HYDERABAD, India / May 09, 2025 / Business Wire / Dr. Reddy’s Laboratories Ltd. (BSE: 500124 | NSE: DRREDDY | NYSE: RDY | NSEIFSC: DRREDDY) today announced its consolidated financial results for the quarter and year ended March 31, 2025. The information mentioned in this release is based on consolidated financial statements under International Financial Reporting Standards (IFRS).
Q4FY25 | FY25 | |||
Revenues | ₹ 85,060 Mn | ₹ 325,535 Mn | ||
[Up: 20% YoY^; 2% QoQ] | [Up: 17% YoY^] | |||
|
| |||
Gross Margin | 55.6% | 58.5% | ||
[Q4FY24: 58.6%; Q3FY25: 58.7%] | [FY24: 58.6%] | |||
|
| |||
SG&A Expenses | ₹ 24,055 Mn | ₹ 93,870 Mn | ||
[Up: 17% YoY; Flat QoQ] | [Up: 22% YoY] | |||
|
| |||
R&D Expenses | ₹ 7,258 Mn | ₹ 27,380 Mn | ||
[8.5% of Revenues] | [8.4% of Revenues] | |||
|
| |||
EBITDA | ₹ 24,749 Mn | ₹ 92,133 Mn | ||
[29.1% of Revenues] | [28.3% of Revenues] | |||
|
| |||
Profit before Tax | ₹ 20,054* Mn | ₹ 76,784* Mn | ||
[Up: 25% YoY; 7% QoQ] | [Up: 7% YoY] | |||
|
| |||
Profit after Tax | ₹ 15,939 Mn | ₹ 56,544 Mn | ||
attributable to Equity Holders | [Up: 22% YoY; 13% QoQ] | [Up: 2% YoY] | ||
^Includes Revenues from the acquired Consumer Healthcare business in Nicotine Replacement Therapy (’NRT’) of ₹5,971 Mn for Q4FY25 and ₹12,020 Mn for FY25. Underlying growth excluding NRT business is 12% YoY and 2% QoQ for Q4FY25 and 12% YoY for FY25. |
Commenting on the results, Co-Chairman & MD, G V Prasad said: "We achieved double-digit growth across our businesses, driven by successful product launches, increased revenues from key products in the U.S. and the integration of the acquired NRT business. We will continue to strengthen and grow our core businesses through portfolio management and operational excellence, while pursuing strategic partnerships and inorganic growth opportunities.”
All amounts in millions, except EPS | |
All US dollar amounts based on convenience translation rate of 1 USD = ₹85.43 |
Dr. Reddy’s Laboratories Limited & Subsidiaries | |||||
Revenue Mix by Segment for the quarter | |||||
Particulars | Q4FY25 | Q4FY24 | YoY | Q3FY25 | QoQ |
(₹) | (₹) | (₹) | |||
Global Generics | 75,365 | 61,191 | 23 | 73,753 | 2 |
North America | 35,586 | 32,626 | 9 | 33,834 | 5 |
Europe* | 12,750 | 5,208 | 145 | 12,096 | 5 |
India | 13,047 | 11,265 | 16 | 13,464 | (3) |
Emerging Markets | 13,981 | 12,091 | 16 | 14,358 | (3) |
Pharmaceutical Services and Active Ingredients (PSAI) | 9,563 | 8,219 | 16 | 8,219 | 16 |
Others | 132 | 1,420 | (91) | 1,614 | (92) |
Total | 85,060 | 70,830 | 20 | 83,586 | 2 |
Revenue Mix by Segment for year | |||
Particulars | FY25 | FY24 | YoY |
(₹) | (₹) | ||
Global Generics | 289,552 | 245,453 | 18 |
North America | 145,164 | 129,895 | 12 |
Europe* | 35,882 | 20,511 | 75 |
India | 53,734 | 46,407 | 16 |
Emerging Markets | 54,771 | 48,640 | 13 |
PSAI | 33,846 | 29,801 | 14 |
Others | 2,137 | 3,910 | (45) |
Total | 325,535 | 279,164 | 17 |
*Includes Revenues from the acquired NRT business of ₹5,971 Mn for Q4FY25 and ₹12,020 Mn for FY25. Underlying growth for Europe excluding NRT business is 30% YoY and 12% QoQ for Q4FY25 and 16% YoY for FY25. |
