Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Dr. Reddy’s Q2 FY24 Financial Results By: Dr. Reddy’s Laboratories Ltd. via Business Wire October 27, 2023 at 13:50 PM EDT Dr. Reddy’s Laboratories Ltd. (BSE: 500124 | NSE: DRREDDY | NYSE: RDY | NSEIFSC: DRREDDY) today announced its consolidated financial results for the quarter ended Sep 30, 2023. The information mentioned in this release is based on consolidated financial statements under International Financial Reporting Standards (IFRS). Revenues Rs. 68,802 Mn [Up: 9% YoY; Up: 2% QoQ] Gross Margin 58.7% [Q2 FY23: 59.1%; Q1 FY24: 58.7%] SG&A Expenses Rs. 18,795 Mn [Up: 13% YoY; 6% QoQ] R&D Expenses Rs. 5,447 Mn[7.9% of Revenues] EBITDA Rs. 21,813 Mn [31.7% of Revenues] Profit before Tax Rs. 19,134 Mn [Up: 19% YoY; Up: 4% QoQ] Profit after Tax Rs. 14,800 Mn [Up: 33% YoY; Up: 6% QoQ] Commenting on the results, Co-Chairman & MD, G V Prasad said: “We delivered another quarter of strong results with highest ever sales and profits, driven by market share gains & momentum in our US generics business and robust growth in Europe. We are continuing to strengthen our pipeline both organically and through business development to drive growth and create differentiation.” All amounts in millions, except EPS All US dollar amounts based on convenience translation rate of 1 USD = Rs. 83.08 Dr. Reddy’s Laboratories Limited and Subsidiaries Consolidated Income Statement Particulars Q2 FY24 Q2 FY23 YoY Gr % Q1 FY24 QoQ Gr% ($) (Rs.) ($) (Rs.) ($) (Rs.) Revenues 828 68,802 759 63,057 9 811 67,384 2 Cost of Revenues 342 28,434 311 25,810 10 335 27,831 2 Gross Profit 486 40,368 448 37,247 8 476 39,553 2 Operating Expenses Selling, General & Administrative expenses 226 18,795 199 16,560 13 213 17,702 6.2 Research and Development expenses 66 5,447 59 4,869 12 60 4,984 9 Impairment of non-current assets 1 55 0 25 120 0 11 400 Other operating (income)/expense (22) (1796) (4) (334) 438 (9) (780) 130 Results from operating activities 215 17,867 194 16,127 11 212 17,636 1 Net finance (income)/expense (15) (1225) 2 156 (885) (9) (784) 56 Share of profit of equity accounted investees (1) (42) (2) (140) (70) (1) (43) (2) Profit before income tax 230 19,134 194 16,111 19 222 18,463 4 Income tax expense 52 4,334 60 4983 (13) 53 4,438 (2) Profit for the period 178 14,800 134 11,128 33 169 14,025 6 Diluted Earnings Per Share (EPS) 1.07 88.78 0.81 66.89 33 1.01 84.22 5 As % to revenues Q2 FY24 Q2 FY23 Q1 FY24 Gross Profit 58.7 59.1 58.7 SG&A 27.3 26.3 26.3 R&D 7.9 7.7 7.4 EBITDA 31.7 30.6 31.7 PBT 27.8 25.5 27.4 PAT 21.5 17.6 20.8 EBITDA Computation Particulars Q2 FY24 Q2 FY23 Q1 FY24 ($) (Rs.) ($) (Rs.) ($) (Rs.) Profit before Income Tax 230 19,134 194 16,111 222 18,463 Interest (income) / expense - Net* (14) (1,166) 1 61 (8) (685) Depreciation 29 2,437 25 2,107 27 2,281 Amortization 16 1,353 12 1,018 16 1,302 Impairment 0 55 0 25 0 11 EBITDA 262 21,813 233 19,322 257 21,372 * Includes income from Investments All amounts in millions, except EPS All US dollar amounts based on convenience translation rate of 1 USD = Rs. 83.08 Key Balance Sheet Items Particulars As on 30th Sep 2023 As on 30th Jun 2023 As on 30th Sep 2022 ($) (Rs.) ($) (Rs.) ($) (Rs.) Cash and cash equivalents and other investments 840 69,784 736 61,162 353 29,306 Trade receivables 839 69,722 928 77,095 927 76,987 Inventories 681 56,592 631 52,398 590 49,042 Property, plant, and equipment 848 70,478 809 67,207 768 63,817 Goodwill and Other Intangible assets 497 41,278 509 42,306 434 36,084 Loans and borrowings (current & non-current) 159 13,230 151 12,520 208 17,289 Trade payables 367 30,485 333 27,682 274 22,778 Equity 3,046 2,53,086 2,952 2,45,259 2,482 2,06,225 Revenue Mix by Segment Segment Q2 FY24 Q2 FY23 YoY Gr % Q1 FY24 QoQ Gr % (Rs.) (Rs.) (Rs.) Global Generics 61,084 55,946 9 60,083 2 North America 31,700 28,001 13 31,978 (1) Europe 5,286 4,199 26 5,071 4 India 11,860 11,500 3 11,482 3 Emerging Markets 12,163 12,246 (1) 11,552 5 Pharmaceutical Services and Active Ingredients (PSAI) 7,034 6,434 9 6,709 5 Others 684 677 1 592 15 Total 68,802 63,057 9 67,384 2 Revenue Analysis [Q2 FY24] Global Generics (GG) Q2 FY24 revenue at Rs. 61.1 billion, YoY growth of 9% and QoQ growth of 2%. This growth was primarily driven by North America and Europe. North America Q2 FY24 revenue at Rs. 31.7 billion, YoY growth of 13% and QoQ decline of 1%. The growth was on account of growing momentum in our core portfolio, Mayne integration, favorable move from foreign exchange which was partly offset by price erosion. During the quarter, we launched 4 new products in US. During the quarter, we filed 2 new Abbreviated New Drug Applications (ANDAs) with the US Food and Drug Administration (USFDA). As of 30th Sep 2023, cumulatively 79 generic filings are pending for approval with the USFDA (75 ANDAs and 4 NDAs under 505(b)(2) route). Out of the pending 79 ANDAs, 41 are Para IVs, and we believe 20 have ‘First to File’ status. Europe Q2 FY24 revenue at Rs. 5.3 billion, YoY growth of 26% and QoQ growth of 4%. The growth was driven by leveraging existing portfolio, contribution from new products and favorable forex which was partly offset by price erosion. India Q2 FY24 revenue at Rs. 11.9 billion, YoY growth of 3% and QoQ increase of 3%. This growth was largely driven by pricing, new launches and partly offset by NLEM impact and muted demand due to weak acute season. Excluding NLEM, operational sales grew in mid-single digit. Emerging Markets Q2 FY24 revenue from Emerging Markets at Rs. 12.2 