Dr Reddys Laboratories Ltd 6-K, filed Jan 29, 2021
Dr Reddys Laboratories Ltd (RDY)
About this 6-K
Dr Reddys Laboratories Ltd filed this 6-K on January 29, 2021.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
January 2021
Commission File Number 1-15182
DR. REDDY’S LABORATORIES LIMITED
(Translation of registrant’s name into English)
8-2-337, Road No. 3, Banjara Hills
Hyderabad, Telangana 500 034, India
+91-40-49002900
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
| Form 20-F x | Form 40-F ¨ |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ______
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ______
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
| Yes ¨ | No x |
If “Yes” is marked, indicate below the file number assigned to registrant in connection with Rule 12g3-2(b): 82-________.
DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION
We hereby furnish the United States Securities and Exchange Commission with copies of the following information about our public disclosures regarding our results of operations and financial condition for the quarter and nine months ended December 31,2020.
On January 29, 2021, we announced our results of operations for the quarter and nine months ended December 31, 2020. We issued a press release announcing our results under International Financial Reporting Standards (“IFRS”), IFRS Unudited Consolidated Financial Results, Ind AS Unudited Consolidated Financial Results with Limited Review report and Ind AS Unudited Standalone Financial Results with Limited Review report for the quarter and nine months ended December 31, 2020, a copy of which is attached to this Form 6-K as Exhibit 99.1 , 99.2 , 99.3 and 99.4 respectively.
We have also made available to the public on our web site, www.drreddys.com, the following: IFRS Unudited Consolidated Financial Results, Ind AS Unaudited Consolidated Financial Results and Ind AS Unaudited Standalone Financial Results for the quarter and nine months ended December 31, 2020.
Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| DR. REDDY’S LABORATORIES LIMITED (Registrant) | |||
| Date: January 29, 2021 | By: | /s/ Sandeep Poddar | |
| Name: | Sandeep Poddar | ||
| Title: | Company Secretary | ||
Exhibit 99.1
| CONTACT | ||
| DR. REDDY'S LABORATORIES LTD. | Investor relationS | Media relationS |
| 8-2-337, Road No. 3, Banjara Hills, Hyderabad - 500034. Telangana, India. |
AMIT AGARWAL amita@drreddys.com (Ph: +91-40-4900 2135) |
APARNA TEKURI aparnatekuri@drreddys.com (Ph: +91-40-4900 2446) |
Dr. Reddy’s Q3 & 9M FY21 Financial Results
Hyderabad, India, January 29, 2021: Dr. Reddy’s Laboratories Ltd. (BSE: 500124 | NSE: DRREDDY | NYSE: RDY | NSEIFSC: DRREDDY) today announced its consolidated financial results for the quarter and the nine months ended December 31, 2020. The information mentioned in this release is on the basis of consolidated financial statements under International Financial Reporting Standards (IFRS).
| Q3 Performance Summary | 9M Performance Summary | |
|
Rs. 4,930 Cr Revenue [Up: 12% YoY; 1% QoQ]
53.8% Gross Margin [Q3 FY20: 54.1%; Q2 FY21: 53.9%]
Rs.1,439 Cr SGNA expenses [Up: 14% YoY; 10% QoQ]
Rs. 411 Cr R&D expenses [8.3% of Revenues]
Rs. 1,185 Cr EBITDA [24.0% of Revenues]
Rs. 284 Cr* Profit before Tax [5.8% of Revenues]
Rs. 20 Cr** Profit after Tax [0.4% of Revenues] |
Rs. 14,244 Cr Revenue [Up: 9% YoY]
54.6% Gross Margin [9M FY20: 54.7%]
Rs. 4,028 Cr SGNA expenses [Up: 6% YoY]
Rs. 1,245 Cr R&D expenses [8.7% of Revenues]
Rs. 3,615 Cr EBITDA [25.4% of Revenues]
Rs. 2,025 Cr Profit before Tax [14.2% of Revenues]
Rs. 1,361 Cr Profit after Tax [9.6% of Revenues] |
*Excluding the impairment charge in Q3 FY21, the Profit before Tax is Rs. 882 cr
**Q3 FY21 Profit after Tax was impacted primarily due to non-recognition of deferred tax asset on impairment
Commenting on the results, Co-chairman & MD, G V Prasad said “We continued with our growth momentum while maintaining EBITDA margins. The profits were impacted due to trigger based impairment charge taken on a few acquired products including gNuvaring. We are progressing well on the phase 3 clinical trials for Sputnik V vaccine in India. We continue to focus on enhancing our product offerings to our patients to serve them better”.
