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Pharmaceuticals company Dr. Reddy's Laboratories announced Q4FY24 & FY24 results:
Q4FY24 Financial Highlights:
- Q4FY24 consolidated revenues at Rs 70.8 billion, YoY growth of 12%, and QoQ decline of 2%.
- Gross Margin in Q4FY24 was at 58.6% (GG: 62.0%, PSAI: 28.6%), an increase of 140 basis points (bps) over the previous year and 7 bps sequentially.
- Selling, General & Administrative (SG&A) Expenses in Q4FY24 were Rs 20.5 billion, YoY increase of 14% and by 1 % QoQ
- Research & Development (R&D) Expenses Q4FY24 were at Rs 6.9 billion. As % to Revenues - Q4FY24: 9.7% I Q3FY24: 7.7% I Q4FY23: 8.5%.
- PBT: Q4FY24 at Rs 16.0 billion, YoY growth of 21 %, QoQ decline of 12%.
- PAT: Q4FY24 at Rs 13.1 billion, YoY growth of 36%, QoQ decline of 5%
- Diluted Earnings per Share (EPS): Q4FY24 is Rs 78.4
- Earnings before Interest, Tax, Depreciation and Amortization (EBITDA): Q4FY24 at Rs 18.7 billion, YoY growth of 15% and QoQ decline of 11%. EBITDA margin is 26.4%.
FY24 Financial Highlights:
- FY24 consolidated revenues at Rs 279.2 billion, YoY growth of 14%.
- Gross Margin in FY24 was at FY24 at 58.6% (GG: 62.9%, PSAI: 23.2%). Gross margin increased by 193 bps YoY.
- Selling, General & Administrative (SG&A) Expenses in FY24 were Rs 77.2 billion, YoY increase of 13%.
- Research & Development (R&D) Expenses FY24 were at Rs 22.9 billion. As % to Revenues - FY24: 8.2% I FY23: 7.9%.
- PBT: FY24 at Rs 71.9 billion, an increase of 19%. As % to Revenues - FY24: 25. 7% I FY23: 24.6%.
- PAT: FY24 at Rs 55.7 billion, a growth of 24%. As % to Revenues - FY24: 19.9% I FY23: 18.3%.
- Diluted Earnings per Share (EPS): FY24 is Rs 334.0
- Earnings before Interest, Tax, Depreciation and Amortization (EBITDA): FY24 at Rs 83.0 billion, a YoY growth of 14%. EBITDA margin is 29.7%.
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."
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