Dr. Reddy's Q2 & H1FY25 Financial Results
HYDERABAD, India--(BUSINESS WIRE)--November 05, 2024--
Dr. Reddy's Laboratories Ltd. (BSE: 500124 | NSE: DRREDDY | NYSE: RDY | NSEIFSC: DRREDDY) today announced its consolidated financial results for the quarter and half year ended September 30, 2024. The information mentioned in this release is based on consolidated financial statements under International Financial Reporting Standards (IFRS).
Q2FY25 H1FY25
Revenues 80,162 Mn 156,889 Mn
[Up: 17% YoY; 4% QoQ] [Up: 15% YoY]
Gross Margin 59.6% [Q2FY24: 58.7%; 60.0%
Q1FY25: 60.4%] [H1FY24: 58.7%]
SG&A Expenses 23,007 Mn 45,698 Mn
[Up: 22% YoY; 1% QoQ] [Up: 25% YoY]
R&D Expenses 7,271 Mn 13,464 Mn
[9.1% of Revenues] [8.6% of Revenues]
EBITDA 22,803 Mn 44,402 Mn
[28.4% of Revenues] [28.3% of Revenues]
Profit before Tax 19,167 Mn 37,988 Mn
[Flat YoY; Up: 2% QoQ] [Up: 1% YoY]
Profit after Tax 13,415 Mn 27,335 Mn
before [Down: 9% YoY; 4% QoQ] [Down: 5% YoY]
Non-Controlling
Interest
Profit after Tax 12,553 Mn [Down: 15% 26,473 Mn
attributable to YoY; 10% QoQ] [Down: 8% YoY]
Equity Holders
Commenting on the results, Co-Chairman & MD, G V Prasad said:
"We delivered another good quarter and maintained the growth momentum across businesses. We made progress on our future growth drivers, operationalized our venture with Nestlé and completed the acquisition of Nicotinell$(R)$ and related brands. We will continue to drive efficiency, strengthen our core businesses, and positively impact patient lives through science and innovation."
All amounts in millions, except EPS All US dollar amounts based on
convenience translation rate of 1
USD = 83.76
Dr. Reddy's Laboratories Limited & Subsidiaries
Revenue Mix by Segment for the quarter
YoY QoQ
Particulars Q2FY25 Q2FY24 Gr % Q1FY25 Gr%
( ) ( ) ( )
Global Generics 71,576 61,084 17 68,858 4
North America 37,281 31,775 17 38,462 (3)
Europe 5,770 5,286 9 5,265 10
India 13,971 11,860 18 13,252 5
Emerging Markets 14,554 12,163 20 11,878 23
Pharmaceutical Services and Active
Ingredients (PSAI) 8,407 7,034 20 7,657 10
Others 179 684 (74) 212 (16)
Total 80,162 68,802 17 76,727 4
Revenue Mix by Segment for the half year
YoY
Particulars H1FY25 H1FY24 Gr%
( ) ( )
Global Generics 140,434 121,167 16
North America 75,743 63,776 19
Europe 11,035 10,333 7
India 27,223 23,342 17
Emerging Markets 26,433 23,716 11
PSAI 16,064 13,743 17
Others 391 1,276 (69)
Total 156,889 136,186 15
Consolidated Income Statement for the quarter
YoY QoQ
Particulars Q2FY25 Q2FY24 Gr % Q1FY25 Gr%
($) ( ) ($) ( ) ($) ( )
Revenues 957 80,162 821 68,802 17 916 76,727 4
Cost of Revenues 387 32,393 339 28,434 14 363 30,383 7
Gross Profit 570 47,769 482 40,368 18 553 46,344 3
% of Revenues 59.6% 58.7% 60.4%
Selling, General &
Administrative
Expenses 275 23,007 224 18,795 22 271 22,691 1
% of Revenues 28.7% 27.3% 29.6%
Research &
Development
Expenses 87 7,271 65 5,447 33 74 6,193 17
% of Revenues 9.1% 7.9% 8.1%
Impairment of
Non-Current Assets,
net 11 924 1 55 1580 0 5
