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For
the quarter ending March 2024, consolidated net sales (including other operating income) of Dr Reddys Laboratories has increased 12.65% to Rs 7113.8 crore compared to quarter ended March 2023. Sales of Pharmaceutical Services segment has gone up 12.76% to Rs 1,172.50 crore (accounting for 15.75% of total sales). Sales of Global Generics segment has gone up 12.88% to Rs 6,128.90 crore (accounting for 82.33% of total sales). Sales of Others segment has gone up 53.71% to Rs 143.10 crore (accounting for 1.92% of total sales). Inter-segment sales rose Rs 247.40 crore to Rs 330.70 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 15.23% to Rs 4,148.80 crore. PBIT of Pharmaceutical Services segment rose 19.24% to Rs 234.90 crore (accounting for 5.66% of total PBIT). PBIT of Global Generics segment rose 13.25% to Rs 3,793.70 crore (accounting for 91.44% of total PBIT). PBIT of Others segment rose 124.67% to Rs 120.20 crore (accounting for 2.90% of total PBIT). PBIT margin of Pharmaceutical Services segment rose from 18.95% to 20.03%. PBIT margin of Global Generics segment rose from 61.69% to 61.90%. PBIT margin of Others segment rose from 57.47% to 84.00%. Overall PBIT margin rose from 54.86% to 55.73%. Operating profit margin has jumped from 24.29% to 25.74%, leading to 19.38% rise in operating profit to Rs 1,831.20 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 17.15% to 15.03%. Purchase of finished goods cost rose from 12.25% to 16.12%. Employee cost decreased from 20.39% to 17.60%. Other expenses rose from 25.69% to 26.14%. Selling and administration expenses rose from 24.82% to 26.38%. Other income rose 42.60% to Rs 197.5 crore. PBIDT rose 21.30% to Rs 2028.7 crore. Provision for interest rose 67.51% to Rs 59.3 crore. Loan funds rose to Rs 2,002.00 crore as of 31 March 2024 from Rs 1,347.20 crore as of 31 March 2023. Inventories rose to Rs 6,355.20 crore as of 31 March 2024 from Rs 4,867.00 crore as of 31 March 2023. Sundry debtors were higher at Rs 8,029.80 crore as of 31 March 2024 compared to Rs 7,248.50 crore as of 31 March 2023. Cash and bank balance declined from Rs 1,730.20 crore as of 31 March 2023 to Rs 1,727.70 crore as of 31 March 2024. Investments declined from Rs 4,985.80 crore as of 31 March 2023 to Rs 4,930.50 crore as of 31 March 2024. PBDT rose 20.31% to Rs 1969.4 crore. Provision for depreciation rose 16.55% to Rs 367.7 crore. Fixed assets increased to Rs 11,294.80 crore as of 31 March 2024 from Rs 9,701.80 crore as of 31 March 2023. Intangible assets increased from Rs 547.40 crore to Rs 550.10 crore. Profit before tax grew 21.20% to Rs 1,601.70 crore. Share of profit/loss was 53.95% lower at Rs 3.5 crore. Provision for tax was expense of Rs 295.4 crore, compared to Rs 369 crore. Effective tax rate was 18.40% compared to 27.76%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 36.42% to Rs 1,309.80 crore. Equity capital increased from Rs 83.30 crore as of 31 March 2023 to Rs 83.40 crore as of 31 March 2024. Per share face Value remained same at Rs 5.00. Promoters’ stake was 26.65% as of 31 March 2024 ,compared to 26.70% as of 31 March 2023 .
Full year results analysis.
