Dr. Reddy’s Laboratories Ltd. (BSE: 500124 | NSE: DRREDDY |
NYSE: RDY | NSEIFSC: DRREDDY) today announced its consolidated
financial results for the fourth quarter and full year ended March
31, 2024. The information mentioned in this release is based on
consolidated financial statements under International Financial
Reporting Standards (IFRS).
Q4FY24
FY24
Revenues
₹ 70,830 Mn
[Up: 12% YoY; Down: 2% QoQ]^
₹ 279,164 Mn
[Up: 14% YoY]^
Gross Margin
58.6%
[Q4FY23: 57.2%; Q3FY24: 58.5%]
58.6%
[FY23: 56.7%]
SG&A Expenses
₹ 20,476 Mn
[Up: 14% YoY; 1% QoQ]
₹ 77,201 Mn
[Up: 13% YoY]
R&D Expenses
₹ 6,877 Mn
[9.7% of Revenues]
₹ 22,873 Mn
[8.2% of Revenues]
EBITDA
₹ 18,720 Mn
[26.4% of Revenues]
₹ 83,013 Mn
[29.7% of Revenues]
Profit before Tax
₹ 16,016 Mn
[Up: 21% YoY; Down: 12% QoQ]
₹ 71,870 Mn
[Up: 19% YoY]
Profit after Tax
₹ 13,070 Mn
[Up: 36% YoY; Down: 5% QoQ]
₹ 55,684 Mn
[Up: 24% YoY]
^Excluding revenues from brands divested
during the corresponding previous periods, Q4FY24 YoY growth is 17%
and FY24 growth is 16%.
Commenting on the results, Co-Chairman & MD, G V Prasad
said: “Our growth and profitability in FY2024 has been driven
by our performance in the US. We have also made significant
progress on future growth drivers through licensing, collaboration
and pipeline building. We will continue to strengthen our core
businesses through superior execution as we invest and build the
future growth drivers.”
All amounts in millions, except EPS
All US dollar amounts based on
convenience translation rate of 1 USD = ₹ 83.34
Dr. Reddy’s Laboratories Limited &
Subsidiaries
Revenue Mix by Segment for the
quarter
Particulars
Q4FY24
Q4FY23
YoY
Gr %
Q3FY24
QoQ
Gr%
(₹)
(₹)
(₹)
Global Generics
61,191
54,257
13
63,095
(3)
North America
32,626
25,321
29
33,492
(3)
Europe
5,208
4,960
5
4,970
5
India
11,265
12,834
(12)^
11,800
(5)
Emerging Markets
12,091
11,142
9
12,833
(6)
Pharmaceutical Services and Active
Ingredients (PSAI)
8,219
7,787
6
7,839
5
Others
1,420
924
54
1,214
17
Total
70,830
62,968
12
72,148
(2)
^Excluding revenues from brands divested
during the corresponding previous periods, Q4FY24 YoY India growth
is 17%.
Revenue Mix by Segment for the
year
Particulars
FY24
FY23
YoY
Gr%
(₹)
(₹)
Global Generics
245,453
213,768
15
North America
129,895
101,704
28
Europe
20,511
17,603
17
India
46,407
48,932
(5)^
Emerging Markets
48,640
45,529
7
PSAI
29,801
29,069
3
Others
3,910
3,042
29
Total
279,164
245,879
14^
^ Excluding revenues from brands divested
during the corresponding previous periods, India growth is 5.5% and
overall 16%.