| 1 |
| All amounts in millions, except EPS | All US dollar amounts based on convenience translation rate of I USD = Rs. 73.01 |
Dr. Reddy’s Laboratories Limited and Subsidiaries
Consolidated Income Statement
| Q3 FY21 | Q3 FY20 | YoY | Q2 FY21 | QoQ | ||||||||||||||||||||||||||||
| Particulars | ($) | (Rs.) | ($) | (Rs.) | Gr % | ($) | (Rs.) | Gr % | ||||||||||||||||||||||||
| Revenues | 675 | 49,296 | 600 | 43,838 | 12 | 671 | 48,967 | 1 | ||||||||||||||||||||||||
| Cost of Revenues | 312 | 22,758 | 276 | 20,116 | 13 | 309 | 22,558 | 1 | ||||||||||||||||||||||||
| Gross Profit | 363 | 26,538 | 325 | 23,722 | 12 | 362 | 26,409 | 0 | ||||||||||||||||||||||||
| Operating Expenses | ||||||||||||||||||||||||||||||||
| Selling, General & Administrative expenses | 197 | 14,387 | 174 | 12,670 | 14 | 180 | 13,107 | 10 | ||||||||||||||||||||||||
| Research and Development expenses | 56 | 4,108 | 54 | 3,949 | 4 | 60 | 4,359 | (6 | ) | |||||||||||||||||||||||
| Impairment of non-current assets | 82 | 5,972 | 181 | 13,200 | (55 | ) | 11 | 781 | 665 | |||||||||||||||||||||||
| Other operating income | (2 | ) | (128 | ) | (3 | ) | (228 | ) | (44 | ) | (2 | ) | (149 | ) | (14 | ) | ||||||||||||||||
| Results from operating activities | 30 | 2,199 | (80 | ) | (5,869 | ) | - | 114 | 8,311 | (74 | ) | |||||||||||||||||||||
| Net finance income | (7 | ) | (493 | ) | (6 | ) | (419 | ) | 18 | (3 | ) | (237 | ) | 108 | ||||||||||||||||||
| Share of profit of equity accounted investees | (2 | ) | (151 | ) | (2 | ) | (176 | ) | (14 | ) | (1 | ) | (73 | ) | 107 | |||||||||||||||||
| Profit / (loss) before Income Tax | 39 | 2,843 | (72 | ) | (5,274 | ) | - | 118 | 8,621 | (67 | ) | |||||||||||||||||||||
| Income Tax | 36 | 2,645 | 6 | 423 | 525 | 14 | 998 | 165 | ||||||||||||||||||||||||
| Profit / (loss) for the period | 3 | 198 | (78 | ) | (5,697 | ) | - | 104 | 7,623 | (97 | ) | |||||||||||||||||||||
| Diluted Earnings Per Share (EPS) | 0.02 | 1.19 | (0.47 | ) | (34.37 | ) | - | 0.63 | 45.83 | (97 | ) | |||||||||||||||||||||
| As % to revenues | Q3 FY21 | Q3 FY20 | Q2 FY21 | |||||||||
| Gross Profit | 53.8 | 54.1 | 53.9 | |||||||||
| SG&A | 29.2 | 28.9 | 26.8 | |||||||||
| R&D | 8.3 | 9.0 | 8.9 | |||||||||
| EBITDA | 24.0 | 24.5 | 25.9 | |||||||||
| PBT | 5.8 | (12.0 | ) | 17.6 | ||||||||
| PAT | 0.4 | (13.0 | ) | 15.6 | ||||||||
EBITDA Computation
| Q3 FY21 | Q3 FY20 | Q2 FY21 | ||||||||||||||||||||||
| Particulars | ($) | (Rs.) | ($) | (Rs.) | ($) | (Rs.) | ||||||||||||||||||
| Profit before Income Tax | 39 | 2,843 | (72 | ) | (5,274 | ) | 118 | 8,621 | ||||||||||||||||
| Interest income (net)* | (2 | ) | (180 | ) | (4 | ) | (274 | ) | (0 | ) | (1 | ) | ||||||||||||
| Depreciation | 29 | 2,131 | 29 | 2,130 | 30 | 2,188 | ||||||||||||||||||
| Amortization | 15 | 1,086 | 13 | 955 | 15 | 1,084 | ||||||||||||||||||
| Impairment | 82 | 5,972 | 181 | 13,200 | 11 | 781 | ||||||||||||||||||
| EBITDA | 162 | 11,851 | 147 | 10,737 | 174 | 12,673 | ||||||||||||||||||
* Includes income from Investments
| 2 |
| All amounts in millions, except EPS | All US dollar amounts based on convenience translation rate of I USD = Rs. 73.01 |
Key Balance Sheet Items
| As on 31st Dec 2020 | As on 30th Sep 2020 | As on 31st Dec 2019 | ||||||||||||||||||||||
| Particulars | ($) | (Rs.) | ($) | (Rs.) | ($) | (Rs.) | ||||||||||||||||||
| Cash and cash equivalents and current investments | 291 | 21,282 | 357 | 26,074 | 280 | 20,457 | ||||||||||||||||||