billion, YoY decline of 1% and QoQ growth of 5%. Revenue from Russia for the quarter at Rs. 5.8 billion, YoY decline of 3% and QoQ growth of 3%. YoY decline was majorly due to currency devaluation, excluding which YoY growth of 4% and QoQ growth of 9%. The increase was mainly driven by favorable pricing. Revenue from other CIS countries and Romania for the year at Rs. 2.2 billion, YoY growth of 1% and QoQ growth of 12%. YoY growth, primarily on account of price increases on certain products, favorable move from foreign exchange which was partly offset by decline in base business volumes. QoQ growth was primarily driven by base business demand, partly offset by pricing pressure. Revenue from Rest of World (RoW) territories for the year at Rs. 4.2 billion, YoY growth of 1% and QoQ growth of 6%. YoY growth, led by new product launches, which was partly offset by pricing pressure and lower base business. QoQ growth was mainly driven by new product launches and increase in demand of existing products and was partly offset by price erosion. Pharmaceutical Services and Active Ingredients (PSAI) Q2 FY24 revenue at Rs. 7.0 billion, with a growth of 9% YoY and 5% QoQ. YoY growth was mainly driven by new product launches, favorable move from foreign exchange partly offset with price erosion. QoQ growth was mainly driven by new product launches. Income Statement Highlights: Q2 FY24 gross margin at 58.7% (GG: 63.6%, PSAI: 17.8%). Gross margin decreased by ~40 bps YoY and was in line with preceding quarter. The decline in gross margin was primarily driven by marginal adverse price variance in certain products and mix change offset with favorable forex benefit. Selling, general & administrative (SG&A) expenses for Q2 FY24 at Rs. 18.8 billion, YoY increase of 13% and by 6% QoQ. The YoY SG&A spend increase is largely on account of investment in sales & marketing, digitalization, and other business initiatives. Research & development (R&D) expenses in Q2 FY24 at Rs. 5.4 billion. As % to Revenues – Q2FY24: 7.9% | Q1FY24: 7.4% | Q2 FY23: 7.7%. R&D investments are driven by ongoing clinical trials on differentiated assets, as well as other developmental efforts to build a healthy pipeline of new products across our markets for both small molecules and biosimilars. Other operating income for Q2 FY24 at Rs. 1.8 billion compared to Rs. 0.3 billion in Q2 FY23. Other operating income included the one-off income benefit of ~ Rs. 0.98 billion pursuant to settlement of product related litigation. Net Finance income for Q2 FY24 at Rs.1.2 billion compared to net finance expense of Rs. 0.2 billion in Q2 FY23. The higher income was primarily on account of profit on sale of units of mutual funds and other investments. Profit before Tax for Q2 FY24 at Rs. 19.1 billion, YoY growth of 19%. QoQ growth of 4% Profit after Tax for Q2 FY24 at Rs. 14.8 billion. The effective tax rate for the quarter has been 22.7% as compared to 30.9% in Q2 FY23. The lower tax was primarily due to adoption of corporate tax rate under section 115BAA of the Income Tax Act of India. Diluted earnings per share for Q2 FY24 is Rs. 88.78 Other Highlights: EBITDA for Q2 FY24 at Rs. 21.8 billion and the EBITDA margin is 31.7%. Capital expenditure for Q2 FY24 at Rs. 3.2 billion. Free cash-flow for Q2 FY24 at Rs. 14.5 billion (before acquisition payout). Net cash surplus for the company at Rs. 59.1 billion as on Sep 30, 2023. All amounts in millions, except EPS About key metrics and non-GAAP Financial Measures This press release contains non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. Such non-GAAP financial measures are measures of our historical performance, financial position or cash flows that are adjusted to exclude or include amounts from the most directly comparable financial measure calculated and presented in accordance with IFRS. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with IFRS. Our non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. These measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business. For more information on our non-GAAP financial measures and a reconciliation of GAAP to non-GAAP measures, please refer to "Reconciliation of GAAP to Non-GAAP Results" table in this press release. All amounts in millions, except EPS Reconciliation of GAAP measures to non-GAAP measures Free Cash Flow Three months Ended Sep 30, 2023 Net cash generated from operating activities 24,030 Less: Taxes (6102) Investments in PPE and Intangibles (3450) Free Cash Flow before acquisition 14,478 Less: Acquisitions related pay-out - Free Cash Flow 14,478 Operating working capital Quarter Ended Sep 30, 2023 Inventories 56,592 Trade Receivables 69,722 Less: Trade Payables (30,485) Operating Working Capital 95,829 Net cash surplus Quarter Ended Sep 30, 2023 Cash and cash equivalents 13,539 Investments 56,245 Short-term borrowings (5,847) Long-term borrowings, non-current (6043) Less: Restricted cash balance – Unclaimed dividend 89 Lease liabilities (included in Long-term borrowings, non-current) (2243) Equity Investments (Included in Investments) 988 Net Cash Surplus 59,060 All amounts in millions, except EPS Computation of Return on Capital Employed Year Ended Sep 30, 2023 Profit before tax 19,134 Less: Interest and Investment Income (Excluding forex gain/loss) 1,166 Earnings Before Interest and taxes [A] 17,968 Average Capital Employed [B] 1,83,550 Return on Capital Employed (A/B) (Ratio) 38.9% Computation of capital employed. Year Ended Sep 30, 2023 Year Ended Mar 31, 2023 Property Plant and