Consolidated Income Statement for
the quarter
Particulars
Q4FY24
Q4FY23
YoY
Gr %
Q3FY24
QoQ
Gr%
($)
(₹)
($)
(₹)
($)
(₹)
Revenues
850
70,830
756
62,968
12
866
72,148
(2)
Cost of Revenues
352
29,347
324
26,971
9
359
29,945
(2)
Gross Profit
498
41,483
432
35,997
15
506
42,203
(2)
% of Revenues
58.6%
57.2%
58.5%
Operating Expenses
Selling, General & Administrative
Expenses
246
20,476
216
17,992
14
243
20,228
1
% of Revenues
28.9%
28.6%
28.0%
Research & Development Expenses
83
6,877
64
5,366
28
67
5,565
24
% of Revenues
9.7%
8.5%
7.7%
Impairment of Non-Current Assets, net
(2)
(173)
6
540
(132)
1
110
(257)
Other Operating (Income)/Expense
(8)
(656)
(3)
(281)
133
(12)
(967)
(32)
Results from Operating
Activities
179
14,959
149
12,380
21
207
17,267
(13)
Finance (Income)/Expense, net
(12)
(1022)
(10)
(799)
28
(12)
(963)
6
Share of Profit of Equity Accounted
Investees, net of tax
(0)
(35)
(1)
(76)
(54)
(0)
(27)
30
Profit before Income Tax
192
16,016
159
13,255
21
219
18,257
(12)
% of Revenues
22.6%
21.1%
25.3%
Income Tax Expense
35
2,946
44
3,663
(20)
54
4,468
(34)
Profit for the Period
157
13,070
115
9,592
36
165
13,789
(5)
% of Revenues
18.5%
15.2%
19.1%
Diluted Earnings per Share
(EPS)
0.94
78.35
0.69
57.62
36
0.99
82.67
(5)
EBITDA Computation for the
quarter
*Includes income from
Investment
Particulars
Q4FY24
Q4FY23
Q3FY24
($)
(₹)
($)
(₹)
($)
(₹)
Profit before Income Tax
192
16,016
159
13,255
219
18,257
Interest (Income) / Expense, net*
(10)
(835)
(8)
(673)
(12)
(1,030)
Depreciation
29
2,421
27
2,213
29
2,437
Amortization
15
1,291
12
977
16
1,333
Impairment
(2)
(173)
6
539
1
110
EBITDA
225
18,720
196
16,311
253
21,107
% of Revenues
26.4%
25.9%
29.3%
Consolidated Income Statement for
the year
Particulars
FY24
FY23
YoY
Gr %
($)
(₹)
($)
(₹)
Revenues
3,350
279,164
2,950
245,879
14
Cost of Revenues
1,387
115,557
1,278
106,536
8
Gross Profit
1,963
163,607
1,672
139,343
17
% of Revenues
58.6%
56.7%
Operating Expenses
Selling, General & Administrative
Expenses
926
77,201
816
68,026
13
% of Revenues
27.7%
27.7%
Research & Development Expenses
274
22,873
233
19,381
18
% of Revenues
8.2%
7.9%
Impairment of Non-Current Assets, net
0
3
8
699
(100)
Other Operating (Income)/Expense
(50)
(4,199)
(71)
(5,907)
(29)
Results from Operating
Activities
813
67,729
686
57,144
19
Finance (Income)/Expense, net
(48)
(3,994)
(34)
(2,853)
40
Share of Profit of Equity Accounted
Investees, net of tax
(2)
(147)
(4)
(370)
(60)
Profit before Income Tax
862
71,870
724
60,367
19
% of Revenues
25.7%
24.6%
Income Tax Expense
194
16,186
184
15,300
6
Profit for the Period
668
55,684
541
45,067
24
% of Revenues
19.9%
18.3%
Diluted Earnings per Share
(EPS)
4.01
334.02
3.25
270.85
23
EBITDA Computation for the year
*Includes income from
Investment
Particulars
FY24
FY23
($)
(₹)
($)
(₹)
Profit before Income Tax
862
71,870
724
60,367
Interest (Income) / Expense, net*
(45)
(3,716)
(7)
(621)
Depreciation
115
9,576
103
8,614
Amortization
63
5,280
48
4,022
Impairment
0
3
8
698
EBITDA
996
83,013
877
73,081
% of Revenues
29.7%
29.7%
Key Balance Sheet Items
Particulars
As on 31st Mar 2024
As on 31st Dec 2023
As on 31st Mar 2023
($)
(₹)
($)
(₹)
($)
(₹)
Cash and Cash Equivalents and Other
Investments
990
82,529
920
76,665
749
62,456
Trade Receivables
963
80,298
948
79,028
870
72,486
Inventories
763
63,552
729
60,796
584
48,670
Property, Plant, and Equipment
923
76,886
871
72,554
797
66,462
Goodwill and Other Intangible Assets
494
41,204
494
41,192
421
35,094
Loans and Borrowings (Current &
Non-Current)
240
20,020
238
19,851
162
13,472
Trade Payables
371
30,919
381
31,716
317
26,444
Equity
3,366
280,550
3,264
272,026
2,772
230,991
Key Business Highlights [for Q4FY24]
- Entered into an exclusive partnership with Sanofi
to promote and distribute its vaccine brands in India.
