0001575872-19-000020.txt : 20190201 0001575872-19-000020.hdr.sgml : 20190201

20190201094019 ACCESSION NUMBER: 0001575872-19-000020 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20190201 FILED AS OF DATE: 20190201 DATE AS OF CHANGE: 20190201 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DR REDDYS LABORATORIES LTD CENTRAL INDEX KEY: 0001135951 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 000000000 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15182 FILM NUMBER: 19558028 BUSINESS ADDRESS: STREET 1: 8-2-337, ROAD NO.3 BANJARA HILLS CITY: HYDERABAD STATE: K7 ZIP: 500-034 BUSINESS PHONE: 91 40 49002900 MAIL ADDRESS: STREET 1: 8-2-337, ROAD NO.3 BANJARA HILLS CITY: HYDERABAD STATE: K7 ZIP: 500-034 6-K 1 drr0100_6k.htm FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

February 2019

Commission File Number 1-15182

DR. REDDY’S LABORATORIES LIMITED

(Translation of registrant’s name into English)

8-2-337, Road No. 3, Banjara Hills

Hyderabad, Telangana 500 034, India

+91-40-49002900

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ______

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ______

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ¨ No x

If “Yes” is marked, indicate below the file number assigned to registrant in connection with Rule 12g3-2(b): 82-________.

DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION

We hereby furnish the United States Securities and Exchange Commission with copies of the following information about our public disclosures regarding our results of operations and financial condition for the quarter and nine months ended December 31,2018.

On February 01, 2019, we announced our results of operations for the quarter and nine months ended December 31, 2018. We issued a press release announcing our results under International Financial Reporting Standards (“IFRS”), IFRS Unaudited Consolidated Financial Results with review report, Ind AS Unaudited Consolidated Financial Results with review report and Ind AS Unaudited Standalone Financial Results with review report for the quarter and nine months ended December 31, 2018, a copy of which is attached to this Form 6-K as Exhibit 99.1 , 99.2 , 99.3 and 99.4 respectively.

We have also made available to the public on our web site, www.drreddys.com, the following: IFRS Unaudited Consolidated Financial Results, Ind AS Unaudited Consolidated Financial Results and Ind AS Unaudited Standalone Financial Results for the quarter and nine months ended December 31, 2018.

Exhibits

Exhibit Number		Description of Exhibits

99.1		Press Release, “Dr. Reddy’s Q3 FY19 Financial Results”, February 01, 2019

99.2		IFRS Unaudited Consolidated Financial Results for the quarter and nine months ended December 31, 2018

99.3		Ind AS Unaudited Consolidated Financial Results for the quarter and nine months ended December 31, 2018

99.4		Ind AS Unaudited Standalone Financial Results for the quarter and nine months ended December 31, 2018

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	DR. REDDY’S LABORATORIES LIMITED (Registrant)

Date: February 01, 2019	By:	/s/ Sandeep Poddar
		Name:	Sandeep Poddar
		Title:	Company Secretary

EX-99.1 2 drr0100_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

	CONTACT
DR. REDDY'S LABORATORIES LTD.	Investor relationS	Media relationS
8-2-337, Road No. 3, Banjara Hills,	AMIT AGARWAL	CALVIN PRINTER
Hyderabad - 500034. Telangana, India.	amita@drreddys.com	calvinprinter@drreddys.com
	(Ph: +91-40-4900 2135)	(Ph: +91-40-4900 2121)

Dr. Reddy’s Q3 FY19 Financial Results

Hyderabad, India, February 1, 2019: Dr. Reddy’s Laboratories Ltd. (BSE: 500124 | NSE: DRREDDY | NYSE: RDY) today announced its consolidated financial results for the quarter ended December 31, 2018 under International Financial Reporting Standards (IFRS).

Commenting on the results, CEO and Co-chairman, G.V. Prasad said “We continued to improve our performance in the third quarter of FY 19, supported by significant growth in emerging markets and India, pickup in new product launches, and improvements in cost structure. We are on track towards delivering sustainable & profitable growth.”