Consolidated Income Statement for the quarter | ||||||||
Particulars | Q4FY25 | Q4FY24 | YoY | Q3FY25 | QoQ | |||
($) | (₹) | ($) | (₹) | ($) | (₹) | |||
Revenues* | 996 | 85,060 | 829 | 70,830 | 20 | 978 | 83,586 | 2 |
Cost of Revenues | 442 | 37,797 | 344 | 29,347 | 29 | 404 | 34,534 | 9 |
Gross Profit | 553 | 47,263 | 486 | 41,483 | 14 | 574 | 49,052 | (4) |
% of Revenues |
| 55.6% |
| 58.6% |
|
| 58.7% |
|
Selling, General & Administrative Expenses | 282 | 24,055 | 240 | 20,476 | 17 | 282 | 24,117 | (0) |
% of Revenues |
| 28.3% |
| 28.9% |
|
| 28.9% |
|
Research & Development Expenses | 85 | 7,258 | 80 | 6,877 | 6 | 78 | 6,658 | 9 |
% of Revenues |
| 8.5% |
| 9.7% |
|
| 8.0% |
|
Impairment of Non-Current Assets, net | 9 | 768 | (2) | (173) |
| (0) | (4) |
|
Other (Income)/Expense, net | (29) | (2465) | (8) | (656) | 276 | (5) | (439) | 462 |
Results from Operating Activities | 207 | 17,647 | 175 | 14,959 | 18 | 219 | 18,720 | (6) |
Finance (Income)/Expense, net | (28) | (2352) | (12) | (1022) | 130 | 0 | 20 |
|
Share of Profit of Equity Accounted Investees, net of tax | (1) | (55) | (0) | (35) | 57 | (0) | (42) | 31 |
Profit before Income Tax | 235 | 20,054# | 187 | 16,016 | 25 | 219 | 18,742# | 7 |
% of Revenues |
| 23.6% |
| 22.6% |
|
| 22.4% |
|
Income Tax Expense | 49 | 4,181 | 34 | 2,946 | 42 | 55 | 4,704 | (11) |
Profit for the Period | 186 | 15,873 | 153 | 13,070 | 21 | 164 | 14,038 | 13 |
% of Revenues |
| 18.7% |
| 18.5% |
|
| 16.8% |
|
Attributable to Equity holders of the parent company | 187 | 15,939 | 153 | 13,070 | 22 | 165 | 14,133 | 13 |
Attributable to Non-controlling interests | (1) | (66) | - | - | - | (1) | (95) | (31) |
Diluted Earnings per Share (EPS) | 0.22 | 19.11 | 0.18^ | 15.7^ | 22 | 0.20 | 16.9 | 13 |
*Includes Revenues of ₹5,971 Mn from the acquired NRT business. Underlying growth excluding NRT business is 12% YoY and 2% QoQ. | ||||||||
^Historical numbers re-casted basis the increased number of shares post share split. | ||||||||
#Includes Profit before Tax of ₹888 Mn from the acquired NRT business. |
Earnings before Interest, Tax, Depreciation & Amortization (EBITDA) Computation for the quarter | ||||||
Particulars | Q4FY25 | Q4FY24 | Q3FY25 | |||
($) | (₹) | ($) | (₹) | ($) | (₹) | |
Profit before Income Tax | 235 | 20,054 | 187 | 16,016 | 219 | 18,742 |
Interest (Income) / Expense, net* | (7) | (627) | (10) | (835) | (6) | (475) |
Depreciation | 31 | 2,636 | 28 | 2,421 | 32 | 2,733 |
Amortization | 22 | 1,919 | 15 | 1,291 | 23 | 1,986 |
Impairment | 9 | 768 | (2) | (173) | (0) | (4) |
EBITDA | 290 | 24,749 | 219 | 18,720 | 269 | 22,982 |
% of Revenues |
| 29.1% |
| 26.4% |
| 27.5% |
*Includes income from Investment |
Consolidated Income Statement for the full year | |||||
Particulars | FY25 | FY24 | YoY | ||
($) | (₹) | ($) | (₹) | ||
Revenues* | 3,811 | 325,535 | 3,268 | 279,164 | 17 |
Cost of Revenues | 1,581 | 135,107 | 1,353 | 115,557 | 17 |
Gross Profit | 2,229 | 190,428 | 1,915 | 163,607 | 16 |
% of Revenues |
| 58.5% |
| 58.6% |
|