Equipment 70,478 66,462 Intangibles 37,055 30,849 Goodwill 4,223 4,245 Investment in equity accounted associates 4,069 4,702 Other Current Assets 22,423 20,069 Other investments 1,855 660 Other non-current assets 812 800 Inventories 56,592 48,670 Trade Receivables 69,722 72,485 Derivative Financial Instruments 189 1,095 Less: Other Liabilities 40,297 42,320 Provisions 5,298 5,513 Trade payables 30,485 26,444 Operating Capital Employed 1,91,341 1,75,760 Average Capital Employed 1,83,550 Computation of EBITDA Refer page no. 2 for EBITDA computations. Earnings Call Details (07:30 pm IST, 10:00 am EDT, Oct 27, 2023) The management of the Company will host an Earnings call to discuss the Company’s financial performance and answer any questions from the participants. Conference Joining Information Option 1: Express Join with DiamondPass™ Pre-register with the below link and join without waiting for the operator. https://services.choruscall.in/DiamondPassRegistration/register?confirmationNumber=7967211&linkSecurityString=2c6ede051b Option 2: Join through below Dial-In Numbers Universal Access Number: +91 22 6280 1219 +91 22 7115 8120 International Toll-Free Number: USA: 1 866 746 2133 UK: 0 808 101 1573 Singapore: 800 101 2045 Hong Kong: 800 964 448 No password/pin number is necessary to dial in to any of the above numbers. The operator will provide instructions on asking questions before and during the call. Play Back: The play back will be available after the earnings call, till Nov 3rd, 2023. For play back dial in phone No: +91 22 7194 5757, and Playback Code is 02796. Transcript: Transcript of the Earnings call will be available on the Company’s website: www.drreddys.com About Dr. Reddy’s: Dr. Reddy’s Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY, NSEIFSC: DRREDDY) is a global pharmaceutical company headquartered in Hyderabad, India. Established in 1984, we are committed to providing access to affordable and innovative medicines. Driven by our purpose of ‘Good Health Can’t Wait’, we offer a portfolio of products and services including APIs, generics, branded generics, biosimilars and OTC. Our major therapeutic areas of focus are gastrointestinal, cardiovascular, diabetology, oncology, pain management and dermatology. Our major markets include – USA, India, Russia & CIS countries, China, Brazil, and Europe. As a company with a history of deep science that has led to several industry firsts, we continue to plan and invest in businesses of the future. As an early adopter of sustainability and ESG actions, we released our first Sustainability Report in 2004. Our current ESG goals aim to set the bar high in environmental stewardship; access and affordability for patients; diversity; and governance. 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 reorganization , including related integration issues, and (vi) the susceptibility of our industry and the markets addressed by our, and our customers’, products and services to economic downturns as a result of natural disasters, epidemics, pandemics or other widespread illness, including coronavirus (or COVID-19), and (vii) other risks and uncertainties identified in our public filings with the Securities and Exchange Commission, including those listed under the "Risk Factors" and "Forward-Looking Statements" sections of our Annual Report on Form 20-F for the year ended March 31, 2022. The company assumes no obligation to update any information contained herein.” The company assumes no obligation to update any information contained herein. View source version on businesswire.com: https://www.businesswire.com/news/home/20231027733976/en/Contacts INVESTOR RELATIONS RICHA PERIWAL richaperiwal@drreddys.com MEDIA RELATIONS USHA IYER ushaiyer@drreddys.com Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Dr. Reddy’s Q2 FY24 Financial Results By: Dr. Reddy’s Laboratories Ltd. via Business Wire October 27, 2023 at 13:50 PM EDT Dr. Reddy’s Laboratories Ltd. (BSE: 500124 | NSE: DRREDDY | NYSE: RDY | NSEIFSC: DRREDDY) today announced its consolidated financial results for the quarter ended Sep 30, 2023. The information mentioned in this release is based on consolidated financial statements under International Financial Reporting Standards (IFRS). Revenues Rs. 68,802 Mn [Up: 9% YoY; Up: 2% QoQ] Gross Margin 58.7% [Q2 FY23: 59.1%; Q1 FY24: 58.7%] SG&A Expenses Rs. 18,795 Mn [Up: 13% YoY; 6% QoQ] R&D Expenses Rs. 5,447 Mn[7.9% of Revenues] EBITDA Rs. 21,813 Mn [31.7% of Revenues] Profit before Tax Rs. 19,134 Mn [Up: 19% YoY; Up: 4% QoQ] Profit after Tax Rs. 14,800 Mn [Up: 33% YoY; Up: 6% QoQ] Commenting on the results, Co-Chairman & MD, G V Prasad said: “We delivered another quarter of strong results with highest ever sales and profits, driven by market share gains & momentum in our US generics business and robust growth in Europe. We are continuing to strengthen our pipeline both organically and through business development to drive growth and create differentiation.” All amounts in millions, except EPS All US dollar amounts based on convenience translation rate of 1 USD = Rs. 83.08 Dr. Reddy’s Laboratories Limited and Subsidiaries Consolidated Income Statement Particulars Q2 FY24 Q2 FY23 YoY Gr % Q1 FY24 QoQ Gr% ($) (Rs.) ($) (Rs.) ($) (Rs.) Revenues 828 68,802 759 63,057 9 811 67,384 2 Cost of Revenues 342 28,434 311 25,810 10 335 27,831 2 Gross Profit 486 40,368 448 37,247 8 476 39,553 2 Operating Expenses Selling, General & Administrative expenses 226 18,795 199 16,560 13 213 17,702 6.2 Research and Development