All amounts in millions, except EPS

All US dollar amounts based on convenience translation rate of I USD = Rs. 69.58

Dr. Reddy’s Laboratories Limited and Subsidiaries

Consolidated Income Statement

	Q3 FY19						Q3 FY18						YoY			Q2 FY19						QoQ
Particulars	($)			(Rs.)			($)			(Rs.)			Gr %			($)			(Rs.)			Gr%
Revenues		553			38,500			547			38,060			1			546			37,978			1
Cost of Revenues		255			17,748			239			16,649			7			245			17,081			4
Gross Profit		298			20,752			308			21,411			(3	)		300			20,897			(1	)
Operating Expenses
Selling, General & Administrative expenses		173			12,036			173			12,048			(0	)		178			12,372			(3	)
Research and Development expenses		53			3,668			67			4,667			(21	)		59			4,120			(11	)
Other (income) / expense net		(10	)		(681	)		(4	)		(313	)		118			(9	)		(641	)		6
Results from operating activities		82			5,729			72			5,009			14			73			5,046			14
Net finance (income) / expense		0			13			(12	)		(851	)		(102	)		(9	)		(625	)		(102	)
Share of (profit) / loss of equity accounted investees, net of tax		(1	)		(89	)		(1	)		(85	)		5			(2	)		(109	)		(18	)
Profit before income tax		83			5,805			85			5,945			(2	)		83			5,780			0
Income tax expense		14			953			37			2,601	*		(63	)		11			742			28
Profit for the period		70			4,852			48			3,344			45			72			5,038			(4	)

Diluted Earnings Per Share (EPS)		0.42			29.21			0.29			20.13			45			0.44			30.31			(4	)

* ~ Rs. 930 million impact on account of reforms in US tax laws

As % to Revenues	Q3 FY19		Q3 FY18		Q2 FY19
Gross Profit		53.9		56.3		55.0
SG&A		31.3		31.7		32.6
R&D		9.5		12.3		10.8
EBITDA		22.5		21.2		22.8
PBT		15.1		15.6		15.2
PAT		12.6		8.8		13.3

EBITDA Computation

	Q3 FY19						Q3 FY18						Q2 FY19
Particulars	($)			(Rs.)			($)			(Rs.)			($)			(Rs.)
Profit before Income Tax		83			5,805			85			5,945			83			5,780
Interest (income) net*		(4	)		(260	)		(13	)		(881	)		(2	)		(132	)
Depreciation		30			2,073			30			2,089			29			2,033
Amortization		15			1,035			13			902			14			965
EBITDA		124			8,653			116			8,055			124			8,646

* Includes income from Investments

All amounts in millions, except EPS

All US dollar amounts based on convenience translation rate of I USD = Rs. 69.58

Key Balance Sheet Items

	As on 31^st Dec, 2018				As on 30^th Sep, 2018				As on 31^st Dec, 2017
Particulars	($)		(Rs.)		($)		(Rs.)		($)		(Rs.)
Cash and cash equivalents and other investments		368		25,593		299		20,837		360		25,032
Trade receivables (current & non-current)		536		37,302		666		46,317		612		42,593
Inventories		487		33,911		467		32,490		386		26,825
Property, plant and equipment		795		55,344		814		56,640		836		58,189
Goodwill and Other Intangible assets		707		49,205		737		51,290		692		48,182
Loans and borrowings (current & non-current)		630		43,836		798		55,522		789		54,911
Trade payables		229		15,939		202		14,073		209		14,575
Equity		1,950		1,35,708		1,889		1,31,446		1,778		1,23,685

Revenue Mix by Segment

	Q3 FY19		Q3 FY18		YoY			Q2 FY19		QoQ
Particulars	(Rs.)		(Rs.)		Growth %			(Rs.)		Growth %
Global Generics		31,347		30,105		4			30,536		3
North America		14,832		16,073		(8	)		14,265		4
Europe		2,030		2,006		1			1,915		6
India		6,741		6,126		10			6,864		(2	)
Emerging Markets		7,744		5,900		31			7,492		3
Pharmaceutical Services and Active Ingredients (PSAI)		5,937		5,436		9			6,029		(2	)
Proprietary Products & Others		1,216		2,519		(52	)		1,413		(14	)
Total		38,500		38,060		1			37,978		1

Segmental Analysis

Global Generics (GG)

Revenues from GG segment at Rs. 31.3 billion. Year-on-year growth of 4%, primarily driven by contributions from Emerging Markets, India and favorable forex. Sequentially the sales grew by 3%.

Revenues from North America at Rs. 14.8 billion. Year-on-year decline of 8%. Sequential growth of 4%, aided by higher volume offtake, new launches and favorable forex offset by higher price erosion in some of the key molecules.

During the quarter, 10 new products were launched and we have filed 3 ANDAs with the USFDA.

As of 31^st Dec 2018, cumulatively 103 generic filings are pending for approval with the USFDA (100 ANDAs and 3 NDAs under 505(b)(2) route). Of these 100 ANDAs, 59 are Para IVs, and we believe 33 have ‘First to File’ status.

Revenues from Emerging Markets at Rs. 7.7 billion. Year-on-year growth is 31%, primarily on account of new launches, traction in new markets and improved volume offtake in our existing markets. Sequential growth is 3%.

Revenues from Russia at Rs. 4.1 billion. Year-on-year growth of 22%, driven by both new launches and improvement in base business, marginally offset by unfavorable forex.

Revenues from other CIS countries and Romania market at Rs. 1.4 billion. Year-on-year growth of 45%, driven by new products and volume uptake in the base business.