- Partnered with Bayer to distribute the second brand for
heart failure management drug, Vericiguat, in India.
- Entered into a licensing agreement with U.S. based biopharma,
Pharmazz, to market first-in-class Centhaquine
(Lyfaquin®) for treatment of hypovolemic shock in India.
- Acquired MenoLabs® business, a women’s health, and
dietary supplement branded portfolio from Amyris, Inc.
- Forayed into the consumer health market of United
Kingdom (UK) with the launch of allergy medication,
Histallay®.
- Launched Bevacizumab, our first biosimilar in the
UK.
- Launched migraine management wearable device, Nerivio®,
in Germany and South Africa.
- Received a ‘Voluntary Action Indicated’ (VAI) status
from the United States Food and Drug Administration (U.S.
FDA) at both our formulations manufacturing facility
(FTO-3) following their routine cGMP inspection in October 2023 as
well as our R&D facility center in Bachupally,
following their GMP and Pre-Approval Inspection (PAI) in December
2023.
- Received a Complete Response Letter (CRL) from the
U.S. FDA on our Biologics License Application (BLA) of our
proposed biosimilar, Rituximab. We will continue to work closely
with the agency to address and resolve all concerns within
stipulated timelines.
ESG & other Highlights [for Q4FY24]
- Included in the S&P Global Sustainability Yearbook
2024 for the 4th consecutive year, making it to the top 10%
score category for the first time.
- Received an ‘A’ rating in Carbon Disclosure Project
(CDP) Supplier Engagement, which is in the Leadership Band.
Only Indian Pharma company to get an ‘A-’ rating in
Climate Change and Water Security for our 2023 CDP
disclosures.
- Secured the Leadership position in the Indian
Corporate Governance Assessment for 2023 conducted by the
Institutional Investor Advisory Services (IiAS)
Revenue Analysis
- Q4FY24 consolidated revenues at ₹ 70.8 billion, YoY
growth of 12% and QoQ decline of 2%. Adjusted for income from
non-core brands divested in the previous year, on a re-based
comparator, YoY growth was 17%. The reported YoY growth was largely
driven by growth in global generics revenues in North America as
well as Emerging Markets. QoQ decline was primarily due to lower
global generics revenues in North America, Emerging Markets, and
India. FY24 consolidated revenues at ₹ 279.2 billion, YoY
growth of 14%. Adjusted for income from brands divested in the
previous year, on a re-based comparator, YoY growth of 16%. The
reported growth was primarily driven by strong performances
witnessed in North America, Europe, and Emerging Markets.
Global Generics (GG)
- Q4FY24 revenues at ₹ 61.2 billion, YoY growth of 13% and
QoQ decline of 3%. YoY growth was primarily driven by increase in
volumes of our base business, new product launches, partially
offset by price erosion in certain markets. Sequential decline is
due change in product mix, price erosion and unfavorable forex
impact. FY24 revenues at ₹ 245.5 billion, a YoY growth of
15%. The growth was primarily driven by increase in volumes of our
base business, new product launches partially offset by price
erosion in US and Europe.
North America
- Q4FY24 revenues at ₹ 32.6 billion, YoY growth of 29% and
QoQ decline of 3%. YoY growth was largely on account of increase in
volumes of our base business, contribution from new launches,
partly offset by price erosion. Sequential decline was due to
decrease in base business volumes and price erosion in select
brands. FY24 revenues at ₹ 129.9 billion, YoY growth of 28%.
The growth was largely on account of increase in base business
volumes, integration of Mayne portfolio, forex gains partly offset
by price erosion.