expenses 66 5,447 59 4,869 12 60 4,984 9 Impairment of non-current assets 1 55 0 25 120 0 11 400 Other operating (income)/expense (22) (1796) (4) (334) 438 (9) (780) 130 Results from operating activities 215 17,867 194 16,127 11 212 17,636 1 Net finance (income)/expense (15) (1225) 2 156 (885) (9) (784) 56 Share of profit of equity accounted investees (1) (42) (2) (140) (70) (1) (43) (2) Profit before income tax 230 19,134 194 16,111 19 222 18,463 4 Income tax expense 52 4,334 60 4983 (13) 53 4,438 (2) Profit for the period 178 14,800 134 11,128 33 169 14,025 6 Diluted Earnings Per Share (EPS) 1.07 88.78 0.81 66.89 33 1.01 84.22 5 As % to revenues Q2 FY24 Q2 FY23 Q1 FY24 Gross Profit 58.7 59.1 58.7 SG&A 27.3 26.3 26.3 R&D 7.9 7.7 7.4 EBITDA 31.7 30.6 31.7 PBT 27.8 25.5 27.4 PAT 21.5 17.6 20.8 EBITDA Computation Particulars Q2 FY24 Q2 FY23 Q1 FY24 ($) (Rs.) ($) (Rs.) ($) (Rs.) Profit before Income Tax 230 19,134 194 16,111 222 18,463 Interest (income) / expense - Net* (14) (1,166) 1 61 (8) (685) Depreciation 29 2,437 25 2,107 27 2,281 Amortization 16 1,353 12 1,018 16 1,302 Impairment 0 55 0 25 0 11 EBITDA 262 21,813 233 19,322 257 21,372 * Includes income from Investments All amounts in millions, except EPS All US dollar amounts based on convenience translation rate of 1 USD = Rs. 83.08 Key Balance Sheet Items Particulars As on 30th Sep 2023 As on 30th Jun 2023 As on 30th Sep 2022 ($) (Rs.) ($) (Rs.) ($) (Rs.) Cash and cash equivalents and other investments 840 69,784 736 61,162 353 29,306 Trade receivables 839 69,722 928 77,095 927 76,987 Inventories 681 56,592 631 52,398 590 49,042 Property, plant, and equipment 848 70,478 809 67,207 768 63,817 Goodwill and Other Intangible assets 497 41,278 509 42,306 434 36,084 Loans and borrowings (current & non-current) 159 13,230 151 12,520 208 17,289 Trade payables 367 30,485 333 27,682 274 22,778 Equity 3,046 2,53,086 2,952 2,45,259 2,482 2,06,225 Revenue Mix by Segment Segment Q2 FY24 Q2 FY23 YoY Gr % Q1 FY24 QoQ Gr % (Rs.) (Rs.) (Rs.) Global Generics 61,084 55,946 9 60,083 2 North America 31,700 28,001 13 31,978 (1) Europe 5,286 4,199 26 5,071 4 India 11,860 11,500 3 11,482 3 Emerging Markets 12,163 12,246 (1) 11,552 5 Pharmaceutical Services and Active Ingredients (PSAI) 7,034 6,434 9 6,709 5 Others 684 677 1 592 15 Total 68,802 63,057 9 67,384 2 Revenue Analysis [Q2 FY24] Global Generics (GG) Q2 FY24 revenue at Rs. 61.1 billion, YoY growth of 9% and QoQ growth of 2%. This growth was primarily driven by North America and Europe. North America Q2 FY24 revenue at Rs. 31.7 billion, YoY growth of 13% and QoQ decline of 1%. The growth was on account of growing momentum in our core portfolio, Mayne integration, favorable move from foreign exchange which was partly offset by price erosion. During the quarter, we launched 4 new products in US. During the quarter, we filed 2 new Abbreviated New Drug Applications (ANDAs) with the US Food and Drug Administration (USFDA). As of 30th Sep 2023, cumulatively 79 generic filings are pending for approval with the USFDA (75 ANDAs and 4 NDAs under 505(b)(2) route). Out of the pending 79 ANDAs, 41 are Para IVs, and we believe 20 have ‘First to File’ status. Europe Q2 FY24 revenue at Rs. 5.3 billion, YoY growth of 26% and QoQ growth of 4%. The growth was driven by leveraging existing portfolio, contribution from new products and favorable forex which was partly offset by price erosion. India Q2 FY24 revenue at Rs. 11.9 billion, YoY growth of 3% and QoQ increase of 3%. This growth was largely driven by pricing, new launches and partly offset by NLEM impact and muted demand due to weak acute season. Excluding NLEM, operational sales grew in mid-single digit. Emerging Markets Q2 FY24 revenue from Emerging Markets at Rs. 12.2 billion, YoY decline of 1% and QoQ growth of 5%. Revenue from Russia for the quarter at Rs. 5.8 billion, YoY decline of 3% and QoQ growth of 3%. YoY decline was majorly due to currency devaluation, excluding which YoY growth of 4% and QoQ growth of 9%. The increase was mainly driven by favorable pricing. Revenue from other CIS countries and Romania for the year at Rs. 2.2 billion, YoY growth of 1% and QoQ growth of 12%. YoY growth, primarily on account of price increases on certain products, favorable move from foreign exchange which was partly offset by decline in base business volumes. QoQ growth was primarily driven by base business demand, partly offset by pricing pressure. Revenue from Rest of World (RoW) territories for the year at Rs. 4.2 billion, YoY growth of 1% and QoQ growth of 6%. YoY growth, led by new product launches, which was partly offset by pricing pressure and lower base business. QoQ growth was mainly driven by new product launches and increase in demand of existing products and was partly offset by price erosion. Pharmaceutical Services and Active Ingredients (PSAI) Q2 FY24 revenue at Rs. 7.0 billion, with a growth of 9% YoY and 5% QoQ. YoY growth was mainly driven by new product launches, favorable move from foreign exchange partly offset with price erosion. QoQ growth was mainly driven by new product launches. Income Statement Highlights: Q2 FY24 gross margin at 58.7% (GG: 63.6%, PSAI: 17.8%). Gross margin decreased by ~40 bps YoY and was in line with preceding quarter. The decline in gross margin was primarily driven by marginal adverse price variance in certain products and mix change offset with favorable forex benefit. Selling, general & administrative (SG&A) expenses for Q2 FY24 at Rs. 18.8 billion, YoY increase of 13% and by 