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.