- During the quarter, we launched 5 new products in the region,
of which 4 were launched in the U.S. A total of 21 products were
launched during the year.
- During the quarter, we filed 9 new Abbreviated New Drug
Applications (ANDAs) with the USFDA, taking our annual ANDA filing
count to 17. As of March 31, 2024, 86 generic filings were pending
approval from the USFDA. These comprise of 81 ANDAs and five New
Drug Applications (NDAs) filed under the Section 505(b)(2) route of
the US Federal Food, Drug, and Cosmetic Act. Of the 86 ANDAs, 50
are Paragraph IV applications, and we believe that 24 of these have
the ‘First to File’ status.
Europe
- Q4FY24 revenues at ₹ 5.2 billion, YoY and sequential
growth of 5%. YoY growth was primarily on account of improvement in
base business volumes, new product launches, partly offset by price
erosion. QoQ growth was primarily on account increase in base
business and favorable forex.
- Germany at ₹ 2.8 billion, YoY growth of 7% and QoQ
growth of 5%.
- UK at ₹ 1.5 billion, YoY growth of 9% and QoQ growth of
10%.
- Rest of Europe at ₹ 0.9 billion, YoY decline of 7% and
QoQ decline of 5%.
- FY24 revenues at ₹ 20.5 billion, YoY growth of 17%. The
growth was primarily on account leveraging the portfolio and
momentum in base business, partly offset by price erosion.
- Germany at ₹ 10.6 billion, YoY growth of 13%.
- UK at ₹ 6.3 billion, YoY growth of 32%.
- Rest of Europe at ₹ 3.6 billion, YoY growth of 4%.
- During the quarter, we launched 6 new products in the region,
taking the annual total to 42.
India
- Q4FY24 revenues at ₹ 11.3 billion, YoY decline of 12%
and QoQ decline of 5%. Adjusted for brand divestment income, on a
re-based comparator, YoY growth of 11%. QoQ decline is on account
of lower volumes from base business. As per IQVIA, our IPM rank was
at 10 for the quarter.
- FY24 revenues at ₹ 46.4 billion, YoY decline of 5%.
Excluding the income from divestment of non-core brands in the
previous year, on a re-based comparator, India growth is in
mid-single digit.
- During the quarter, we launched 3 new brands in the country,
taking the annual total to 13.
Emerging Markets
- Q4FY24 revenues at ₹ 12.1 billion, YoY growth of 9% and
QoQ decline of 6%. YoY growth is attributable to new product
launches, while QoQ decline was due to unfavorable forex.
- Revenues from Russia at ₹ 5.0 billion, YoY decline of 4%
and QoQ decline of 15%.
- YoY decline was majorly due to unfavorable currency exchange
rate movements, partially offset by price increases.
- QoQ decline was on account of unfavorable forex.
- Revenues from other Commonwealth of Independent States (CIS)
countries and Romania at ₹ 2.2 billion, decline of 5% YoY and
7% QoQ.
- YoY decline was primarily on account of decline in base
business volumes, partly offset by increase in prices.
- QoQ decline was driven by decline in base business volumes,
partly offset by higher prices.
- Revenues from Rest of World (RoW) territories at ₹ 4.9
billion, growth of 34% YoY and 7% QoQ.
- YoY growth was largely attributable to contribution from new
products.
- QoQ growth was primarily driven by increase in base business
volumes and new product launches.
- FY24 revenues at ₹ 48.6 billion, YoY growth of 7%. The
growth is attributable to new product launches and market share
expansion, partially offset by unfavorable forex.
- Revenues from Russia at ₹ 22.3 billion, YoY growth of
5%. The growth was largely on account of improved volumes and
increase in certain brand prices, partially offset by unfavorable
currency exchange rate movements.
- Revenues from other CIS countries and Romania at ₹ 8.6
billion, broadly flat on YoY basis.
- Revenues from RoW territories at ₹ 17.7 billion, YoY
growth of 13%. The growth is largely attributable to contribution
from new product launches.
- During the quarter, we launched 17 new products across various
countries in the region, taking the annual total to 106.
