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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