| Trade receivables (current & non-current) | 732 | 53,408 | 689 | 50,335 | 631 | 46,095 | ||||||||||||||||||
| Inventories | 607 | 44,309 | 563 | 41,134 | 517 | 37,746 | ||||||||||||||||||
| Property, plant and equipment | 771 | 56,263 | 754 | 55,026 | 722 | 52,709 | ||||||||||||||||||
| Goodwill and Other Intangible assets | 562 | 41,062 | 624 | 45,553 | 423 | 30,847 | ||||||||||||||||||
| Loans and borrowings (current & non-current) | 280 | 20,443 | 376 | 27,429 | 224 | 16,320 | ||||||||||||||||||
| Trade payables | 316 | 23,072 | 313 | 22,833 | 244 | 17,810 | ||||||||||||||||||
| Equity | 2,320 | 1,69,395 | 2,265 | 1,65,337 | 2,036 | 1,48,672 | ||||||||||||||||||
Revenue Mix by Segment
| Q3 FY21 | Q3 FY20 | YoY | Q2 FY21 | QoQ | ||||||||||||||||
| Segment | (Rs.) | (Rs.) | Gr % | (Rs.) | Gr % | |||||||||||||||
| Global Generics | 40,751 | 35,927 | 13 | 39,841 | 2 | |||||||||||||||
| North America | 17,394 | 15,999 | 9 | 18,328 | (5 | ) | ||||||||||||||
| Europe | 4,143 | 3,093 | 34 | 3,754 | 10 | |||||||||||||||
| India | 9,591 | 7,636 | 26 | 9,123 | 5 | |||||||||||||||
| Emerging Markets | 9,623 | 9,199 | 5 | 8,636 | 11 | |||||||||||||||
| Pharmaceutical Services and Active Ingredients (PSAI) | 7,009 | 6,906 | 1 | 8,505 | (18 | ) | ||||||||||||||
| Proprietary Products & Others | 1,536 | 1,005 | 53 | 621 | 147 | |||||||||||||||
| Total | 49,296 | 43,838 | 12 | 48,967 | 1 | |||||||||||||||
| 3 |
Revenue Analysis
Global Generics (GG)
Revenues from GG segment at Rs. 40.8 billion:
| Ø | Year-on-year growth of 13% and sequential quarter growth of 2%, primarily driven by new product launches and integration of the acquired portfolio from Wockhardt in India. The volume growth in the base business was largely offset by price erosion. |
North America
Revenues from North America at Rs. 17.4 billion:
| Ø | Year-on-year growth of 9%, driven by new products launches, increase in volumes of our base business and a favorable forex rate, which was partially offset by price erosion. |
| Ø | Sequential decline of 5%, primarily due to price erosion in some of the key molecules. |
| Ø | We launched four new products during the quarter. This included Cinacalcet Tablets, Sapropterin Dihydrochloride Tablets and Succinylcholine Chloride Injection in the US along with Daptomycin Injection in Canada. We also re-launched one product in US - OTC Famotidine. |
| Ø | We filed two new ANDAs during the quarter. As of 31st December 2020, cumulatively 89 generic filings are pending for approval with the USFDA (87 ANDAs and 2 NDAs under 505(b)(2) route). Of the 89 ANDAs, 48 are Para IVs and we believe 24 have ‘First to File’ status. |
Europe
Revenues from Europe at Rs. 4.1 billion:
| Ø | Year-on-year growth of 34% and sequential growth of 10%, which were driven by new product launches, favorable forex movement and volume traction, offset partly by price erosion. |
India
Revenues from India at Rs. 9.6 billion:
| Ø | Year-on-year growth of 26% and sequential growth of 5%. YoY growth is on account of revenues from the acquired portfolio of Wockhardt and contribution from new product launches. QoQ growth was driven by volume traction. |
Emerging Markets
Revenues from Emerging Markets at Rs. 9.6 billion. Year-on-year growth of 5%. Sequential growth of 11%:
| Ø | Revenues from Russia at Rs. 4.5 billion. Year-on-year decline of 8% is primarily due to weakening Ruble. Sequential growth of 14% contributed by increased volumes |
| Ø | Revenues from other CIS countries and Romania market at Rs. 2.1 billion. Year-on-year growth of 18% and sequential growth of 8% driven by both base business and new product launches. |