Net sales (including other operating income) of Dr Reddys Laboratories has increased 13.54% to Rs 28011.1 crore. Sales of Pharmaceutical Services segment has gone up 11.02% to Rs 4,129.50 crore (accounting for 14.20% of total sales). Sales of Global Generics segment has gone up 14.83% to Rs 24,567.30 crore (accounting for 84.46% of total sales). Sales of Others segment has gone up 25.46% to Rs 392.20 crore (accounting for 1.35% of total sales). Inter-segment sales rose Rs 757.70 crore to Rs 1,077.90 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 17.41% to Rs 16,362.40 crore. PBIT of Pharmaceutical Services segment rose 46.40% to Rs 692.90 crore (accounting for 4.23% of total PBIT). PBIT of Global Generics segment rose 16.24% to Rs 15,427.20 crore (accounting for 94.28% of total PBIT). PBIT of Others segment rose 26.93% to Rs 242.30 crore (accounting for 1.48% of total PBIT). PBIT margin of Pharmaceutical Services segment rose from 12.72% to 16.78%. PBIT margin of Global Generics segment rose from 62.03% to 62.80%. PBIT margin of Others segment rose from 61.07% to 61.78%. Overall PBIT margin rose from 54.81% to 56.25%. Operating profit margin has jumped from 25.74% to 28.32%, leading to 24.95% rise in operating profit to Rs 7,933.10 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 17.15% to 15.65%. Purchase of finished goods cost rose from 13.69% to 15.33%. Employee cost decreased from 18.89% to 17.53%. Other expenses fell from 24.46% to 23.84%. Selling and administration expenses fell from 24.17% to 23.84%. Other income fell 15.27% to Rs 894.3 crore. PBIDT rose 19.22% to Rs 8827.4 crore. Provision for interest rose 19.82% to Rs 171.1 crore. Loan funds rose to Rs 2,002.00 crore as of 31 March 2024 from Rs 1,347.20 crore as of 31 March 2023. Inventories rose to Rs 6,355.20 crore as of 31 March 2024 from Rs 4,867.00 crore as of 31 March 2023. Sundry debtors were higher at Rs 8,029.80 crore as of 31 March 2024 compared to Rs 7,248.50 crore as of 31 March 2023. Cash and bank balance declined from Rs 1,730.20 crore as of 31 March 2023 to Rs 1,727.70 crore as of 31 March 2024. Investments declined from Rs 4,985.80 crore as of 31 March 2023 to Rs 4,930.50 crore as of 31 March 2024. PBDT rose 19.20% to Rs 8656.3 crore. Provision for depreciation rose 17.58% to Rs 1470 crore. Fixed assets increased to Rs 11,294.80 crore as of 31 March 2024 from Rs 9,701.80 crore as of 31 March 2023. Intangible assets increased from Rs 547.40 crore to Rs 550.10 crore. Profit before tax grew 19.54% to Rs 7,186.30 crore. Share of profit/loss was 60.27% lower at Rs 14.7 crore. Provision for tax was expense of Rs 1623.1 crore, compared to Rs 1541.2 crore. Effective tax rate was 22.54% compared to 25.48%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 23.75% to Rs 5,577.90 crore. Equity capital increased from Rs 83.30 crore as of 31 March 2023 to Rs 83.40 crore as of 31 March 2024. Per share face Value remained same at Rs 5.00. Promoters’ stake was 26.65% as of 31 March 2024 ,compared to 26.70% as of 31 March 2023 . Cash flow from operating activities decreased to Rs 4,543.30 crore for year ended March 2024 from Rs 5,887.50 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 2,743.50 crore, compared to Rs 1,886.60 crore during the year ended March 2023. Other Highlights
The
board recommended a final dividend of Rs 40 (800%) per equity share of Rs 5
each for the financial year 2023-24.
In
Q4 FY24, Global generics segment grew 13%, North America grew 29%, Europe up 5%,
India up 17% excluding revenue from brands divested during the corresponding
previous period, Emerging markets up 9% and PSAI up 6% compared to Q4 FY23.
In
Q4 FY24, North America contributed 46% of total revenue, Europe 7%, India 16%,
Emerging markets 17%, PSAI 12% and others 2%.
In
FY24, North America contributed 47% of total revenue, Europe 7%, India 17%,
Emerging markets 17%, PSAI 11% and others 1%.
In
Q4 FY24, R&D Expenses stood at Rs 687.7 crore,
representing 9.7% of revenue.
Management Comments :
Co-Chairman & MD, G V Prasad said: "Our
growth and profitability in FY2024 has been driven by our performance in the
US. We have also made significant progress on future growth drivers through
licensing, collaboration and pipeline building. We will continue to strengthen
our core business through superior execution as we invest and build the future
growth drivers."