Selling, General & Administrative Expenses | 1,099 | 93,870 | 904 | 77,201 | 22 |
% of Revenues |
| 28.8% |
| 27.7% |
|
Research & Development Expenses | 320 | 27,380 | 268 | 22,873 | 20 |
% of Revenues |
| 8.4% |
| 8.2% |
|
Impairment of Non-Current Assets, net | 20 | 1,693 | 0.04 | 3 | 56,333 |
Other (Income)/Expense, net | (51) | (4,358) | (49) | (4,199) | 4 |
Results from Operating Activities | 841 | 71,843 | 793 | 67,729 | 6 |
Finance (Income)/Expense, net | (55) | (4,724) | (47) | (3,994) | 18 |
Share of Profit of Equity Accounted Investees, net of tax | (3) | (217) | (2) | (147) | 48 |
Profit before Income Tax# | 899 | 76,784 | 841 | 71,870 | 7 |
% of Revenues |
| 23.6% |
| 25.7% |
|
Income Tax Expense | 229 | 19,539 | 189 | 16,186 | 21 |
Profit for the Period | 670 | 57,245 | 652 | 55,684 | 3 |
% of Revenues |
| 17.6% |
| 19.9% |
|
Attributable to Equity holders of the parent company | 662 | 56,544 | 652 | 55,684 | 2 |
Attributable to Non-controlling interests | 8 | 701 | - | - | - |
Diluted Earnings per Share (EPS) | 0.79 | 67.8 | 0.78^ | 66.8 | 1 |
*Includes Revenues of ₹12,020 Mn from the acquired NRT business. Underlying growth excluding NRT business is 12% YoY. #Includes Profit before Income Tax of ₹1,011 Mn (net of acquisition related expenses) from the acquired NRT business. ^Historical numbers re-casted basis the increased number of shares post share split. |
EBITDA Computation for the year | ||||
Particulars | FY25 | FY24 | ||
($) | (₹) | ($) | (₹) | |
Profit before Income Tax | 899 | 76,784 | 841 | 71,870 |
Interest (Income) / Expense, net* | (40) | (3,402) | (44) | (3,716) |
Depreciation | 123 | 10,505 | 112 | 9,576 |
Amortization | 77 | 6,553 | 62 | 5,280 |
Impairment | 20 | 1,693 | 0 | 3 |
EBITDA | 1,078 | 92,133 | 972 | 83,013 |
% of Revenues |
| 28.3% |
| 29.7% |
*Includes income from Investment |
Key Balance Sheet Items | ||||||
Particulars | As on 31st Mar 2025 | As on 31st Dec 2024 | As on 31st Mar 2024 | |||
($) | (₹) | ($) | (₹) | ($) | (₹) | |
Cash and Cash Equivalents and Other Investments | 799 | 68,299 | 751 | 64,198 | 966 | 82,529 |
Trade Receivables | 1,058 | 90,420 | 1,079 | 92,212 | 940 | 80,298 |
Inventories | 832 | 71,085 | 838 | 71,630 | 744 | 63,552 |
Property, Plant, and Equipment | 1,144 | 97,761 | 1,089 | 93,053 | 900 | 76,886 |
Goodwill and Other Intangible Assets | 1,271 | 108,613 | 1,227 | 104,780 | 482 | 41,204 |
Loans and Borrowings (Current & Non-Current) | 547 | 46,766 | 598 | 51,085 | 234 | 20,020 |
Trade Payables | 416 | 35,523 | 422 | 36,022 | 362 | 30,919 |
Equity | 3,947 | 337,166 | 3,764 | 321,565 | 3,284 | 280,550 |
Key Business Highlights for Q4FY25
ESG Highlights for Q4FY25
Other Updates for Q4FY25
Revenue Analysis
Global Generics (GG)
North America
Europe
India
Emerging Markets
Pharmaceutical Services and Active Ingredients (PSAI)
Income Statement Highlights:
Gross Margin
Selling, General & Administrative (SG&A) Expenses
Research & Development (R&D) Expenses
Impairment on Non-Current Assets
Net Finance Income/Expense
Profit before Tax
Income Tax
