Dr. Reddy's Q3 & 9MFY25 Financial Results

HYDERABAD, India--(BUSINESS WIRE)--January 23, 2025-- 

Dr. Reddy's Laboratories Ltd. (BSE: 500124 | NSE: DRREDDY | NYSE: RDY | NSEIFSC: DRREDDY) today announced its consolidated financial results for the quarter and nine months ended December 31, 2024. The information mentioned in this release is based on consolidated financial statements under International Financial Reporting Standards (IFRS).

 
                                       Q3FY25                  9MFY25 
 
Revenues                     83,586 Mn                   240,475 Mn 
                             [Up: 16% YoY^; 4% QoQ]      [Up: 15% YoY^] 
 
Gross Margin                 58.7%                       59.5% 
                             [Q3FY24: 58.5%; Q2FY25:     [9MFY24: 58.6%] 
                             59.6%] 
 
SG&A Expenses                24,117 Mn                   69,815 Mn 
                             [Up: 19% YoY; 5% QoQ]       [Up: 23% YoY] 
 
R&D Expenses                 6,658 Mn                    20,122 Mn 
                             [8.0% of Revenues]          [8.4% of Revenues] 
 
EBITDA                       22,982 Mn                   67,384 Mn 
                             [27.5% of Revenues]         [28.0% of Revenues] 
 
Profit before Tax            18,742* Mn                  56,730 Mn 
                             [Up: 3% YoY; Down: 2% QoQ]  [Up: 2% YoY] 
 
Profit after Tax             14,133 Mn                   40,606 Mn 
attributable to Equity       [Up: 2% YoY; 13% QoQ]       [Down: 5% YoY] 
 Holders 
 
   ^Includes Revenues of 6,049 Mn from the recently acquired NRT business. 
   Underlying YoY growth excluding NRT is 7.5% for Q3FY25 and 12.5% for 
   9MFY25. 
   * Includes Profit before Tax of 1,240 Mn from the recently acquired NRT 
   business. 
 

Commenting on the results, Co-Chairman & MD, G V Prasad said: "We delivered double digit growth aided by our newly acquired NRT business, new launches and improved operational efficiencies. We remain committed to addressing patient needs by advancing healthcare through access, affordability and innovation."

All amounts in millions, except EPS All US dollar amounts based on convenience translation rate of 1 USD = 85.55

Dr. Reddy's Laboratories Limited & Subsidiaries

 
Revenue Mix by Segment for the quarter 
                                                           YoY            QoQ 
Particulars                                Q3FY25  Q3FY24   Gr %  Q2FY25   Gr% 
                                            ( )     ( )            ( ) 
Global Generics                            73,753  63,095   17    71,576   3 
   North America                           33,834  33,492    1    37,281  (9) 
   Europe*                                 12,096  4,970    143   5,770   110 
   India                                   13,464  11,800   14    13,971  (4) 
   Emerging Markets                        14,358  12,833   12    14,554  (1) 
Pharmaceutical Services and Active 
 Ingredients (PSAI)                        8,219   7,839     5    8,407   (2) 
Others                                     1,614   1,214    33     179    802 
Total                                      83,586  72,148   16    80,162   4 
 

Revenue Mix by Segment for nine months

 
                                                                        YoY 
Particulars                             9MFY25           9MFY24          Gr% 
                                          ( )              ( ) 
Global Generics                         214,187          184,262         16 
   North America                        109,578          97,269          13 
   Europe*                              23,132           15,303          51 
   India                                40,687           35,141          16 
   Emerging Markets                     40,790           36,549          12 
PSAI                                    24,283           21,582          13 
Others                                   2,005            2,490         (19) 
Total                                   240,475          208,334         15 
 
   *Includes Revenues of 6,049 Mn from the recently acquired NRT business. 
   Underlying growth for Europe excluding NRT is 22% YoY and 5% QoQ. 
 