6% QoQ. The YoY SG&A spend increase is largely on account of investment in sales & marketing, digitalization, and other business initiatives. Research & development (R&D) expenses in Q2 FY24 at Rs. 5.4 billion. As % to Revenues – Q2FY24: 7.9% | Q1FY24: 7.4% | Q2 FY23: 7.7%. R&D investments are driven by ongoing clinical trials on differentiated assets, as well as other developmental efforts to build a healthy pipeline of new products across our markets for both small molecules and biosimilars. Other operating income for Q2 FY24 at Rs. 1.8 billion compared to Rs. 0.3 billion in Q2 FY23. Other operating income included the one-off income benefit of ~ Rs. 0.98 billion pursuant to settlement of product related litigation. Net Finance income for Q2 FY24 at Rs.1.2 billion compared to net finance expense of Rs. 0.2 billion in Q2 FY23. The higher income was primarily on account of profit on sale of units of mutual funds and other investments. Profit before Tax for Q2 FY24 at Rs. 19.1 billion, YoY growth of 19%. QoQ growth of 4% Profit after Tax for Q2 FY24 at Rs. 14.8 billion. The effective tax rate for the quarter has been 22.7% as compared to 30.9% in Q2 FY23. The lower tax was primarily due to adoption of corporate tax rate under section 115BAA of the Income Tax Act of India. Diluted earnings per share for Q2 FY24 is Rs. 88.78 Other Highlights: EBITDA for Q2 FY24 at Rs. 21.8 billion and the EBITDA margin is 31.7%. Capital expenditure for Q2 FY24 at Rs. 3.2 billion. Free cash-flow for Q2 FY24 at Rs. 14.5 billion (before acquisition payout). Net cash surplus for the company at Rs. 59.1 billion as on Sep 30, 2023. All amounts in millions, except EPS About key metrics and non-GAAP Financial Measures This press release contains non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. Such non-GAAP financial measures are measures of our historical performance, financial position or cash flows that are adjusted to exclude or include amounts from the most directly comparable financial measure calculated and presented in accordance with IFRS. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with IFRS. Our non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. These measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business. For more information on our non-GAAP financial measures and a reconciliation of GAAP to non-GAAP measures, please refer to "Reconciliation of GAAP to Non-GAAP Results" table in this press release. All amounts in millions, except EPS Reconciliation of GAAP measures to non-GAAP measures Free Cash Flow Three months Ended Sep 30, 2023 Net cash generated from operating activities 24,030 Less: Taxes (6102) Investments in PPE and Intangibles (3450) Free Cash Flow before acquisition 14,478 Less: Acquisitions related pay-out - Free Cash Flow 14,478 Operating working capital Quarter Ended Sep 30, 2023 Inventories 56,592 Trade Receivables 69,722 Less: Trade Payables (30,485) Operating Working Capital 95,829 Net cash surplus Quarter Ended Sep 30, 2023 Cash and cash equivalents 13,539 Investments 56,245 Short-term borrowings (5,847) Long-term borrowings, non-current (6043) Less: Restricted cash balance – Unclaimed dividend 89 Lease liabilities (included in Long-term borrowings, non-current) (2243) Equity Investments (Included in Investments) 988 Net Cash Surplus 59,060 All amounts in millions, except EPS Computation of Return on Capital Employed Year Ended Sep 30, 2023 Profit before tax 19,134 Less: Interest and Investment Income (Excluding forex gain/loss) 1,166 Earnings Before Interest and taxes [A] 17,968 Average Capital Employed [B] 1,83,550 Return on Capital Employed (A/B) (Ratio) 38.9% Computation of capital employed. Year Ended Sep 30, 2023 Year Ended Mar 31, 2023 Property Plant and Equipment 70,478 66,462 Intangibles 37,055 30,849 Goodwill 4,223 4,245 Investment in equity accounted associates 4,069 4,702 Other Current Assets 22,423 20,069 Other investments 1,855 660 Other non-current assets 812 800 Inventories 56,592 48,670 Trade Receivables 69,722 72,485 Derivative Financial Instruments 189 1,095 Less: Other Liabilities 40,297 42,320 Provisions 5,298 5,513 Trade payables 30,485 26,444 Operating Capital Employed 1,91,341 1,75,760 Average Capital Employed 1,83,550 Computation of EBITDA Refer page no. 2 for EBITDA computations. Earnings Call Details (07:30 pm IST, 10:00 am EDT, Oct 27, 2023) The management of the Company will host an Earnings call to discuss the Company’s financial performance and answer any questions from the participants. Conference Joining Information Option 1: Express Join with DiamondPass™ Pre-register with the below link and join without waiting for the operator. https://services.choruscall.in/DiamondPassRegistration/register?confirmationNumber=7967211&linkSecurityString=2c6ede051b Option 2: Join through below Dial-In Numbers Universal Access Number: +91 22 6280 1219 +91 22 7115 8120 International Toll-Free Number: USA: 1 866 746 2133 UK: 0 808 101 1573 Singapore: 800 101 2045 Hong Kong: 800 964 448 No password/pin number is necessary to dial in to any of the above numbers. The operator will provide instructions on asking questions before and during the call. Play Back: The play back will be available after the earnings call, till Nov 3rd, 2023. For play back dial in phone No: +91 22 7194 5757, and Playback Code is 02796. Transcript: Transcript of the Earnings call will be available on the Company’s website: www.drreddys.com About Dr. Reddy’s: Dr. Reddy’s Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY, NSEIFSC: DRREDDY) is a global pharmaceutical company headquartered in Hyderabad, India. Established in 1984, we are committed to providing access to affordable and innovative medicines. Driven by our purpose of ‘Good Health Can’t Wait’, we offer a portfolio of products and services including APIs, generics, branded generics, biosimilars and OTC. Our major therapeutic areas of focus are gastrointestinal, cardiovascular, diabetology, oncology, pain management and dermatology. Our major markets include – USA, India, Russia & CIS countries, China, Brazil, and Europe. As a company with a history of deep science that has led to several industry firsts, we continue to plan and invest in businesses of the future. As an early adopter of sustainability and ESG actions, we released our first Sustainability Report in 2004. Our current ESG goals aim to set the bar high in environmental stewardship; access and affordability for patients; diversity; and governance. 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 reorganization , including related integration issues, and (vi) the susceptibility of our industry and the markets addressed by our, and our customers’, products and services to economic downturns as a result of natural disasters, epidemics, pandemics or other widespread illness, including coronavirus (or COVID-19), and (vii) other risks and uncertainties identified in our public filings with the Securities and Exchange Commission, including those listed under the "Risk Factors" and "Forward-Looking Statements" sections of our Annual Report on Form 20-F for the year ended March 31, 2022. The company assumes no obligation to update any information contained herein.” The company assumes no obligation to update any information contained herein. View source version on businesswire.com: https://www.businesswire.com/news/home/20231027733976/en/Contacts INVESTOR RELATIONS RICHA PERIWAL richaperiwal@drreddys.com MEDIA RELATIONS USHA IYER ushaiyer@drreddys.com
Dr. Reddy’s Laboratories Ltd. (BSE: 500124 | NSE: DRREDDY | NYSE: RDY | NSEIFSC: DRREDDY) today announced its consolidated financial results for the quarter ended Sep 30, 2023. The information mentioned in this release is based on consolidated financial statements under International Financial Reporting Standards (IFRS). Revenues Rs. 68,802 Mn [Up: 9% YoY; Up: 2% QoQ] Gross Margin 58.7% [Q2 FY23: 59.1%; Q1 FY24: 58.7%] SG&A Expenses Rs. 18,795 Mn [Up: 13% YoY; 6% QoQ] R&D Expenses Rs. 5,447 Mn[7.9% of Revenues] EBITDA Rs. 21,813 Mn [31.7% of Revenues] Profit before Tax Rs. 19,134 Mn [Up: 19% YoY; Up: 4% QoQ] Profit after Tax Rs. 14,800 Mn [Up: 33% YoY; Up: 6% QoQ] Commenting on the results, Co-Chairman & MD, G V Prasad said: “We delivered another quarter of strong results with highest ever sales and profits, driven by market share gains & momentum in our US generics business and robust growth in Europe. We are continuing to strengthen our pipeline both organically and through business development to drive growth and create differentiation.” All amounts in millions, except EPS All US dollar amounts based on convenience translation rate of 1 USD = Rs. 83.08 Dr. Reddy’s Laboratories Limited and Subsidiaries Consolidated Income Statement Particulars Q2 FY24 Q2 FY23 YoY Gr % Q1 FY24 QoQ Gr% ($) (Rs.) ($) (Rs.) ($) (Rs.) Revenues 828 68,802 759 63,057 9 811 67,384 2 Cost of Revenues 342 28,434 311 25,810 10 335 27,831 2 Gross Profit 486 40,368 448 37,247 8 476 39,553 2 Operating Expenses Selling, General & Administrative expenses 226 18,795 199 16,560 13 213 17,702 6.2 Research and Development expenses 66 5,447 59 4,869 12 60 4,984 9 Impairment of non-current assets 1 55 0 25 120 0 11 400 Other operating (income)/expense (22) (1796) (4) (334) 438 (9) (780) 130 Results from operating activities 215 17,867 194 16,127 11 212 17,636 1 Net finance (income)/expense (15) (1225) 2 156 (885) (9) (784) 56 Share of profit of equity accounted investees (1) (42) (2) (140) (70) (1) (43) (2) Profit before income tax 230 19,134 194 16,111 19 222 18,463 4 Income tax expense 52 4,334 60 4983 (13) 53 4,438 (2) Profit for the period 178 14,800 134 11,128 33 169 14,025 6 Diluted Earnings Per Share (EPS) 1.07 88.78 0.81 66.89 33 1.01 84.22 5 As % to revenues Q2 FY24 Q2 FY23 Q1 FY24 Gross Profit 58.7 59.1 58.7 SG&A 27.3 26.3 26.3 R&D 7.9 7.7 7.4 EBITDA 31.7 30.6 31.7 PBT 27.8 25.5 27.4 PAT 21.5 17.6 20.8 EBITDA Computation Particulars Q2 FY24 Q2 FY23 Q1 FY24 ($) (Rs.) ($) (Rs.) ($) (Rs.) Profit before Income Tax 230 19,134 194 16,111 222 18,463 Interest (income) / expense - Net* (14) (1,166) 1 61 (8) (685) Depreciation 29 2,437 25 2,107 27 2,281 Amortization 16 1,353 12 1,018 16 1,302 Impairment 0 55 0 25 0 11 EBITDA 262 21,813 233 19,322 257 21,372 * Includes income from Investments All amounts in millions, except EPS All US dollar amounts based on convenience translation rate of 1 USD = Rs. 83.08 Key Balance Sheet Items Particulars As on 30th Sep 2023 As on 30th Jun 2023 As on 30th Sep 2022 ($) (Rs.) ($) (Rs.) ($) (Rs.) Cash and cash equivalents and other investments 840 69,784 736 61,162 353 29,306 Trade receivables 839 69,722 928 77,095 927 76,987 Inventories 681 56,592 631 52,398 590 49,042 Property, plant, and equipment 848 70,478 809 67,207 768 63,817 Goodwill and Other Intangible assets 497 41,278 509 42,306 434 36,084 Loans and borrowings (current & non-current) 159 13,230 151 12,520 208 17,289 Trade payables 367 30,485 333 27,682 274 22,778 Equity 3,046 2,53,086 2,952 2,45,259 2,482 2,06,225 Revenue Mix by Segment Segment Q2 FY24 Q2 