Other
(Income)/Expense,
net (12) (984) (21) (1,796) (45) (6) (470) 109
Results from
Operating
Activities 210 17,551 213 17,867 (2) 214 17,925 (2)
Finance
(Income)/Expense,
net (19) (1,555) (15) (1,225) 27 (10) (837) 86
Share of Profit of
Equity Accounted
Investees, net of
tax (1) (61) (1) (42) 45 (1) (59) 3
Profit before Income
Tax 229 19,167 228 19,134 0 225 18,821 2
% of Revenues 23.9% 27.8% 24.5%
Income Tax Expense 69 5,752 52 4,334 33 59 4,901 17
Profit for the Period 160 13,415 177 14,800 (9) 166 13,920 (4)
% of Revenues 16.7% 21.5% 18.1%
Attributable to
Equity holders of
the parent company 150 12,553 177 14,800 (15) 166 13,920 (10)
Attributable to
Non-controlling
interests 10 862 - - - - - -
Diluted Earnings per
Share (EPS)^ 0.18 15.04 0.21 17.76 (15) 0.20 16.69 (9)
^Historical numbers re-casted basis the increased number of shares post share
split
EBITDA Computation for the quarter
Particulars Q2FY25 Q2FY24 Q1FY25
($) ( ) ($) ( ) ($) ( )
Profit before Income Tax 229 19,167 228 19,134 225 18,821
Interest (Income) / Expense, net* (15) (1,262) (14) (1,166) (12) (1,037)
Depreciation 31 2,629 29 2,437 30 2,508
Amortization 16 1,346 16 1,353 16 1,302
Impairment 11 924 1 55 0 5
EBITDA 272 22,803 260 21,813 258 21,599
% of Revenues 28.4% 31.7% 28.2%
*Includes income from Investment
Consolidated Income Statement for the half year
YoY
Particulars H1FY25 H1FY24 Gr %
($) ( ) ($) ( )
Revenues 1,873 156,889 1,626 136,186 15
Cost of Revenues 749 62,776 672 56,265 12
Gross Profit 1,124 94,113 954 79,921 18
% of Revenues 60.0% 58.7%
Selling, General & Administrative
Expenses 546 45,698 436 36,497 25
% of Revenues 29.1% 26.8%
Research & Development Expenses 161 13,464 125 10,431 29
% of Revenues 8.6% 7.7%
Impairment of Non-Current Assets, net 11 929 1 66 1308
Other (Income)/Expense, net (17) (1,454) (31) (2,576) (44)
Results from Operating Activities 424 35,476 424 35,503 (0)
Finance (Income)/Expense, net (29) (2,392) (24) (2,009) 19
Share of Profit of Equity Accounted
Investees, net of tax (1) (120) (1) (85) 41
Profit before Income Tax 454 37,988 449 37,597 1
% of Revenues 24.2% 27.6%
Income Tax Expense 127 10,653 105 8,772 21
Profit for the Period 326 27,335 344 28,825 (5)
% of Revenues 17.4% 21.2%
Attributable to Equity holders of the
parent company 316 26,473 344 28,825 (8)
Attributable to Non-controlling
interests 10 862 - - -
Diluted Earnings per Share (EPS)^ 0.39 31.73 0.41 34.58 (8)
^Historical numbers re-casted basis the increased number of shares post share
split
EBITDA Computation for the half year
Particulars H1FY25 H1FY24
($) ( ) ($) ( )
Profit before Income Tax 454 37,988 449 37,597
Interest (Income) / Expense, net* (27) (2,300) (22) (1,851)
Depreciation 61 5,137 56 4,718
Amortization 32 2,648 32 2,656
Impairment 11 929 1 66
EBITDA 530 44,402 516 43,186
% of Revenues 28.3% 31.7%
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November 05, 2024 09:59 ET (14:59 GMT)
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