Dr. Reddy's Q4 & FY13 Financial Results

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Dr. Reddy's Q4 & FY13 Financial Results

Highest ever Quarterly Performance

FY13 Revenues at Rs. 116.3 billion
(YoY growth of 26%)#


FY13 EBITDA at Rs. 27.8 billion

FY13 PAT* at Rs. 17.5 billion

Q4 FY13 Revenues at Rs. 33.4 billion
(YoY growth of 26%)

Q4 FY13 EBITDA at Rs. 9.3 billion

Q4 FY13 PAT at Rs. 5.7 billion

HYDERABAD, India--(BUSINESS WIRE)-- Dr. Reddy's Laboratories Ltd. (NYS: RDY) today announced its audited consolidated financial results for the fourth quarter and full year ended March 31, 2013 under International Financial Reporting Standards (IFRS).

Key Highlights

  • Consolidated revenues for FY13 at Rs. 116.3 billion, recorded year-on-year growth of 20%. Excluding the beneficial impact of olanzapine exclusivity in FY12, registered year-on-year growth of 26%. Growth primarily driven by North America and Emerging Markets (which include Russia, other CIS countries and Rest of World (RoW) territories) in the Global Generics segment; and overall performance by Pharmaceutical Services and Active Ingredients segment.
    • Consolidated revenues of Rs. 33.4 billion in Q4 FY13, year-on-year growth of 26%.
  • EBITDA of Rs. 27.8 billion in FY13, 24% of revenues, with year-on-year growth of 9.5%.
    • EBITDA of Rs. 9.3 billion in Q4 FY13, 28% of revenues, with year-on-year growth of 37%.
  • Profit after tax* for FY13 at Rs. 17.5 billion, 15% of revenues with year-on-year growth of 17%
    • Profit after tax ofRs. 5.7 billion in Q4 FY13, 17% of revenues with year-on-year growth of 67%.
  • During the year, the company launched 78 new generic products, filed 56 new product registrations and filed 47 DMFs globally.
    • During the quarter, the company launched 18 new generic products, filed 14 new product registrations and filed 17 DMFs globally.

# Excluding olanzapine exclusivity in FY12

*PAT adjusted for Impairment of intangibles/goodwill

All figures in millions, except EPS

 

All US dollar figures based on convenience translation rate as on 31stMarch, 2013 1USD = Rs. 54.52

 
Dr. Reddy's Laboratories Limited and Subsidiaries
Audited Consolidated Income Statement
 
Particulars FY13  FY12  Growth %
($)  (Rs.)  % ($)  (Rs.)  % 
Revenue2,133116,2661001,77496,73710020
Cost of revenues1,021 55,687 48 797 43,432 45 28 
Gross profit1,111 60,579 52 978 53,305 55 14 
Operating Expenses
Selling, general & administrative expenses61633,5842952928,8673016
Research and development expenses1417,67371085,911630
Write down of intangible assets95070191,0401(51)
Write down of goodwill318100000
Other operating income(45)(2,479)(2)(14)(765)(1)224 
Results from operating activities387 21,112 18 335 18,252 19 16 
Net finance income(8)(460)(0)(3)(160)(0)187
Share of profit of equity accounted investees(2)(104)(0)(1)(54)(0)93 
Profit before income tax398 21,677 19 339 18,466 19 17 
Income tax expense90 4,900 4 77 4,204 4 17 
Profit for the year308 16,776 14 262 14,262 15 18 
 
Diluted EPS1.8 98.44  1.5 83.81  17 
 
 

EBITDA Computation

    
ParticularsFY13FY12
($) (Rs.)($)  (Rs.)
PBT39821,67733918,466
Interest and Income from Mutual Funds(2)(94)13690
Depreciation713,859673,628
Amortization & Impairment44 2,378 48 2,626
EBITDA510 27,820 466 25,409
 
 

All figures in millions, except EPS

 

 

All US dollar figures based on convenience translation rate as on 31stMarch, 2013 1USD = Rs. 54.52

 

Appendix 1:Key Balance Sheet Items

 

ParticularsAs on 31st March 13  As on 31st March 12
($)  (Rs.)($)  (Rs.)
Cash and cash equivalents405 22,099333 18,152
Trade receivables586 31,972465 25,339
Inventories396 21,600355 19,352
Property, plant and equipment694 37,814610 33,246
Goodwill and Other Intangible assets257 14,021248 13,529
Loans and borrowings (current & non-current)674 36,760591 32,210
Trade payables218 11,862174 9,503
Equity1,341 73,0851,054 57,444
 
 

Appendix 2:FY13 Revenue Mix by Segment

 
Particulars  FY13  FY12  Growth %
($)  (Rs.)  %($)  (Rs.)  %
Global Generics1,514 82,563711,288 70,2437318 
North America 37,84646 31,8894519 
Europe 7,7169 8,25912(7)
India 14,56018 12,9311813 
Russia & Other CIS 16,90820 13,2601928 
RoW 5,5337 3,904642 
PSAI563 30,70226437 23,8122529 
North America 5,74419 4,2721834 
Europe 12,00739 8,4243543 
India 4,63815 3,5861529 
RoW 8,31327 7,5313210 
Proprietary Products & Others55 3,001349 2,682312 
Total2,133 116,2661001,774 96,73710020 
 
 

Segmental Analysis

Global Generics

Revenues from Global Generics segment for FY13 are at Rs. 82.6 billion with a year-on-year growth of 18%, primarily driven by North America and Emerging Markets.

  • Revenues from North America for FY13 at Rs. 37.8 billion, recorded year-on-year growth of 19%. Excluding the beneficial impact of olanzapine exclusivity in FY12, registered year-on-year growth of 38%.
    • Growth is largely driven by key limited competition products such as ziprasidone, fondaparinux, ramp-up in our antibiotics portfolio and products from our Shreveport facility.
    • Significant contribution from new products launched during the year. 14 new products have been launched during the year, major contributors being finasteride 1mg (180 day exclusivity), montelukast granules, atorvastatin, metoprolol, clopidogrel, ibandronate and zoledronic acid 4mg/5mL.
    • 19 product filings (18 ANDAs and 1 NDA). Cumulatively, 65 ANDAs are pending for approval with the USFDA of which 38 are Para IVs and 8 have 'First To File' status.
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