FY23 YoY Gr % Q1 FY24 QoQ Gr % (Rs.) (Rs.) (Rs.) Global Generics 61,084 55,946 9 60,083 2 North America 31,700 28,001 13 31,978 (1) Europe 5,286 4,199 26 5,071 4 India 11,860 11,500 3 11,482 3 Emerging Markets 12,163 12,246 (1) 11,552 5 Pharmaceutical Services and Active Ingredients (PSAI) 7,034 6,434 9 6,709 5 Others 684 677 1 592 15 Total 68,802 63,057 9 67,384 2 Revenue Analysis [Q2 FY24] Global Generics (GG) Q2 FY24 revenue at Rs. 61.1 billion, YoY growth of 9% and QoQ growth of 2%. This growth was primarily driven by North America and Europe. North America Q2 FY24 revenue at Rs. 31.7 billion, YoY growth of 13% and QoQ decline of 1%. The growth was on account of growing momentum in our core portfolio, Mayne integration, favorable move from foreign exchange which was partly offset by price erosion. During the quarter, we launched 4 new products in US. During the quarter, we filed 2 new Abbreviated New Drug Applications (ANDAs) with the US Food and Drug Administration (USFDA). As of 30th Sep 2023, cumulatively 79 generic filings are pending for approval with the USFDA (75 ANDAs and 4 NDAs under 505(b)(2) route). Out of the pending 79 ANDAs, 41 are Para IVs, and we believe 20 have ‘First to File’ status. Europe Q2 FY24 revenue at Rs. 5.3 billion, YoY growth of 26% and QoQ growth of 4%. The growth was driven by leveraging existing portfolio, contribution from new products and favorable forex which was partly offset by price erosion. India Q2 FY24 revenue at Rs. 11.9 billion, YoY growth of 3% and QoQ increase of 3%. This growth was largely driven by pricing, new launches and partly offset by NLEM impact and muted demand due to weak acute season. Excluding NLEM, operational sales grew in mid-single digit. Emerging Markets Q2 FY24 revenue from Emerging Markets at Rs. 12.2 billion, YoY decline of 1% and QoQ growth of 5%. Revenue from Russia for the quarter at Rs. 5.8 billion, YoY decline of 3% and QoQ growth of 3%. YoY decline was majorly due to currency devaluation, excluding which YoY growth of 4% and QoQ growth of 9%. The increase was mainly driven by favorable pricing. Revenue from other CIS countries and Romania for the year at Rs. 2.2 billion, YoY growth of 1% and QoQ growth of 12%. YoY growth, primarily on account of price increases on certain products, favorable move from foreign exchange which was partly offset by decline in base business volumes. QoQ growth was primarily driven by base business demand, partly offset by pricing pressure. Revenue from Rest of World (RoW) territories for the year at Rs. 4.2 billion, YoY growth of 1% and QoQ growth of 6%. YoY growth, led by new product launches, which was partly offset by pricing pressure and lower base business. QoQ growth was mainly driven by new product launches and increase in demand of existing products and was partly offset by price erosion. Pharmaceutical Services and Active Ingredients (PSAI) Q2 FY24 revenue at Rs. 7.0 billion, with a growth of 9% YoY and 5% QoQ. YoY growth was mainly driven by new product launches, favorable move from foreign exchange partly offset with price erosion. QoQ growth was mainly driven by new product launches. Income Statement Highlights: Q2 FY24 gross margin at 58.7% (GG: 63.6%, PSAI: 17.8%). Gross margin decreased by ~40 bps YoY and was in line with preceding quarter. The decline in gross margin was primarily driven by marginal adverse price variance in certain products and mix change offset with favorable forex benefit. Selling, general & administrative (SG&A) expenses for Q2 FY24 at Rs. 18.8 billion, YoY increase of 13% and by 6% QoQ. The YoY SG&A spend increase is largely on account of investment in sales & marketing, digitalization, and other business initiatives. Research & development (R&D) expenses in Q2 FY24 at Rs. 5.4 billion. As % to Revenues – Q2FY24: 7.9% | Q1FY24: 7.4% | Q2 FY23: 7.7%. R&D investments are driven by ongoing clinical trials on differentiated assets, as well as other developmental efforts to build a healthy pipeline of new products across our markets for both small molecules and biosimilars. Other operating income for Q2 FY24 at Rs. 1.8 billion compared to Rs. 0.3 billion in Q2 FY23. Other operating income included the one-off income benefit of ~ Rs. 0.98 billion pursuant to settlement of product related litigation. Net Finance income for Q2 FY24 at Rs.1.2 billion compared to net finance expense of Rs. 0.2 billion in Q2 FY23. The higher income was primarily on account of profit on sale of units of mutual funds and other investments. Profit before Tax for Q2 FY24 at Rs. 19.1 billion, YoY growth of 19%. QoQ growth of 4% Profit after Tax for Q2 FY24 at Rs. 14.8 billion. The effective tax rate for the quarter has been 22.7% as compared to 30.9% in Q2 FY23. The lower tax was primarily due to adoption of corporate tax rate under section 115BAA of the Income Tax Act of India. Diluted earnings per share for Q2 FY24 is Rs. 88.78 Other Highlights: EBITDA for Q2 FY24 at Rs. 21.8 billion and the EBITDA margin is 31.7%. Capital expenditure for Q2 FY24 at Rs. 3.2 billion. Free cash-flow for Q2 FY24 at Rs. 14.5 billion (before acquisition payout). Net cash surplus for the company at Rs. 59.1 billion as on Sep 30, 2023. All amounts in millions, except EPS About key metrics and non-GAAP Financial Measures This press release contains non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. Such non-GAAP financial measures are measures of our historical performance, financial position or cash flows that are adjusted to exclude or include amounts from the most directly comparable financial measure calculated and presented in accordance with IFRS. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with IFRS. Our non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. These measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business. For more information on our non-GAAP financial measures and a reconciliation of GAAP to non-GAAP measures, please refer to "Reconciliation of GAAP to Non-GAAP Results" table in this press release. All amounts in millions, except EPS Reconciliation of GAAP measures to non-GAAP measures Free Cash Flow Three months Ended Sep 30, 2023 Net cash generated from operating activities 24,030 Less: Taxes (6102) Investments in PPE and Intangibles (3450) Free Cash Flow before acquisition 14,478 Less: Acquisitions related pay-out - Free Cash Flow 14,478 Operating working capital Quarter Ended Sep 30, 2023 Inventories 56,592 Trade Receivables 69,722 Less: Trade Payables (30,485) Operating Working Capital 95,829 Net cash surplus Quarter Ended Sep 30, 2023 Cash and cash equivalents 13,539 Investments 56,245 Short-term borrowings (5,847) Long-term borrowings, non-current (6043) Less: Restricted cash balance – Unclaimed dividend 89 Lease liabilities (included in Long-term borrowings, non-current) (2243) Equity Investments (Included in Investments) 988 Net Cash Surplus 59,060 All amounts in millions, except EPS Computation of Return on Capital Employed Year Ended Sep 30, 2023 Profit before tax 19,134 Less: Interest and Investment Income (Excluding forex gain/loss) 1,166 Earnings Before Interest and taxes [A] 17,968 Average Capital Employed [B] 1,83,550 Return on Capital Employed (A/B) (Ratio) 38.9% Computation of capital employed. Year Ended Sep 30, 2023 Year Ended Mar 31, 2023 Property Plant and Equipment 70,478 66,462 Intangibles 37,055 30,849 Goodwill 4,223 4,245 Investment in equity accounted associates 4,069 4,702 Other Current Assets 22,423 20,069 Other investments 1,855 660 Other non-current assets 812 800 Inventories 56,592 48,670 Trade Receivables 69,722 72,485 Derivative Financial Instruments 189 1,095 Less: Other Liabilities 40,297 42,320 Provisions 5,298 5,513 Trade payables 30,485 26,444 Operating Capital Employed 1,91,341 1,75,760 Average Capital Employed 1,83,550 Computation of EBITDA Refer page no. 2 for EBITDA computations. Earnings Call Details (07:30 pm IST, 10:00 am EDT, Oct 27, 2023) The management of the Company will host an Earnings call to discuss the Company’s financial performance and answer any questions from the participants. Conference Joining Information Option 1: Express Join with DiamondPass™ Pre-register with the below link and join without waiting for the operator. https://services.choruscall.in/DiamondPassRegistration/register?confirmationNumber=7967211&linkSecurityString=2c6ede051b Option 2: Join through below Dial-In Numbers Universal Access Number: +91 22 6280 1219 +91 22 7115 8120 International Toll-Free Number: USA: 1 866 746 2133 UK: 0 808 101 1573 Singapore: 800 101 2045 Hong Kong: 800 964 448 No password/pin number is necessary to dial in to any of the above numbers. The operator will provide instructions on asking questions before and during the call. Play Back: The play back will be available after the earnings call, till Nov 3rd, 2023. For play back dial in phone No: +91 22 7194 5757, and Playback Code is 02796. Transcript: Transcript of the Earnings call will be available on the Company’s website: www.drreddys.com About Dr. Reddy’s: Dr. Reddy’s Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY, NSEIFSC: DRREDDY) is a global pharmaceutical company headquartered in Hyderabad, India. Established in 1984, we are committed to providing access to affordable and innovative medicines. Driven by our purpose of ‘Good Health Can’t Wait’, we offer a portfolio of products and services including APIs, generics, branded generics, biosimilars and OTC. Our major therapeutic areas of focus are gastrointestinal, cardiovascular, diabetology, oncology, pain management and dermatology. Our major markets include – USA, India, Russia & CIS countries, China, Brazil, and Europe. As a company with a history of deep science that has led to several industry firsts, we continue to plan and invest in businesses of the future. As an early adopter of sustainability and ESG actions, we released our first Sustainability Report in 2004. Our current ESG goals aim to set the bar high in environmental stewardship; access and affordability for patients; diversity; and governance. 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 reorganization , including related integration issues, and (vi) the susceptibility of our industry and the markets addressed by our, and our customers’, products and services to economic downturns as a result of natural disasters, epidemics, pandemics or other widespread illness, including coronavirus (or COVID-19), and (vii) other risks and uncertainties identified in our public filings with the Securities and Exchange Commission, including those listed under the "Risk Factors" and "Forward-Looking Statements" sections of our Annual Report on Form 20-F for the year ended March 31, 2022. The company assumes no obligation to update any information contained herein.” The company assumes no obligation to update any information contained herein. View source version on businesswire.com: https://www.businesswire.com/news/home/20231027733976/en/
INVESTOR RELATIONS RICHA PERIWAL richaperiwal@drreddys.com MEDIA RELATIONS USHA IYER ushaiyer@drreddys.com