| Ø | Revenues from Rest of World (RoW) territories at Rs. 3.0 billion. Year-on-year growth of 20% and sequential growth of 10% is due to volume traction in the base business and new product launches. |
Pharmaceutical Services and Active Ingredients (PSAI)
Revenues from PSAI at Rs. 7.0 billion:
| Ø | Year-on-year growth of 1% driven by new products and favorable forex rate, offset by lower volumes for some products. |
| Ø | Sequential decline of 18% on account of lower volumes of certain products. |
| Ø | During the quarter we filed DMF for five products in the US. |
Proprietary Products (PP) & Others
Revenues from PP & Others at Rs. 1.5 billion:
| Ø | Year-on-year growth of 53% and sequential growth of 147%. The growth was driven by milestone income received for the compound AUR102. |
| 4 |
Income Statement Highlights:
| Ø | Gross profit margin at 53.8%: |
| - | Decline of 30 bps over previous year and 10 bps sequentially, which was primarily impacted due to price erosion and lower export benefits, partially offset by the milestone income received for the compound AUR102. |
| - | Gross profit margin for GG and PSAI business segments are at 57.6% and 25.3% respectively. |
| Ø | SG&A expenses at Rs. 14.4 billion, increased by 14% year-on-year primarily due to incremental costs post the integration of the acquired portfolio from Wockhardt in this year and increased freight expenses. Sequentially, it increased by 10% primarily due to pickup in sales & marketing activities in branded markets and increase in freight expenses. |
| Ø | Impairment charge of Rs. 6.0 billion. In January, 2021 there has been an additional generic launch for the product Nuvaring®, which has led to a considerable erosion in the value of this product for us, and accordingly we have taken an impairment charge of Rs. 3.2 billion. In addition to this, considering the current market dynamics, we have taken an additional impairment charge of Rs. 2.8 billion on the intangibles pertaining to other products. We had an impairment charge of Rs. 13.2 billion in Q3 FY 20 and Rs. 781 million in Q2 FY21. |
| Ø | R&D expenses at Rs. 4.1 billion. As % to revenues these are: Q3 FY21: 8.3% | Q2 FY 21: 8.9% | Q3 FY20: 9.0%. Our focus continues on building a healthy pipeline of new products across our markets including development of products pertaining to COVID-19 treatment. |
| Ø | Other operating income at Rs. 128 million compared to Rs. 228 million in Q3 FY20. |
| Ø | Net Finance income at Rs. 493 million compared to Rs. 419 million in Q3 FY20. |
| Ø | Profit before Tax at Rs. 2.8 billion, which is 5.8% of revenues. |
| Ø | Profit after Tax at Rs. 198 million. The effective tax rate is ~93.0% for the quarter, impacted primarily due to non-recognition of deferred tax asset on impairment. |
| Ø | Diluted earnings per share is at Rs. 1.19. |
Other Highlights:
| Ø | EBITDA at Rs. 11.9 billion and the EBITDA margin is 24.0% |
| Ø | Capital expenditure is at Rs. 2.9 billion. |
| Ø | Free cash-flow: Net out-flow during the quarter stood at Rs. 580 million. |
| Ø | Net cash surplus for the company is at Rs. 839 million as on December 31, 2020. Consequently, net debt to equity ratio is (0.005). |
| 5 |
Earnings Call Details (05:30 pm IST, 07:00 am EST, Jan 29, 2021)
The management of the Company will host an earnings call to discuss the Company’s financial performance and answer any questions from the participants.
