Dr Reddy's Laboratories lost 2.65% to Rs 2,025.75 at 14:50 IST on BSE, with the stock sliding on profit taking after consolidated net profit surged 67% to Rs 570.90 crore on 26% growth in revenue to Rs 3340 crore in Q4 March 2013 over Q4 March 2012.
The company announced Q4 results during trading hours today, 14 May 2013.
Meanwhile, the S&P BSE Sensex was up 53.85 points or 0.27% at 19,745.52.
On BSE, 1.15 lakh shares were traded in the counter as against average daily volume of 15,375 shares in the past one quarter.
The stock hit a high of Rs 2,119.90 and a low of Rs 2,017 so far during the day. The stock had hit record high of Rs 2,150.90 on Monday, 13 May 2013. The stock had hit a 52-week low of Rs 1,528 on 19 June 2012.
The stock outperformed the market over the past one month till 13 May 2013, surging 9.43% compared with the Sensex's 7.94% rally. The scrip had also outperformed the market in past one quarter, jumping 9.2% as against Sensex's 0.43% rise.
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The large-cap company has equity capital of Rs 84.91 crore. Face value per share is Rs 5.
Shares of Dr Reddy's Laboratories had witnessed a pre-result rally. The stock had surged 10.44% to settle at Rs 2,080.95 on Monday, 13 May 2013, from a recent low of Rs 1,884.20 on 22 April 2013.
Dr Reddy's Laboratories' consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) surged 37% to Rs 930 crore in Q4 March 2013 over Q4 March 2012. EBITDA constituted 28% of revenue in Q4 March 2013.
Dr Reddy's Laboratories' consolidated net profit, adjusted for impairment of intangibles/goodwill, rose 17% to Rs 1750 crore on 20% growth in revenue to Rs 11630 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).
Dr. Reddy's Laboratories' consolidated revenue excluding the beneficial impact of Olanzapine exclusivity in FY 2012 rose 26% YoY in FY 2013. EBITDA rose 9.5% to Rs 2780 crore in FY 2013 over FY 2012. EBITDA accounted for 24% of revenue in FY 2013, Dr. Reddy's Lab said in a statement.
Dr. Reddy's Laboratories said that the revenue growth in FY 2013 was primarily driven by North America and Emerging markets (which include Russia, other CIS countries and Rest of World territories) in the Global Generics segment; and overall performance by Pharmaceutical Services and Active Ingredients segment.
Revenue from Global Generics segment rose 18% to Rs 8260 crore in FY 2013 over FY 2012, primarily driven by North America and Emerging markets. Revenue from Pharmaceutical Services and Active Ingredients segment rose (PSAI) rose 29% to Rs 3070 crore in FY 2013.
Dr. Reddy's Laboratories' gross profit margin declined to 52.1% in FY 2013, from 55.1% in FY 2012. Adjusted for the Olanzapine exclusivity in FY 2012, the gross profit margins remained stable, the company said. Gross profit margin for Global Generics and PSAI business segments stood at 59% and 32.5% respectively for FY 2013, Dr. Reddy's Lab said in a statement.
Dr Reddy's Laboratories' selling, general and administrative (SG&A) expenses including amortization rose 16% YoY at Rs 3360 crore in FY 2013, primarily on account of regular YoY increments in manpower costs, selling costs and the effect of rupee depreciation against multiple currencies, the company said in a statement. SG&A as a percentage of sales stood at 29% in FY 2013, lower by 100 basis points compared to FY 2012, indicating improved operating leverage, Dr Reddy's Lab said in a statement.
During the year, the company benefited by an amount of $22.5 million from one-time settlement done with Nordion Inc (which is formerly MDS Inc). The settlement is towards the damages sustained by the company due to the breach by Nordion of the then existing laboratory services agreement for bioequivalence studies, Dr. Reddy's Lab said in statement.
Dr Reddy's Laboratories' capital expenditure for FY 2013 was Rs 660 crore.
In Q4 March 2013, the company launched 18 new generic products, filed 14 new product registrations and filed 17 DMFs globally. In FY 2013, the company launched 78 new generic products, filed 56 new product registrations and filed 47 DMFs globally.
Dr Reddys Laboratories' board of directors at a meeting held today, 14 May 2013, recommended final dividend of Rs 15 per share for FY 2013.
Dr Reddy's Laboratories is an integrated global pharmaceutical company. Through its three businesses - Pharmaceutical Services and 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. Major Therapeutic focus is on gastro-intestinal, cardiovascular, diabetology, oncology, pain management and anti-infective. Major markets include India, USA, Russia-CIS and Europe apart from other select geographies within emerging markets.
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