Dr. Reddy's Q4 & FY13 Financial Results
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.) | % | |||||||||||||||||||||||
Revenue | 2,133 | 116,266 | 100 | 1,774 | 96,737 | 100 | 20 | |||||||||||||||||||||
Cost of revenues | 1,021 | 55,687 | 48 | 797 | 43,432 | 45 | 28 | |||||||||||||||||||||
Gross profit | 1,111 | 60,579 | 52 | 978 | 53,305 | 55 | 14 | |||||||||||||||||||||
Operating Expenses | ||||||||||||||||||||||||||||
Selling, general & administrative expenses | 616 | 33,584 | 29 | 529 | 28,867 | 30 | 16 | |||||||||||||||||||||
Research and development expenses | 141 | 7,673 | 7 | 108 | 5,911 | 6 | 30 | |||||||||||||||||||||
Write down of intangible assets | 9 | 507 | 0 | 19 | 1,040 | 1 | (51 | ) | ||||||||||||||||||||
Write down of goodwill | 3 | 181 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Other operating income | (45 | ) | (2,479 | ) | (2 | ) | (14 | ) | (765 | ) | (1 | ) | 224 | |||||||||||||||
Results from operating activities | 387 | 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 tax | 398 | 21,677 | 19 | 339 | 18,466 | 19 | 17 | |||||||||||||||||||||
Income tax expense | 90 | 4,900 | 4 | 77 | 4,204 | 4 | 17 | |||||||||||||||||||||
Profit for the year | 308 | 16,776 | 14 | 262 | 14,262 | 15 | 18 | |||||||||||||||||||||
Diluted EPS | 1.8 | 98.44 | 1.5 | 83.81 | 17 | |||||||||||||||||||||||
EBITDA Computation | |||||||||||||||
Particulars | FY13 | FY12 | |||||||||||||
($) | (Rs.) | ($) | (Rs.) | ||||||||||||
PBT | 398 | 21,677 | 339 | 18,466 | |||||||||||
Interest and Income from Mutual Funds | (2 | ) | (94 | ) | 13 | 690 | |||||||||
Depreciation | 71 | 3,859 | 67 | 3,628 | |||||||||||
Amortization & Impairment | 44 | 2,378 | 48 | 2,626 | |||||||||||
EBITDA | 510 | 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 | ||||||||||||||
Particulars | As on 31st March 13 | As on 31st March 12 | ||||||||||||
($) | (Rs.) | ($) | (Rs.) | |||||||||||
Cash and cash equivalents | 405 | 22,099 | 333 | 18,152 | ||||||||||
Trade receivables | 586 | 31,972 | 465 | 25,339 | ||||||||||
Inventories | 396 | 21,600 | 355 | 19,352 | ||||||||||
Property, plant and equipment | 694 | 37,814 | 610 | 33,246 | ||||||||||
Goodwill and Other Intangible assets | 257 | 14,021 | 248 | 13,529 | ||||||||||
Loans and borrowings (current & non-current) | 674 | 36,760 | 591 | 32,210 | ||||||||||
Trade payables | 218 | 11,862 | 174 | 9,503 | ||||||||||
Equity | 1,341 | 73,085 | 1,054 | 57,444 | ||||||||||
Appendix 2:FY13 Revenue Mix by Segment | ||||||||||||||||||||||||
Particulars | FY13 | FY12 | Growth % | |||||||||||||||||||||
($) | (Rs.) | % | ($) | (Rs.) | % | |||||||||||||||||||
Global Generics | 1,514 | 82,563 | 71 | 1,288 | 70,243 | 73 | 18 | |||||||||||||||||
North America | 37,846 | 46 | 31,889 | 45 | 19 | |||||||||||||||||||
Europe | 7,716 | 9 | 8,259 | 12 | (7 | ) | ||||||||||||||||||
India | 14,560 | 18 | 12,931 | 18 | 13 | |||||||||||||||||||
Russia & Other CIS | 16,908 | 20 | 13,260 | 19 | 28 | |||||||||||||||||||
RoW | 5,533 | 7 | 3,904 | 6 | 42 | |||||||||||||||||||
PSAI | 563 | 30,702 | 26 | 437 | 23,812 | 25 | 29 | |||||||||||||||||
North America | 5,744 | 19 | 4,272 | 18 | 34 | |||||||||||||||||||
Europe | 12,007 | 39 | 8,424 | 35 | 43 | |||||||||||||||||||
India | 4,638 | 15 | 3,586 | 15 | 29 | |||||||||||||||||||
RoW | 8,313 | 27 | 7,531 | 32 | 10 | |||||||||||||||||||
Proprietary Products & Others | 55 | 3,001 | 3 | 49 | 2,682 | 3 | 12 | |||||||||||||||||
Total | 2,133 | 116,266 | 100 | 1,774 | 96,737 | 100 | 20 | |||||||||||||||||
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.