Conference Joining Information
Option 1: Express Join with DiamondPass™
Pre-register with the below link and join without waiting for the operator.
https://services.choruscall.in/DiamondPassRegistration/register?confirmationNumber=9941549&linkSecurityString=1ea6b66bb2
| Option 2: Join through below Dial-In Numbers | |
|
Universal Access Number:
|
+91 22 6280 1219 +91 22 7115 8120 |
|
Local Access Number: Available all over India |
+91 70456 71221 |
| 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: The play back will be available after the earnings call, till February 5th, 2021. For play back dial in phone No: +91 22 7194 5757 | +91 22 6663 5757, and Playback Code is 37918.
Transcript: Transcript of the Earnings call 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) is an integrated pharmaceutical company, committed to providing affordable and innovative medicines for healthier lives. Through its three businesses - Pharmaceutical Services & Active Ingredients, Global Generics and Proprietary Products – Dr. Reddy’s offers a portfolio of products and services including APIs, custom pharmaceutical services, generics, biosimilars and differentiated formulations. Our major therapeutic areas of focus are gastrointestinal, cardiovascular, diabetology, oncology, pain management and dermatology. Dr. Reddy’s operates in markets across the globe. Our major markets include – USA, India, Russia & CIS countries, and Europe. 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, (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, 2020. The company assumes no obligation to update any information contained herein.
| 6 |
Exhibit 99.2
 |
Dr. Reddy’s Laboratories Ltd. 8-2-337, Road No. 3, Banjara Hills, Hyderabad - 500 034, Telangana, CIN : L85195TG1984PLC004507
Tel :+91 40 4900 2900 Fax :+91 40 4900 2999 Email :mail@drreddys.com www.drreddys.com |
Unaudited consolidated financial results of Dr. Reddy's Laboratories Limited and its subsidiaries for the quarter and nine months ended 31 December 2020 prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB)
| All amounts in Indian Rupees millions | ||||||||||||||||||||||||||
| Quarter ended | Nine months ended | Year ended | ||||||||||||||||||||||||
| Sl. No. | Particulars | 31.12.2020 | 30.09.2020 | 31.12.2019 | 31.12.2020 | 31.12.2019 | 31.03.2020 | |||||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | |||||||||||||||||||||
| 1 | Revenues | 49,296 | 48,967 | 43,838 | 142,438 | 130,282 | 174,600 | |||||||||||||||||||
| 2 | Cost of revenues | 22,758 | 22,558 | 20,116 | 64,736 | 59,081 | 80,591 | |||||||||||||||||||
| 3 | Gross profit (1 - 2) | 26,538 | 26,409 | 23,722 | 77,702 | 71,201 | 94,009 | |||||||||||||||||||
| 4 | Selling, general and administrative expenses | 14,387 | 13,107 | 12,670 | 40,280 | 37,952 | 50,129 | |||||||||||||||||||
| 5 | Research and development expenses | 4,108 | 4,359 | 3,949 | 12,447 | 11,220 | 15,410 | |||||||||||||||||||
| 6 | Impairment of non current assets | 5,972 | 781 | 13,200 | 6,753 | 16,760 | 16,767 | |||||||||||||||||||
| 7 | Other income, net | (128 | ) | (149 | ) | (228 | ) | (395 | ) | (4,122 | ) | (4,290 | ) | |||||||||||||
| Total operating expenses | 24,339 | 18,098 | 29,591 | 59,085 | 61,810 | 78,016 | ||||||||||||||||||||
| 8 | Results from operating activities [(3) - (4 + 5 + 6 + 7)] | 2,199 | 8,311 | (5,869 | ) | 18,617 | 9,391 | 15,993 | ||||||||||||||||||