 
Consolidated Income 
 Statement for the 
 quarter 
                                                    YoY                  QoQ 
Particulars              Q3FY25          Q3FY24      Gr %     Q2FY25      Gr% 
                     ($)      ( )     ($)    ( )           ($)    ( ) 
Revenues*            977    83,586    843   72,148   16    937   80,162    4 
Cost of Revenues     404    34,534    350   29,945   15    379   32,393    7 
Gross Profit         573    49,052    493   42,203   16    558   47,769    3 
% of Revenues                58.7%          58.5%                59.6% 
Selling, General & 
 Administrative 
 Expenses            282    24,117    236   20,228   19    269   23,007    5 
% of Revenues                28.9%          28.0%                28.7% 
Research & 
 Development 
 Expenses             78     6,658     65   5,565    20     85   7,271    (8) 
% of Revenues                8.0%            7.7%                 9.1% 
Impairment of 
 Non-Current 
 Assets, net         (0)      (4)      1     110    (104)   11    924    (100) 
Other 
 (Income)/Expense, 
 net                 (5)     (439)    (11)  (967)   (55)   (12)  (984)   (55) 
Results from 
 Operating 
 Activities          219    18,720    202   17,267    8    205   17,551    7 
Finance 
 (Income)/Expense, 
 net                  0       20      (11)  (963)   (102)  (18)  (1555)  (101) 
Share of Profit of 
 Equity Accounted 
 Investees, net of 
 tax                 (0)     (42)     (0)    (27)    56    (1)    (61)   (31) 
Profit before 
 Income Tax          219   18,742(#)  213   18,257    3    224   19,167   (2) 
% of Revenues                22.4%          25.3%                23.9% 
Income Tax Expense    55     4,704     52   4,468     5     67   5,752   (18) 
Profit for the 
 Period              164    14,038    161   13,789    2    157   13,415    5 
% of Revenues                16.8%          19.1%                16.7% 
Attributable to 
 Equity holders of 
 the parent 
 company             165    14,133    161   13,789    2    147   12,553   13 
Attributable to 
 Non-controlling 
 interests           (1)     (95)             -       -     10    862      - 
Diluted Earnings 
 per Share (EPS)     0.20    16.94    0.19  16.54^    2    0.18  15.05    13 
 
   *Includes Revenues of 6,049 Mn from the recently acquired NRT business. 
   Underlying YoY growth excluding NRT is 7.5% for Q3FY25. 
   ^Historical numbers re-casted basis the increased number of shares post 
   share split. 
   (#) Includes Profit before Tax of 1,240 Mn from the recently acquired NRT 
   business. 
 
 
EBITDA Computation for the quarter 
Particulars                            Q3FY25        Q3FY24         Q2FY25 
                                     ($)   ( )    ($)     ( )    ($)     ( ) 
Profit before Income Tax             219  18,742  213   18,257   224   19,167 
Interest (Income) / Expense, net*    (6)  (475)   (12)  (1,030)  (15)  (1,262) 
Depreciation                         32   2,733    28    2,437    31    2,629 
Amortization                         23   1,986    16    1,333    16    1,346 
Impairment                           (0)   (4)     1      110     11     924 
EBITDA                               269  22,982  247   21,107   267   22,803 
% of Revenues                             27.5%          29.3%          28.4% 
 
   *Includes income from Investment 
 
 
Consolidated Income Statement for nine 
 months 
                                                                         YoY 
Particulars                                  9MFY25          9MFY24       Gr % 
                                          ($)     ( )     ($)     ( ) 
Revenues*                                2,811  240,475  2,435  208,334   15 
Cost of Revenues                         1,137  97,310   1,008  86,210    13 
Gross Profit                             1,673  143,165  1,428  122,124   17 
% of Revenues                                    59.5%           58.6% 
Selling, General & Administrative 
 Expenses                                 816   69,815    663   56,725    23 
% of Revenues                                    29.0%           27.2% 
Research & Development Expenses           235   20,122    187   15,996    26 
% of Revenues                                    8.4%            7.7% 
Impairment of Non-Current Assets, net     11      925      2      176     426 
Other (Income)/Expense, net              (22)   (1,893)  (41)   (3,543)  (47) 
Results from Operating Activities         634   54,196    617   52,770     3 
Finance (Income)/Expense, net            (28)   (2,372)  (35)   (2,972)  (20) 
Share of Profit of Equity Accounted 
 Investees, net of tax                    (2)    (162)    (1)    (112)    45 
Profit before Income Tax                  663   56,730    653   55,854     2 
% of Revenues                                    23.6%           26.8% 
Income Tax Expense                        180   15,357    155   13,240    16 
Profit for the Period                     484   41,373    498   42,614    (3) 
% of Revenues                                    17.2%           20.5% 
Attributable to Equity holders of the 
 parent company                           475   40,606    498   42,614    (5) 
Attributable to Non-controlling 
 interests                                 9      767              - 
Diluted Earnings per Share (EPS)         0.57    48.68   0.60   51.14^    (5) 
 
   *Includes Revenues of 6,049 Mn from the recently acquired NRT business. 
   Underlying YoY growth excluding NRT is 12.5% for 9MFY25. 
   ^Historical numbers re-casted basis the increased number of shares post 
   share split. 
 
 
EBITDA Computation for nine months         *Includes income from Investment 
Particulars                                9MFY25              9MFY24 
                                      ($)        ( )       ($)      ( ) 

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