Revenues from Rest of World (RoW) territories at Rs. 2.2 billion. Year-on-year growth of 43%, primarily driven by new products, traction in new markets and volume uptake in base business.

Revenues from India at Rs. 6.7 billion. Year-on-year growth of 10%, primarily driven by volume traction and new products. Sequentially the revenues declined by 2%.

Revenues from Europe at Rs. 2.0 billion. Year-on-year growth of 1%, primarily on account of new products and volume uptake largely offset by higher price erosion in some of the key molecules. Sequential growth is 6%.

Pharmaceutical Services and Active Ingredients (PSAI)

Revenues from PSAI at Rs. 5.9 billion, with year-on-year growth of 9% and sequential decline of 2%. The YoY growth is largely driven by custom pharmaceutical services business.

Proprietary Products (PP)

Revenues from PP at Rs. 735 million, with year-on-year decline of 66% and sequential decline of 5%. The YoY decline is largely due to one-time milestone income of Rs. 1.3 billion recorded during Q3 FY18.

Income Statement Highlights:

Gross profit margin at 53.9%.

Declined by ~240 bps over that of previous year and by ~110 bps sequentially

Decline in gross profit margins both year-on-year and sequentially is largely on account of price erosion in some of our key molecules in the US partly offset by favorable foreign exchange and better manufacturing overhead leverage.

Gross profit margin for GG and PSAI business segments are at 57.6% and 30.8% respectively.

SG&A expenses at Rs. 12.0 billion, remained flat on a year-on-year basis and declined by 3% sequentially. Spend control is largely on account of cost optimization and productivity improvement initiatives.

R&D expenses at Rs. 3.7 billion, year-on-year decline of 21%. Decline is largely on account of timing variation in development related activities coupled with productivity improvement measures. As % to revenues- Q3 FY19: 9.5% | Q2 FY 19: 10.8% | Q3 FY18: 12.3%.

Other (income)/expense, net includes gain of Rs. 423 million on account of sale of the API business manufacturing unit located at Jeedimetla, Hyderabad.

Net finance expense at Rs. 13 million compared to net finance income of Rs. 851 million in Q3 FY18. The movement is largely due to higher income from investments, in the previous year.

Profit after Tax at Rs. 4.9 billion. Effective tax rate for the quarter is 16.4%. Lower rate is primarily on account of reduction of the federal income tax rate from 35% to 21% in the United States and claim of deduction of an item in the current quarter, which was previously disallowed for tax purpose.

Diluted earnings per share is at Rs. 29.21

Capital expenditure is at Rs. 1.5 billion.

Earnings Call Details (06:30 pm IST, 08:00 am EST, February 1, 2019)

The Company will host an earnings call to discuss the performance and answer any questions from participants.

Audio conference Participants can dial-in on the numbers below

Primary number:	91 22 6280 1219
Secondary number:	91 22 7115 8120

The numbers listed above are universally accessible from all networks and all countries.

Local Access number (India):

91 70456 71221

International Toll Free Number	USA	18667462133
	UK	08081011573
	Singapore	8001012045
	Hong Kong	800964448

Playback of call:	91 22 7194 5757, 91 22 6663 5757
Conference ID:	37176

Playback will be available after the earnings call, through February 7th, 2019.

Transcript of the call will be available at www.drreddys.com.

About Dr. Reddy’s: Dr. Reddy’s Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY) is an integrated pharmaceutical company, committed to providing affordable and innovative medicines for healthier lives. Through its three businesses - Pharmaceutical Services & Active Ingredients, Global Generics and Proprietary Products – Dr. Reddy’s offers a portfolio of products and services including APIs, custom pharmaceutical services, generics, biosimilars and differentiated formulations. Our major therapeutic areas of focus are gastrointestinal, cardiovascular, diabetology, oncology, pain management and dermatology. Dr. Reddy’s operates in markets across the globe. Our major markets include – USA, India, Russia & CIS countries, and Europe. For more information, log on to: www.drreddys.com

Disclaimer: This press release may include statements of future expectations and other forward-looking statements that are based on the management’s current views and assumptions and involve known or unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words "may", "will", "should", "expects", "plans", "intends", "anticipates", "believes", "estimates", "predicts", "potential", or "continue" and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to without limitation, (i) general economic conditions such as performance of financial markets, credit defaults , currency exchange rates , interest rates , persistency levels and frequency / severity of insured loss events (ii) mortality and morbidity levels and trends, (iii) changing levels of competition and general competitive factors, (iv) changes in laws and regulations and in the policies of central banks and/or governments, (v) the impact of acquisitions or reorganisation , including related integration issues.

The company assumes no obligation to update any information contained herein.

GRAPHIC 3 drr0100_ex99-1img01.jpg GRAPHIC begin 644 drr0100_ex99-1img01.jpg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