from FY 09.
Net Profit for Q4 FY 11 is Rs.165.87 Cr – down by 36.88% from Q3 FY 11; and down also by 34.48% from Q4 FY 10. The same for FY 2011 as a whole is Rs.893.31 Cr – up by 5.58 % from FY 10; and up by 59.27% from FY 09.
On a Face Value of Rs.5, the Basic EPS is Rs.9.8 for Q4 FY 11, against Rs.15.53 in Q3 FY 11; and Rs.14.99 in Q4 FY 10. The same for FY 2011 is Rs.52.82 – against Rs.50.15 in FY 10, and Rs.33.32 in FY 09. Thus, on non-consolidated basis, the results do not show any great improvement.
HIGH LIGHTS OF RESULTS
CONSOLIDATED (UNAUDITED)
Ø Q4 FY11 Revenues at Rs. 20.2 billion ($453 million), YoY growth of 23%
Ø Q4 FY11 Adjusted* Profit after Tax at Rs. 3.1 billion ($69 million), YoY growth of 57%
Ø FY11 Revenues at Rs. 74.7 billion ($1.7 billion), YoY growth of 6%
Ø FY11 Adjusted* Profit after Tax at Rs. 10.8 billion ($242 million), YoY growth of 17%
Key Highlights
Ø Consolidated revenues are at Rs. 74.7 billion ($1.7 billion) in FY11 versus Rs. 70.3 billion ($1.6 billion) in FY10, year-on-year growth of 6%. Good and sustained growth across all key formulation markets in FY11.
Ø North America revenue growth of 18% in dollar terms and 11 new product launches. Sequential growth of 23% in Q4 FY11 over Q3 FY11 demonstrates the fifth consecutive quarter of sequential growth.
Ø Russia revenue growth of 29% in dollar terms, on the back of volume growth and OTC initiatives.
Ø India revenue growth of 15%, with sustained growth of key brands and new products introduction.
Ø Germany revenue declines 17% in Euro terms, however significant improvement in profitability.
Ø Adjusted* EBITDA of Rs. 16.4 billion ($369 million) in FY11, is at 22% of revenues with year-on-year growth of 4%. Adjusted* EBITDA for Q4 FY11 at Rs. 4.7 billion ($106 million), year-on-year growth of 34%.
Ø Adjusted Profit after Tax for FY11 is at Rs. 10.8 billion ($242 million), is at 14% of revenues with year-on-year growth of 17%. Adjusted* PAT for Q4 FY11 at Rs.3.1 billion ($69 million) year-on-year growth of 57%.
During the year, the company launched 135 new generic products, filed 107 new product registrations and filed 56 DMFs globally.
During the year, the company forayed into many strategic initiatives. Some of the key ones being:
Acquisition of a penicillin facility to fill our portfolio gap in the anti-bacterial segment in the US.
Collaboration with Valeant Pharma to market Cloderm® Cream in the dermatology space in the US. Settlement of the ongoing litigation on esomeprazole with Astra Zeneca.
The Board of Directors of the Company have recommended a final dividend of Rs. 11.25 (225%) per equity share of Rs. 5/- face value, subject to the approval of shareholders at the ensuing Annual General Meeting.
*Note: Adjustments to FY10 include non-cash impairment charge of Rs. 8,603 million and betapharm restructuring costs of Rs. 905 million. Adjustments to FY11 include profit from sale of land of Rs. 292 million and benefit of negative goodwill of Rs. 73 million as per IFRS Purchase Price Allocation accounting on account of acquisition.