| Finance income | 681 | 489 | 571 | 2,008 | 1,796 | 2,461 | ||||||||||||||||||||
| Finance expense | (188 | ) | (252 | ) | (152 | ) | (673 | ) | (753 | ) | (983 | ) | ||||||||||||||
| 9 | Finance income, net | 493 | 237 | 419 | 1,335 | 1,043 | 1,478 | |||||||||||||||||||
| 10 | Share of profit of equity accounted investees, net of tax | 151 | 73 | 176 | 301 | 456 | 561 | |||||||||||||||||||
| 11 | Profit before tax (8 + 9 + 10) | 2,843 | 8,621 | (5,274 | ) | 20,253 | 10,890 | 18,032 | ||||||||||||||||||
| 12 | Tax expense/(benefit), net | 2,645 | 998 | 423 | 6,639 | (966 | ) | (1,466 | ) | |||||||||||||||||
| 13 | Profit for the period / year (11 -12) | 198 | 7,623 | (5,697 | ) | 13,614 | 11,856 | 19,498 | ||||||||||||||||||
| 14 | Earnings per share: | |||||||||||||||||||||||||
| Basic earnings per share of Rs.5/- each | 1.19 | 45.96 | (34.37 | ) | 82.08 | 71.53 | 117.63 | |||||||||||||||||||
| Diluted earnings per share of Rs.5/- each | 1.19 | 45.83 | (34.37 | ) | 81.85 | 71.40 | 117.40 | |||||||||||||||||||
| (Not annualised) | (Not annualised) | (Not annualised) | (Not annualised) | (Not annualised) | ||||||||||||||||||||||
Segment reporting (consolidated)
All amounts in Indian Rupees millions
| Quarter ended | Nine months ended | Year ended | ||||||||||||||||||||||||
| Sl. No. | Particulars | 31.12.2020 | 30.09.2020 | 31.12.2019 | 31.12.2020 | 31.12.2019 | 31.03.2020 | |||||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | |||||||||||||||||||||
| Segment wise revenue and results: | ||||||||||||||||||||||||||
| 1 | Segment revenue: | |||||||||||||||||||||||||
| a) Pharmaceutical Services and Active Ingredients | 8,745 | 10,256 | 8,549 | 29,091 | 22,984 | 31,657 | ||||||||||||||||||||
| b) Global Generics | 40,751 | 39,841 | 35,927 | 115,667 | 101,725 | 138,123 | ||||||||||||||||||||
| c) Proprietary Products | 124 | 100 | 241 | 280 | 7,947 | 7,949 | ||||||||||||||||||||
| d) Others | 1,412 | 521 | 764 | 2,424 | 2,058 | 2,781 | ||||||||||||||||||||
| Total | 51,032 | 50,718 | 45,481 | 147,462 | 134,714 | 180,510 | ||||||||||||||||||||
| Less: Inter-segment revenues | 1,736 | 1,751 | 1,643 | 5,024 | 4,432 | 5,910 | ||||||||||||||||||||
| Net revenues | 49,296 | 48,967 | 43,838 | 142,438 | 130,282 | 174,600 | ||||||||||||||||||||
| 2 | Segment results: | |||||||||||||||||||||||||
| Gross profit from each segment | ||||||||||||||||||||||||||
| a) Pharmaceutical Services and Active Ingredients | 1,773 | 2,284 | 2,072 | 6,913 | 4,147 | 6,190 | ||||||||||||||||||||
| b) Global Generics | 23,454 | 23,685 | 20,910 | 68,665 | 58,117 | 78,449 | ||||||||||||||||||||
| c) Proprietary Products | 100 | 88 | 246 | 244 | 7,751 | 7,744 | ||||||||||||||||||||
| d) Others | 1,211 | 352 | 494 | 1,880 | 1,186 | 1,626 | ||||||||||||||||||||
| Total | 26,538 | 26,409 | 23,722 | 77,702 | 71,201 | 94,009 | ||||||||||||||||||||
| Less: Selling and other un-allocable expenditure, net of other income | 23,695 | 17,788 | 28,996 | 57,449 | 60,311 | 75,977 | ||||||||||||||||||||
| Total profit before tax | 2,843 | 8,621 | (5,274 | ) | 20,253 | 10,890 | 18,032 | |||||||||||||||||||
Global Generics segment includes operations of Biologics business. Inter-segment revenues represent sale from Pharmaceutical Services and Active Ingredients to Global Generics at cost.
