Dr. Reddy’s Laboratories Ltd. (BSE: 500124 | NSE: DRREDDY | NYSE: RDY | NSEIFSC: DRREDDY) today announced its consolidated financial results for the quarter ended June 30, 2023. The information mentioned in this release is based on consolidated financial statements under International Financial Reporting Standards (IFRS).
Revenues | Rs. 67,384 Mn | |||
[Up: 29%* YoY; Up: 7%* QoQ] | ||||
Gross Margin | 58.7% | |||
[Q1 FY23: 49.9%; Q4 FY23: 57.2%] | ||||
SG&A Expenses | Rs. 17,702 Mn | |||
[Up: 14% YoY; Down: 2% QoQ] | ||||
R&D Expenses | Rs. 4,984 Mn | |||
| [7.4% of Revenues] | ||||
EBITDA | Rs. 21,372 Mn | |||
[31.7% of Revenues] | ||||
Profit before Tax | Rs. 18,463 Mn | |||
[Up: 26%^ YoY; Up: 39%^ QoQ] | ||||
Profit after Tax | Rs. 14,025 Mn | |||
[Up: 18% YoY; Up: 46% QoQ] |
* Excluding brand divestment income during the previous periods, Q1 FY24 Sales YoY growth is 35% and QoQ growth is 12%
^ Excluding one offs (settlement income during the current and previous year and brand divestment income during the previous periods), Q1 FY24 PBT YoY growth is 165% and QoQ growth is 68%
Commenting on the results, Co-Chairman & MD, G V Prasad said: “We delivered strong sales growth and witnessed robust margin expansion in Q1FY24 driven by market share gains & new product momentum in our US generics business and superior performance in Russia. We are on track in executing our strategy, delivering growth while continuing to invest in future growth drivers and innovation to create sustainable value.”
All amounts in millions, except EPS. All US dollar amounts based on convenience translation rate of 1 USD = Rs. 82.06
Dr. Reddy’s Laboratories Limited and Subsidiaries | ||||||||||||||||
Consolidated Income Statement | ||||||||||||||||
Particulars | Q1 FY24 | Q1 FY23 | YoY
| Q4 FY23 | QoQ
| |||||||||||
($) | (Rs.) | ($) | (Rs.) | ($) | (Rs.) | |||||||||||
Revenues | 821 | 67,384 | 636 | 52,154 | 29 | 767 | 62,968 | 7 | ||||||||
Cost of Revenues | 339 | 27,831 | 319 | 26,148 | 6 | 329 | 26,971 | 3 | ||||||||
Gross Profit | 482 | 39,553 | 317 | 26,006 | 52 | 439 | 35,997 | 10 | ||||||||
Operating Expenses | ||||||||||||||||
Selling, General & Administrative expenses | 216 | 17,702 | 189 | 15,493 | 14 | 219 | 17,992 | (2 | ) | |||||||
Research and Development expenses | 61 | 4,984 | 53 | 4,325 | 15 | 65 | 5,366 | (7 | ) | |||||||
Impairment of non-current assets | 0 | 11 | 0 | 0 | 7 | 540 | (98 | ) | ||||||||
Other operating (income)/expense | (10 | ) | (780 | ) | (73 | ) | (6024 | ) | (87 | ) | (3 | ) | (281 | ) | 178 | |
Results from operating activities | 215 | 17,636 | 149 | 12,212 | 44 | 151 | 12,380 | 42 | ||||||||
Net finance (income)/expense | (10 | ) | (784 | ) | (29 | ) | (2349 | ) | (67 | ) | (10 | ) | (799 | ) | (2 | ) |
Share of profit of equity accounted investees | (1 | ) | (43 | ) | (1 | ) | (94 | ) | (54 | ) | (1 | ) | (76 | ) | (43 | ) |
Profit before income tax | 225 | 18,463 | 179 | 14,655 | 26 | 162 | 13,255 | 39 | ||||||||
Income tax expense | 54 | 4,438 | 34 | 2779 | 60 | 45 | 3,663 | 21 | ||||||||
Profit for the period | 171 | 14,025 | 145 | 11,876 | 18 | 117 | 9,592 | 46 | ||||||||
Diluted Earnings Per Share (EPS) | 1.03 | 84.22 | 0.87 | 71.40 | 18 | 0.70 | 57.62 | 46 | ||||||||
As % to revenues | Q1 FY24 | Q1 FY23 | Q4 FY23 | ||||||
Gross Profit | 58.7 | 49.9 | 57.2 | ||||||
SG&A | 26.3 | 29.7 | 28.6 | ||||||
R&D | 7.4 | 8.3 | 8.5 | ||||||
EBITDA | 31.7 | 34.1 | 25.9 | ||||||
PBT | 27.4 | 28.1 | 21.1 | ||||||
PAT | 20.8 | 22.8 | 15.2 | ||||||
EBITDA Computation | ||||||||
Particulars | Q1 FY24 | Q1 FY23 | Q4 FY23 | |||||
($) | (Rs.) | ($) | (Rs.) | ($) | (Rs.) | |||
Profit before Income Tax | 225 | 18,463 | 179 | 14,655 | 162 | 13,255 | ||
Interest (income) / expense - Net* | (8) | (685) | 1 | 84 | (8) | (673) | ||
Depreciation | 28 | 2,281 | 25 | 2,050 | 27 | 2,213 | ||
Amortization | 16 | 1,302 | 12 | 1,000 | 12 | 977 | ||
Impairment | 0 | 11 | 0 | 0 | 7 | 540 | ||
EBITDA | 260 | 21,372 | 217 | 17,789 | 199 | 16,312 | ||
* Includes income from Investments | ||||||||
All amounts in millions, except EPS. All US dollar amounts based on convenience translation rate of 1 USD = Rs. 82.06
Key Balance Sheet Items | ||||||
Particulars | As on 30th Jun 2023 | As on 31st Mar 2023 | As on 30th Jun 2022 | |||
($) | (Rs.) | ($) | (Rs.) | ($) | (Rs.) | |
Cash and cash equivalents and other investments | 745 | 61,162 | 761 | 62,456 | 432 | 35,468 |
Trade receivables | 939 | 77,095 | 883 | 72,486 | 893 | 73,274 |
Inventories | 639 | 52,398 | 593 | 48,670 | 631 | 51,810 |
Property, plant and equipment | 819 | 67,207 | 810 | 66,462 | 778 | 63,826 |
Goodwill and Other Intangible assets | 516 | 42,306 | 428 | 35,0 | ||