NON-CONSOLIDATED RESULTS TABLE :
| DR REDDY | Q4FY11 | Q3 | Q4FY10 | FY10NC | FY09NC | |
| Net Sales | 131871 | 136479 | 115237 | 521,804.00 | 440,113.00 | 399,963.00 |
| Other Oprtg Income | 1750 | 1484 | 1590 | 5,534.00 | 4,098.00 | - |
| Increase in SIT/WIP | 58 | -5052 | -2645 | -7,899.00 | -11,729.00 | -6,407.00 |
| Raw Materials | 46546 | 48772 | 40799 | 181,116.00 | 164,178.00 | 157,265.00 |
| Employees Cost | 18897 | 16916 | 14011 | 70,113.00 | 51,001.00 | 41,334.00 |
| Depreciation | 6550 | 6389 | 6096 | 24,794.00 | 22,243.00 | 19,363.00 |
| Other Expenditure | 45873 | 43014 | 37756 | 168,558.00 | 137,180.00 | 143,415.00 |
| Total Expenditure | 117924 | 110039 | 96017 | 436,682.00 | 362,873.00 | 354,970.00 |
| Profit from Operations | 15697 | 27924 | 20810 | 90,656.00 | 81,338.00 | 44,993.00 |
| Other Income | 3956 | 3721 | 11616 | 15,063.00 | 28,253.00 | 29,811.00 |
| Interest | 425 | 54 | 489 | 538 | 1,108.00 | 1,850.00 |
| Profit before tax | 19228 | 31591 | 31937 | 105,181.00 | 108,483.00 | 72,954.00 |
| Tax expense | 2641 | 5314 | 6621 | 15,850.00 | 23,875.00 | 16,865.00 |
| Net Profit | 16587 | 26277 | 25316 | 89,331.00 | 84,608.00 | 56,089.00 |
| Dividend (%) | - | - | 225 | - | 225 | 125 |
| Face Value (In Rs | 5 | 5 | 5 | 5 | 5 | 5 |
| Paid Up Equity | 8463 | 8461 | 8442 | 8,463.00 | 8,442.00 | 8,423.00 |
| Basic EPS | 9.8 | 15.53 | 14.99 | 52.82 | 50.15 | 33.32 |
| Diluted EPS | 9.75 | 15.45 | 14.91 | 52.51 | 49.81 | 33.11 |
| Publicholding (%) | 55.61 | 54.92 | 59.69 | 55.61 | 59.69 | 57.87 |
ANNOUNCEMENTS TO NSE
22-06-2011 press release titled "Dr. Reddy's announces the launch of Levofloxacin tablets".
15-06-2011 press release titled "Dr. Reddy's Chemical Manufacturing Facility at Cuernavaca, Mexico Receives Warning Letter from USFDA".
06-06-2011 "Dr. Reddy's announces three generic product launches in the US Market".
13-05-2011 Dr. Reddy'S Laboratories Limited has recommended a final dividend of Rs.11.25 (225%) per equity share of Rs.5/- face value, for the financial year 2010-11. The dividend on equity shares, if declared by the shareholders at the ensuing Annual General Meeting, will be credited / despatched on or after July 28, 2011.
13-05-2011 Dr. Reddy's Laboratories standalone Results for the year ended on 31-MAR-2011 as follows: Net Sales of Rs. 521804 lacs for year ending on 31-MAR-2011 against Rs. 440113 lacs for the year ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 89331 lacs for the year ending on 31-MAR-2011 against Rs. 84608 lacs for the year ending on 31-MAR-2010.
10-05-2011 press release dated May 10, 2011, titled "Dr Reddy's launches pegfilgrastim in India under the brand name 'Peg-grafeel (TM)".
15-04-2011 press release dated April 14, 2011, titled "Dr Reddy's announces the launch of Over-the-Counter Fexofenadine HCI tablets".
11-04-2011 press release dated April 11, 2011, titled "Dr Reddy's expands its R&D centre in Cambridge, United Kingdom".
01-04-2011 press release dated April 01, 2011, titled "Promius (TM) Pharma and Valeant form collaboration to market cloderm cream in the United States".
30-03-2011 "Dr. Reddy's announces completion of the acquisition of US penicillin facility and products from GlaxoSmithKline".
28-03-2011 "Dr. Reddy's launches Levocetirizine tablets in US".
24-03-2011 Dr. Reddy'S Laboratories has approved the allotment of 1,015,516,392 Unsecured Redeemable Non-Convertible Debentures of Rs. 5/- each carrying a coupon of 9.25% per annum, ("Bonus Debentures") amounting to an aggregate value of Rs. 5,077,581,960/- from the General Reserve by way of distribution as bonus, to the Members, based on their equity holding on the Record Date i.e. March 18, 2011, in the ratio of 6 (six) Bonus Debentures of Rs. 5/- each for every equity share of Rs. 5/- each held.
09-03-2011 Dr. Reddy'S Laboratories Limited has informed the Exchange that March 18, 2011 has been fixed as "Record Date" for determining the shareholders of the Company who will be entitled to receive 6(six) fully paid unsecured redeemable non-convertible bonus debentures of Rs.5/- each for every existing fully paid equity share of Rs.5/- each of the Company (bonus debentures) pursuant to the Scheme of Arrangement sanctioned by the Hon'ble High Court of Judicature, Andhra Pradesh at Hyderabad on July 19, 2010 which has come into effect on February 01, 2011.The Board of Directors has also fixed 9.25% as the coupon rate on these debentures, payable annually. These debentures would be redeemable, at par, at the end of 36 months from the date of allotment.
31-01-2011 "Dr. Reddy's provides update on the fexofenadine-pseudoephedrine 24 hour litigation".
20-01-2011 "Dr. Reddy's announces the launch of Pantoprazole Sodium delayed-released tablets".
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