| Dr Reddys Laboratories : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202403 | 202303 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 7,113.80 | 6,315.20 | 12.65 | 28,011.10 | 24,669.70 | 13.54 | | OPM (%) | 25.74 | 24.29 | 145 bps | 28.32 | 25.74 | 259 bps | | OP | 1,831.20 | 1,533.90 | 19.38 | 7,933.10 | 6,349.00 | 24.95 | | Other Inc. | 197.50 | 138.50 | 42.60 | 894.30 | 1,055.50 | -15.27 | | PBIDT | 2,028.70 | 1,672.40 | 21.30 | 8,827.40 | 7,404.50 | 19.22 | | Interest | 59.30 | 35.40 | 67.51 | 171.10 | 142.80 | 19.82 | | PBDT | 1,969.40 | 1,637.00 | 20.31 | 8,656.30 | 7,261.70 | 19.20 | | Depreciation | 367.7 | 315.5 | 16.55 | 1470 | 1250.2 | 17.58 | | PBT | 1,601.70 | 1,321.50 | 21.20 | 7186.3 | 6011.5 | 19.54 | | Share of Profit/(Loss) from Associates | 3.5 | 7.6 | -53.95 | 14.7 | 37 | -60.27 | | PBT before EO | 1605.2 | 1329.1 | 20.77 | 7201 | 6048.5 | 19.05 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 1605.2 | 1329.1 | 20.77 | 7201 | 6048.5 | 19.05 | | Taxation | 295.4 | 369 | -19.95 | 1623.1 | 1541.2 | 5.31 | | PAT | 1309.8 | 960.1 | 36.42 | 5577.9 | 4507.3 | 23.75 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 1309.8 | 960.1 | 36.42 | 5577.9 | 4507.3 | 23.75 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 1309.8 | 960.1 | 36.42 | 5577.9 | 4507.3 | 23.75 | | EPS (Rs)* | 78.52 | 57.55 | 36.42 | 334.37 | 270.19 | 23.75 | | | * EPS is on current equity of Rs 83.41 crore, Face value of Rs 5, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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| Dr Reddys Laboratories : Consolidated Segment Results | | | Quarter ended | Year ended |
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| % of (Total) | 202403 | 202303 | Var.(%) | % of (Total) | 202403 | 202303 | Var.(%) |
|---|
| Sales | | Pharmaceutical Services | 15.75 | 1,172.50 | 1,039.80 | 12.76 | 14.20 | 4,129.50 | 3,719.50 | 11.02 | | Global Generics | 82.33 | 6,128.90 | 5,429.70 | 12.88 | 84.46 | 24,567.30 | 21,395.30 | 14.83 | | Proprietary Products | 0.00 | 0.00 | 0.00 | - | | Others | 1.92 | 143.10 | 93.10 | 53.71 | 1.35 | 392.20 | 312.60 | 25.46 | | Total Reported Sales | 100.00 | 7,444.50 | 6,562.60 | 13.44 | 100.00 | 29,089.00 | 25,427.40 | 14.40 | | Less: Inter segment revenues | | 330.70 | 247.40 | 33.67 | | 1,077.90 | 757.70 | 42.26 | | Net Sales | 100.00 | 7,113.80 | 6,315.20 | 12.65 | 100.00 | 28,011.10 | 24,669.70 | 13.54 | | PBIT | | Pharmaceutical Services | 5.66 | 234.90 | 197.00 | 19.24 | 4.23 | 692.90 | 473.30 | 46.40 | | Global Generics | 91.44 | 3,793.70 | 3,349.80 | 13.25 | 94.28 | 15,427.20 | 13,271.90 | 16.24 | | Proprietary Products | 0.00 | 0.00 | 0.00 | - | | Others | 2.90 | 120.20 | 53.50 | 124.67 | 1.48 | 242.30 | 190.90 | 26.93 | | Total PBIT | 100.00 | 4,148.80 | 3,600.30 | 15.23 | 100.00 | 16,362.40 | 13,936.10 | 17.41 | | Less : Interest | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Add: Other un-allcoable | | -2,543.60 | -2,271.20 | -11.99 | | -9,161.40 | -7,887.60 | -16.15 | | PBIT Margin(%) | | Pharmaceutical Services | | 20.03 | 18.95 | 108.82 | | 16.78 | 12.72 | 405.44 | | Global Generics | | 61.90 | 61.69 | 20.45 | | 62.80 | 62.03 | 76.38 | | Proprietary Products | | 0.00 | 0.00 | 0.00 | | Others | | 84.00 | 57.47 | 2,653.21 | | 61.78 | 61.07 | 71.12 | | PBT | 100.00 | 1,605.20 | 1,329.10 | 20.77 | 100.00 | 7,201.00 | 6,048.50 | 19.05 |
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