Dr. Reddy's Laboratories Limited
NSE Symbol DRREDDY
Q1 FY12 Financial Results
Ø Consolidated revenues are at Rs. 19.7 billion ($444 million) in Q1 FY12 versus Rs. 16.8 billion ($377 million) in Q1 FY11, year-on-year growth of 18%.
o Revenues from Global Generics for Q1 FY12 are at Rs. 14.4 billion ($323 million). Year-on-year growth of 21% mainly driven by North America generics and Russia.
o Revenues from PSAI are at Rs. 4.8 billion ($108 million) in Q1 FY12, growth of 7% over previous year.
Ø Adjusted* EBITDA of Rs. 4.3 billion ($97 million) in Q1 FY12, is at 22% of revenues recording year-on-year growth of 27%.
Ø Adjusted**Profit after Tax for Q1 FY12 is at Rs. 2.5 billion ($56 million), is at 13% of revenues with year-on-year growth of 20%.
Ø During the quarter, the company launched 39 new generic products, filed 31 new product registrations and filed 9 DMFs globally.
Ø **Note: Adjustments to Q1 FY12 includes: a) interest on bonus debentures of Rs. 117 million ($3 million) ; b) a one-time charge of Rs. 136 million ($3 million) on account of VRS ; c) tax normalized to annual tax rate
INCOME STATEMENT HIGH LIGHTS
Ø Gross profit at Rs. 10.6 billion ($237 million) in Q1 FY12, margin of 53% to revenues, at a level same as that of previous year.
Ø Selling, General & Administration (SG&A) expenses including amortization at Rs. 6.8 billion ($151 million) increased by 23% over Q1 FY11. This increase is on account of: a) Annual increments in manpower costs across businesses b) Higher OTC related selling & marketing costs in Russia and c) In the US, the general overhead costs of the recently acquired Bristol penicillin facility.
Ø Included in the financials is a one-time charge of Rs. 136 million ($3 million) on account of a Voluntary Retirement Scheme (VRS) floated by the company.
Ø R&D expenses at Rs. 1.2 billion ($27 million) in Q1 FY12, increase of 21% over Q1 FY11.
Ø Net Finance costs are at Rs. 46 million ($1 million) in Q1 FY 12 versus Rs. 177 million ($4 million) in Q1 FY11. The change is on account of :
o Net forex gain of Rs. 158 million ($4 million) versus net forex loss of Rs. 225 million ($5 million) in Q1 FY11.
o Net interest expense of Rs. 221 million ($5 million) in Q1 FY12 versus net interest income of Rs. 9 million ($0.2 million) in Q1 FY11.
o Profit on sale of investments of Rs. 17 million ($0.4 million) in Q1 FY12 versus Rs. 39 million ($0.9 million) in Q1 FY11.
Ø Adjusted EBITDA of Rs. 4.3 billion ($97 million) in Q1 FY12, is at 22% of revenues with year-on-year growth of 27%.
Ø Adjusted Profit after Tax for Q1 FY 12 is at Rs. 2.5 billion ($56 million), is at 13% of revenues with year-on-year growth of 20%.
Ø Adjusted EPS for Q1 FY 12 is at Rs. 14.8 ($0.33) versus Rs. 12.3 ($0.28) in Q1 FY11.
Ø Face Value of the share is Rs.5. Annualized Adjusted EPS will be 14.8 x 4 = Rs.57.2 Current MP is Rs.1573. So – PE Ratio is 27.5.
Ø Capital expenditure for Q1 FY12 is at Rs. 1.8 billion ($41 million).
Ø The Announcements section below indicates the Stand Alone Results and various products launched by the company during the qtr.
Unaudited Consolidated Income Statement
(In Millions)
| Particulars | Q1 FY12 | Q1 FY11 | Growth % | ||||
| ($) | (Rs.) | % | ($) | (Rs.) | (%) | ||
| Revenue | 444 | 19,783 | 100 | 377 | 16,831 | 100 | 18 |
| Cost of revenues | 207 | 9,228 | 47 | 178 | 7,917 | 47 | 17 |
| Gross profit | 237 | 10,555 | 53 | 200 | 8,914 | 53 | 18 |
| Operating Expenses | | | | | | | |
| Selling, general & administrative expenses | 151 | 6,756 | 34 | 123 | 5,482 | 33 | 23 |
| Research and development expenses | 27 | 1,197 | 6 | 22 | 993 | 6 | 21 |
| Other operating (income) / expense | (4) | (186) | (1) | (4) | (186) | (1) | 0 |
| Results from operating activities | 63 | 2,789 | 14 | 59 | 2,625 | 16 | 6 |
| Net finance (income) / expense | 1 | 46 | 0 | 4 | 177 | 1 | (74) |
| Share of (profit) / loss of equity accounted investees | (0) | (4) | (0) | (0) | (5) | (0) | (20) |
| Profit / (loss) before income tax | 62 | 2,747 | 14 | 55 | 2,453 | 15 | 12 |
| Income tax (benefit) / expense | 3 | 120 | 1 | 8 | 357 | 2 | (67) |
| Profit / (loss) for the period | 59 | 2,627 | 13 | 47 | 2,096 | 12 | 25 |
ANNOUNCEMENTS TO NSE
22-07-2011 "Dr Reddy's acquires prescription business of JB Chemicals & Pharmaceuticals in Russia & other CIS markets".
20-07-2011 Dr. Reddy's Laboratories standalone Results for the quarter ended on 30-JUN-2011 as follows: Net Sales of Rs. 167571 lacs for quarter ending on 30-JUN-2011 against Rs. 125622 lacs for the quarter ending on 30-JUN-2010. Net Profit / (Loss) of Rs. 45405 lacs for the quarter ending on 30-JUN-2011 against Rs. 24448 lacs for the quarter ending on 30-JUN-2010.
13-07-2011 "Dr. Reddy's announces the USFDA Approval of Fondaparinux Sodium Injection."
07-07-2011 "Dr. Reddy's announces the launch of Amlodipine Besylate and Benazepril Hydrochloride capsules."
22-06-2011 "Dr. Reddy's announces the launch of Levofloxacin tablets".
15-06-2011 "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 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 "Dr Reddy's launches pegfilgrastim in India under the brand name 'Peg-grafeel (TM)".
15-04-2011 "Dr Reddy's announces the launch of Over-the-Counter Fexofenadine HCI tablets".
11-04-2011 "Dr Reddy's expands its R&D centre in Cambridge, United Kingdom".
01-04-2011 "Promius (TM) Pharma and Valeant form collaboration to market cloderm cream in the United States".
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