DSIJ Mindshare

Dr. Reddy’s Laboratories: Q1FY15 Result Analysis

Dr. Reddy’s Laboratories posted revenue of Rs 3517.54 crore in the quarter ended June 2014 as compared to Rs 2844.92 crore in the corresponding quarter of previous year. The selling, general and administrative expenses of the company came in at Rs 1067.89 crore in the current quarter while the research and development expenses came in at Rs 387.53 crore. The company posted a net profit of Rs 550.39 crore in Q1FY15 as against Rs 360.93 crore in Q1FY14. The growth in net profit can be attributed to higher net income from sales and services.

Coming to the segment wise performance, the company’s revenue from the global generics segment came in at Rs 2900.26 crore, registering a YoY growth of 32%. This revenue was primarily driven by North America, select Emerging Market territories and India. The revenue from Pharmaceutical Services and Active Ingredients (PSAI) came in at Rs 734.54 crore, reporting a YoY decline of 6%. 

The gross profit margin of the company stood at 59.3% in the current quarter, an improvement of approximately 650 basis points over Q1FY14. The gross profit margin for global generics and PSAI segments stood at 66.5% and 22.3% respectively. The global generics gross profit margin improved primarily on account of better product mix. The diluted earnings per share in Q1FY15 is at Rs 32.24.

Backed by better financial performance, the stock is likely to trade with a positive bias in the coming trading sessions.

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