Pharmaceutical Services and Active Ingredients (PSAI)
- Q4FY24 revenues at ₹ 8.2 billion, with a growth of 6%
YoY and 5% QoQ. YoY growth was mainly driven by revenues from new
products, favourable forex, partially offset by price decline. QoQ
growth was driven by improved volumes in base business partially
offset by price decline.
- FY24 revenues at ₹ 29.8 billion, with a growth of 3%
YoY. The growth was mainly driven by revenues from new products,
favourable forex, partially offset by price erosion.
- During the quarter, we filed 48 Drug Master Files (DMFs)
globally, taking the annual count to 133.
Income Statement Highlights:
Gross Margin
- Q4FY24 at 58.6% (GG: 62.0%, PSAI: 28.6%), an increase of
140 basis points (bps) over previous year and 7 bps sequentially.
The YoY increase was on account of improvement in product mix and
productivity cost savings, partially offset by income from non-core
brands divested in previous period. On a sequential basis, the
growth was primarily on account of favourable product mix.
FY24 at 58.6% (GG: 62.9%, PSAI: 23.2%). Gross margin
increased by 193 bps YoY. The expansion in margin was on account of
favourable product mix, higher government incentive, productivity
cost savings, partially offset by price erosion in select markets
and brand divestment income during previous period.
Selling, General & Administrative (SG&A)
Expenses
- Q4FY24 at ₹ 20.5 billion, YoY increase of 14% and by 1%
QoQ. FY24 at ₹ 77.2 billion, YoY increase of 13%. The
increase is largely on account of higher investments in sales &
marketing activities to strengthen our existing brands, new
business initiatives including scaling up OTC and consumer health
& wellness business, digitalization initiatives and building
strong commercial capabilities.
Research & Development (R&D) Expenses
- Q4FY24 at ₹ 6.9 billion. As % to Revenues – Q4FY24: 9.7%
| Q3FY24: 7.7% | Q4FY23: 8.5%. FY24 at ₹ 22.9 billion. As %
to Revenues – FY24: 8.2% | FY23: 7.9%. R&D investments is
related to our biosimilar products pipeline, development efforts
across generics as well as our novel oncology assets.
Other Operating Income
- Q4FY24 at ₹ 0.7 billion as compared to ₹ 0.3 billion in
Q4FY23. FY24 at ₹ 4.2 billion as compared to ₹ 5.9 billion
in FY23.
Net Finance Income
- Q4FY24 at ₹ 1.0 billion compared to ₹ 0.8 billion in
Q4FY23. FY24 at ₹ 4.0 billion as compared to ₹ 2.9 billion
in FY23.
Profit before Tax
- Q4FY24 at ₹ 16.0 billion, YoY growth of 21%. QoQ decline
of 12%. FY24 at ₹ 71.9 billion, an increase of 19%. As % to
Revenues –FY24: 25.7% | FY23: 24.6%.
Profit after Tax
- Q4FY24 at ₹ 13.1 billion, YoY growth of 36%, QoQ decline
of 5%. FY24 at ₹ 55.7 billion, a growth of 24%. As % to
Revenues –FY24: 19.9% | FY23: 18.3%. The Effective Tax Rate (ETR)
for the quarter has been 18.4%. The ETR during the quarter is lower
due to a one-time benefit accruing on account reversal of a tax
provision, re-measurement of Deferred Tax asset owing to increase
in USA state tax liability and adoption of corporate tax rate under
section 115BAA of the IT Act. The ETR for FY24 was 22.5% as
compared to 25.3% in FY23. The ETR was lower for FY24 mainly due to
adoption of corporate tax rate under section 115BAA of the Income
Tax Act of India.
Diluted Earnings per Share (EPS)
- Q4FY24 is ₹ 78.4. FY24 is ₹ 334.0.
Other Highlights:
Earnings before Interest, Tax, Depreciation and Amortization
(EBITDA)
- Q4FY24 at ₹ 18.7 billion, YoY growth of 15% and QoQ
decline of 11%. EBITDA margin is 26.4%. FY24 at ₹ 83.0
billion, a YoY growth of 14%. EBITDA margin is 29.7%.