Profit attributable to Equity Holders of Parent Company
Diluted Earnings per Share (EPS)
Other Financial Highlights:
EBITDA
Others:
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 2025 |
(₹) | |
Inventories | 71,085 |
Trade Receivables | 90,420 |
Less: |
|
Trade Payables | (35,523) |
Operating Working Capital | 125,982 |
Cash Flow
Particulars | Three months ended 31st Mar 2025 | Year ended 31st Mar 2025 |
| (₹) | |
Net cash generated from operating activities | 26,578 | 66,421 |
Less: |
|
|
Taxes | (4,583) | (19,993) |
Investments in Property, Plant & Equipment and intangibles | (10,942) | (33,154) |
Free Cash Flow before Acquisitions | 11,053 | 13,274 |
Less: |
|
|
Acquisitions related pay-out | (1,655) | (53,096) |
Cash Flow | 9,399 | (39,822) |
Net Cash Surplus and Debt to Equity
Particulars | As on 31st Mar 2025 |
(₹) | |
Cash and Cash Equivalents | 14,654 |
Investments | 53,645 |
Short-term Borrowings | (38,902) |
Long-term Borrowings, Non-Current | (7,864) |
Less: |
|
Restricted Cash Balance – Unclaimed Dividend and others | 441 |
Lease liabilities (included in Long-term Borrowings, Non-Current) | (4,921) |
Equity Investments (Included in Investments) | 1,478 |
Net Cash Surplus | 24,535 |
Equity | 337,166 |
Net Debt/Equity | (0.07) |
Computation of RoCE
Particulars | As on 31st Mar 2025 |
(₹) | |
Profit before Tax | 76,784 |
Less: |
|
Interest and Investment Income (Excluding forex gain/loss) | (3,402) |
Earnings Before Interest and taxes [A] | 73,382 |
|
|
Average Capital Employed [B] | 265,345 |
|
|
Return on Capital Employed (A/B) (Ratio) | 27.7% |
Computation of Capital Employed:
Particulars | As on | |
Mar 31, 2025 | Mar 31, 2024 | |
Property Plant and Equipment | 97,761 | 76,886 |
Intangibles | 96,803 | 36,951 |
Goodwill | 11,810 | 4,253 |
Investment in Equity Accounted Associates | 4,811 | 4,196 |
Other Current Assets | 30,142 | 22,560 |
Other Investments | 10,391 | 1,059 |
Other Non-Current Assets | 972 | 1,632 |
Inventories | 71,085 | 63,552 |
Trade Receivables | 90,420 | 80,298 |
Derivative Financial Instruments | (729) | (299) |
Less: |
|
|
Other Liabilities | 48,788 | 46,866 |
Provisions | 6,324 | 5,444 |
Trade payables | 35,523 | 30,919 |
Operating Capital Employed | 322,831 | 207,859 |
Average Capital Employed | 265,345 |
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 9, 2025
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 |
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 will be available after the earnings call, till May 16th, 2025. For play back, dial in phone No: +91 22 7194 5757, and playback code is 59320#.
Audio Link and Transcript 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, 2024 and quarterly financial statements filed in Form 6-K with the US SEC for the quarter ended June 30, 2024, September 30, 2024, December 31, 2024 and our other filings with US SEC. The company assumes no obligation to update any information contained herein.
Last Trade: | US$13.40 |
Daily Change: | 0.22 1.67 |
Daily Volume: | 2,306,199 |
Market Cap: | US$11.160B |
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