Dr. Reddy's 2011 consolidated revenues increase 6% to Rs. 74.7 billion

Dr. Reddy's Laboratories Ltd. (NYSE: RDY) today announced its unaudited consolidated financial results for the quarter and full year ended March 31, 2011 under International Financial Reporting Standards (IFRS).

Key Highlights

  • Consolidated revenues are at Rs. 74.7 billion ($1.7 billion) in FY11 versus Rs. 70.3 billion ($1.6 billion) in FY10, year-on-year growth of 6%. Good and sustained growth across all key formulation markets in FY11.
    • North America revenue growth of 18% in dollar terms and 11 new product launches. Sequential growth of 23% in Q4 FY11 over Q3 FY11 demonstrates the fifth consecutive quarter of sequential growth.
    • Russia revenue growth of 29% in dollar terms, on the back of volume growth and OTC initiatives.
    • India revenue growth of 15%, with sustained growth of key brands and new products introduction.
    • Germany revenue declines 17% in Euro terms, however significant improvement in profitability.
  • Adjusted EBITDA of Rs. 16.4 billion ($369 million) in FY11, is at 22% of revenues with year-on-year growth of 4%. Adjusted EBITDA for Q4 FY11 at Rs. 4.7 billion ($106 million), year-on-year growth of 34%.
  • Adjusted Profit after Tax for FY11 is at Rs. 10.8 billion ($242 million), is at 14% of revenues with year-on-year growth of 17%. Adjusted PAT for Q4 FY11 at Rs. 3.1 billion ($69 million), year-on-year growth of 57%.
  • During the year, the company launched 135 new generic products, filed 107 new product registrations and filed 56 DMFs globally.
  • During the year, the company forayed into many strategic initiatives. Some of the key ones being:
    • Acquisition of a penicillin facility to fill our portfolio gap in the anti-bacterial segment in the US.
    • Collaboration with Valeant Pharma to market Cloderm® Cream in the dermatology space in the US.
    • Settlement of the ongoing litigation on esomeprazole with Astra Zeneca.
  • The Board of Directors of the Company have recommended a final dividend of Rs. 11.25 (225%) per equity share of Rs. 5/- face value, subject to the approval of shareholders at the ensuing Annual General Meeting.

Dr. Reddy's Laboratories Ltd.


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