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

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Dr. Reddy's Laboratories Ltd.May 13 2011

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.