HYDERABAD, India--(BUSINESS WIRE)--Dr. Reddy’s Laboratories Ltd. (NYSE: RDY | BSE: 500124 | NSE: DRREDDY) today announced its consolidated financial results for the first quarter ended June 30, 2017 under International Financial Reporting Standards (IFRS).
Q1 FY18: Key Highlights
- Consolidated Revenues at Rs. 33.2 billion, year-on-year growth of 3%
- Gross Profit Margin at 51.6%, declined ~460 bps over last year
- Research & Development (R&D) spend at Rs. 5.1 billion, 15.3% of Revenues
- Selling, general & administrative (SG&A) expenses at Rs. 11.8 billion, year on year decline of 4%
- EBITDA at Rs. 3.4 billion, 10.1% of Revenues
- Profit after tax at Rs. 0.6 billion, 1.8% of Revenues
Commenting on the results, G V Prasad, Co-Chairman and CEO said, “Our first quarter’s results of FY 18 have been below expectations. While headwinds in the form of price erosion due to U.S. customer consolidation continue, a lower contribution from new product launches in the U.S. and the GST implementation in India also impacted our performance.
On the positive side, we have progressed on our quality journey and have had several successful inspections. We continue to focus on strengthening our manufacturing & quality systems, revitalizing growth and creating a leaner and agile organization.”
