Dr Reddys Laboratories Financial Statements

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Y/e 31 Mar Mar-2020 Mar-2018 Mar-2017 Mar-2016
Growth matrix (%)        
Revenue growth 22.70 0.60 (8.80) 3.63
Op profit growth 5.07 (4.90) (31) 2.62
EBIT growth 34.90 (12) (45) (2.20)
Net profit growth 114 (27) (39) (8.80)
Profitability ratios (%)        
OPM 14.10 16.50 17.40 23
EBIT margin 11 10 11.40 18.90
Net profit margin 11.60 6.63 9.10 13.70
RoCE 10.80 8.12 9.71 19.40
RoNW 3.60 1.91 2.60 4.75
RoA 2.84 1.35 1.94 3.52
Per share ratios ()        
EPS 122 55 75.80 124
Dividend per share 25 20 20 20
Cash EPS 51.90 (7.90) 16 69.90
Book value per share 939 758 740 737
Valuation ratios        
P/E 25.60 37.90 34.70 24.60
P/CEPS 60 (265) 164 43.40
P/B 3.32 2.75 3.56 4.12
EV/EBIDTA 17.40 15.70 18.20 14.10
Payout (%)        
Dividend payout -- 35 25.70 19.30
Tax payout 7.67 (32) (19) (26)
Liquidity ratios        
Debtor days 94.60 100 102 96.40
Inventory days 66.80 73.60 69.60 60.10
Creditor days (40) (45) (40) (35)
Leverage ratios        
Interest coverage (20) (18) (26) (36)
Net debt / equity 0.13 0.38 0.37 0.23
Net debt / op. profit 0.81 2.04 1.83 0.80
Cost breakup ()        
Material costs (32) (28) (26) (24)
Employee costs (19) (23) (22) (20)
Other costs (35) (33) (35) (33)
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Y/e 31 Mar( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Revenue 17,517 14,281 14,196 15,568
yoy growth (%) 22.70 0.60 (8.80) 3.63
Raw materials (5,554) (4,040) (3,697) (3,759)
As % of sales 31.70 28.30 26 24.10
Employee costs (3,380) (3,215) (3,107) (3,117)
As % of sales 19.30 22.50 21.90 20
Other costs (6,112) (4,675) (4,921) (5,107)
As % of sales 34.90 32.70 34.70 32.80
Operating profit 2,470 2,351 2,472 3,585
OPM 14.10 16.50 17.40 23
Depreciation (1,163) (1,077) (1,027) (939)
Interest expense (98) (79) (63) (83)
Other income 621 155 172 295
Profit before tax 1,830 1,350 1,554 2,859
Taxes 140 (438) (297) (751)
Tax rate 7.67 (32) (19) (26)
Minorities and other -- 34.40 34.90 22.90
Adj. profit 1,970 947 1,292 2,131
Exceptional items -- -- -- --
Net profit 2,026 947 1,292 2,131
yoy growth (%) 114 (27) (39) (8.80)
NPM 11.60 6.63 9.10 13.70
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Profit before tax 1,830 1,350 1,554 2,859
Depreciation (1,163) (1,077) (1,027) (939)
Tax paid 140 (438) (297) (751)
Working capital 2,656 542 (877) (1,644)
Other operating items -- -- -- --
Operating cashflow 3,463 377 (647) (475)
Capital expenditure 8,133 8,594 5,843 3,102
Free cash flow 11,596 8,971 5,196 2,627
Equity raised 17,436 16,776 17,501 18,545
Investments 2,677 2,090 1,913 2,766
Debt financing/disposal 4,524 8,238 8,424 7,620
Dividends paid -- 332 331 411
Other items -- -- -- --
Net in cash 36,233 36,407 33,366 31,969
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Equity capital (18) 29.50 83 82.90
Preference capital -- -- -- --
Reserves 15,616 13,994 12,489 12,179
Net worth 15,599 14,024 12,572 12,262
Minority interest
Debt 2,210 3,838 5,071 4,919
Deferred tax liabilities (net) 2 47.30 195 162
Total liabilities 17,811 17,909 17,838 17,343
Fixed assets 8,385 10,125 10,439 10,255
Intangible assets
Investments 2,678 2,587 2,298 2,110
Deferred tax asset (net) 1,220 432 541 678
Net working capital 5,323 4,543 4,297 3,913
Inventories 3,507 3,358 2,909 2,853
Inventory Days 73.10 -- 74.30 73.30
Sundry debtors 5,028 3,987 4,053 3,799
Debtor days 105 -- 104 97.70
Other current assets 2,202 1,755 2,042 1,735
Sundry creditors (1,666) (1,455) (1,607) (1,342)
Creditor days 34.70 -- 41.10 34.50
Other current liabilities (3,748) (3,101) (3,100) (3,132)
Cash 205 223 264 387
Total assets 17,811 17,909 17,838 17,343
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Particulars ( Rupees In Crores.) Sep-2020 Mar-2020 Sep-2019 Mar-2019 Sep-2018
Gross Sales 9,314 8,816 8,644 7,867 7,519
Excise Duty -- -- -- -- --
Net Sales 9,314 8,816 8,644 7,867 7,519
Other Operating Income 23.20 30.40 26.60 27.60 35.50
Other Income 153 165 512 184 198
Total Income 9,491 9,011 9,183 8,078 7,752
Total Expenditure ** 7,060 8,182 6,865 6,244 6,026
PBIDT 2,431 830 2,318 1,834 1,726
Interest 48.50 38.20 60.10 48.60 40.30
PBDT 2,382 791 2,258 1,785 1,686
Depreciation 609 561 602 578 557
Minority Interest Before NP -- -- -- -- --
Tax 489 215 446 202 268
Deferred Tax (82) (228) (574) 49.60 (135)
Reported Profit After Tax 1,366 243 1,783 956 994
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 1,366 243 1,783 956 994
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 1,366 243 1,783 956 994
EPS (Unit Curr.) 82.40 14.60 108 57.60 59.90
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 83.10 83.10 83.10 83 83
Public Shareholding (Number) -- -- -- -- --
Public Shareholding (%) -- -- -- -- --
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- --
Non Encumbered - % in Total Promoters Holding -- -- -- -- --
Non Encumbered - % in Total Equity -- -- -- -- --
PBIDTM(%) 26.10 9.41 26.80 23.30 23
PBDTM(%) -- -- -- -- --
PATM(%) 14.70 2.75 20.60 12.10 13.20
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