)
Hyderabad-based Dr Reddy's Laboratories Limited has reported an eight per cent increase in consolidated net profit at Rs 519 crore for the quarter ended March 2015, on the back of higher sales revenues from global generics business. The net profit for the corresponding quarter last year was Rs 481.6 crore.
The net income for the quarter under review grew 11.19 per cent at Rs 3,870.44 crore as compared with Rs 3,480.90 crore in the corresponding quarter last year.
The Ebitda (earnings before interest, taxes, depreciation, and amortisation) for the fourth quarter stood at Rs 801 crore, which is 21 per cent of the revenue and lower than that in the year-ago period.
Dr Reddy's said it has recorded a foreign exchange translation loss of Rs 84.3 crore on certain net monetary assets in Venezuela. In addition to this, the Rouble devaluation continued to hit the revenues in Russia, which declined to Rs 1,492 core from Rs 1,633 core in the same quarter last year while it did well in other markets including in India.
ALSO READ: Dr Reddy's banks on acquisitions for growth
On a sequential basis, the revenue growth for the company remained almost flat compared with Rs 3843,10 crore in the quarter ended December, 2014 while the net profit for the quarter under review declined by 9.69 per cent as compared to Rs 574.53 core in the third quarter.
"..Overall our results demonstrate our commitment to execute on our strategy, across businesses, as we constantly strengthen our focus on patients and providing them access to affordable medicines, Our commitment to R&D continues to show results, with the filings of NDAs in our proprietary products business during the quarter and continued filings of complex generics," G V Prasad, co-chairman and chief executive officer of Dr Reddy's said.
For the full year 2014-15, the consolidated net profit of Dr Reddy's rose 3 per cent to Rs 2,217.86 crore as compared with Rs 2,151.20 crore in the last financial year. Revenues grew 12.12 per cent at 14,818.89 crore as compared with Rs 13,217.03 crore last year.
Revenues from global generics segment for the full year registered a 15 per cent growth at little over Rs 12000 crore driven by North America, Venezuela and India,according to the company. Of this the US sales registered an year on year growth of 17 per cent at Rs 6,407 crore, crossing a $1 billion mark for the first time in the company's history.
"Dr Reddy's Labs posted numbers below expectations,"" said Sarbjit Kour Nangra of Angel Broking giving here views on the company's fourth quarter results. \"On the operating front, EBITDA margins came in at 20.8 per cent as against 23.2% expected in the quarter under review as compared to 22.8 per cent in the corresponding pervious quarter. The dip in the EBDITA came on back of 29 per cent year on year rise in the R&D expenses, which came in at 13.3 per cent as compared to 11.4 per cent of sales in the year ago period. PAT came in at Rs 519 crore as compared to Rs 550 crore expected".