Others:
- Operating Working Capital : As on 31st March 2024 at ₹
112.9 billion.
- Capital Expenditure: Q4FY24 at ₹ 5.0 billion.
FY24 at ₹ 15.2 billion.
- Free Cash Flow: Q4FY24 at ₹ 5.3 billion. FY24 at
₹ 19.1 billion.
- Net Cash Surplus : As on 31st March 2024 at ₹ 64.6
billion
- Debt to Equity : As on 31st March 2024 is (0.23)
- ROCE : FY24 at 36%.
- The Board has recommended payment of a dividend of
Rs. 40 per equity share of face value Rs. 5/- each (800%
of face value) for the year ended March 31, 2024, subject to
approval of the members of the company.
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
Operating Working Capital
Particulars
As on 31st Mar 2024
(₹)
Inventories
63,552
Trade Receivables
80,298
Less:
Trade Payables
30,919
Operating Working Capital
112,931
Free Cash Flow
Particulars
Three months ended 31st Mar
2024
Year ended 31st Mar
2024
(₹)
(₹)
Net cash generated from operating
activities
17,053
65,479
Less:
Taxes
5,534
20,047
Investments in Property, Plant &
Equipment, and Intangibles
6,230
18,709
Free Cash Flow before
Acquisitions
5,289
26,723
Less:
Acquisitions related Pay-out
-
7,640
Free Cash Flow
5,289
19,083
Net Cash Surplus and Debt to
Equity
Particulars
As on 31st Mar 2024
(₹)
Cash and Cash Equivalents
7,107
Investments
75,422
Short-term Borrowings
(12,723)
Long-term Borrowings, Non-Current
(5,990)
Less:
Restricted Cash Balance – Unclaimed
Dividend
227
Lease liabilities (included in Long-term
Borrowings, Non-Current)
(2,190)
Equity Investments (Included in
Investments)
1,193
Net Cash Surplus
64,586
Equity
280,550
Net Debt/Equity
(0.23)
Computation of Return on Capital
Employed
Particulars
As on 31st Mar 2024
(₹)
Profit before Tax
71,870
Less:
Interest and Investment Income (Excluding
forex gain/loss)
3,716
Earnings Before Interest and taxes
[A]
68,154
Average Capital Employed [B]
191,809
Return on Capital Employed (A/B)
(Ratio)
36%
Computation of Capital
Employed:
Particulars
Year Ended
Mar 31, 2024
Mar 31, 2023
Property Plant and Equipment
76,886
66,462
Intangibles
36,951
30,849
Goodwill
4,253
4,245
Investment in Equity Accounted
Associates
4,196
4,702
Other Current Assets
22,560
20,069
Other Investments
1,059
660
Other Non-Current Assets
1,632
800
Inventories
63,552
48,670
Trade Receivables
80,298
72,485
Derivative Financial Instruments
(299)
1,095
Less:
Other Liabilities
46,866
42,320
Provisions
5,444
5,513
Trade payables
30,919
26,444
Operating Capital Employed
207,859
175,760
Average Capital Employed
191,809
Computation of EBITDA
Refer page no. 3 & 4.
Earnings Call Details
The management of the Company will host an Earnings call to
discuss the Company’s financial performance and answer any
questions from the participants.
Date: May 7, 2024
Time: 19:30 pm IST | 10:00 am ET
Conference Joining Information
Option 1: Pre-register with the below
link and join without waiting for the operator
https://services.choruscall.in/DiamondPassRegistration/register?confirmationNumber=9249934&linkSecurityString=380ecdb9f6
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 May 14th, 2024. For play back dial in phone No:
+91 22 7194 5757, and Playback Code is 40871.
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, 2023. The
company assumes no obligation to update any information contained
herein.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240507548659/en/
INVESTOR RELATIONS RICHA PERIWAL
richaperiwal@drreddys.com
AISHWARYA SITHARAM aishwaryasitharam@drreddys.com
MEDIA RELATIONS USHA IYER ushaiyer@drreddys.com
Dr Reddys Laboratories (NYSE:RDY)
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