Notes:
| 1 | The unaudited results have been reviewed by the Audit Committee of the Board on 28 January 2021 and approved by the Board of Directors of the Company at their meeting held on 29 January 2021. The above financial results have been prepared in accordance with International Financial Reporting Standards and its interpretations (IFRS), as issued by the International Accounting Standards Board (IASB). |
| 2 | During the quarter ended 31 December 2020, there were significant changes to the market conditions for certain of the products forming part of Company’s Global Generics and Proprietary Products segments. The changes include the launch by competitor of generic version of the product, decrease in the market potential of products primarily due to higher than expected price erosion and increased competition, and higher than expected value erosion. Due to these adverse market developments, the Company recorded an impairment loss of: |
- Rs. 3,180 million relating to Ethinyl estradiol / Ethenogestral vaginal ring (a generic equivalent to NuvaRing®);
- Rs. 1,587 million relating to Saxagliptin and metformin (generic version of Kombiglyze-XR) and Phentermine and Topiramate (generic version of Qsymia®); and
- Rs. 1,159 million relating to other intangible assets forming part of the Company's Global Generics and Proprietary Products segments.
In addition, an amount of Rs. 46 million was recorded as impairment loss pertaining to property, plant and equipment on write-down of assets to fair value less costs to sell forming part of Company’s Global generics segment.
| 3 | During the quarter ended 31 December 2020, the Company entered into a definitive agreement with Glenmark Pharmaceuticals Ltd. to acquire, certain brands in various Emerging Market countries for a total consideration of Rs. 1,516 million. The said transaction was accounted for as an acquisition of product related intangibles. |
| 4 | Impairment expense of Rs. 781 million for the quarter ended 30 September 2020 comprises of: |
- Rs. 728 million pertaining to product related intangible forming part of Company’s Proprietary Segment due to decrease in the market potential for the product;
- Rs. 53 million pertaining to certain product related intangibles forming part of Company’s Global generics Segment due to Company’s decision to discontinue their further development.
| 5 | Tax expense for the quarter ended 30 September 2020 includes benefit on account of recognition of deferred tax asset amounting to Rs. 1,012 million pursuant to a planned restructuring activity between the Group companies. The said restructuring activity was concluded during the quarter ended 31 December 2020. |
| 6 | On 10 June 2020, the Company completed the acquisition of select divisions of Wockhardt Limited's branded generics business in India and the territories of Nepal, Sri Lanka, Bhutan and Maldives. The business comprises a portfolio of 62 brands in multiple therapy areas, such as respiratory, neurology, venous malformations, dennatology, gastroenterology, pain, and vaccines. This entire portfolio has been transferred to the Company, along with related sales and marketing teams, the manufacturing plant located in Baddi, Himachal Pradesh, and employees. During the quarter ended 30 September 2020, the Company completed the purchase price allocation. The fair value of consideration transferred is Rs.16,115 million. The Company recognised Rs. 373 million, Rs. 14,888 million and Rs. 530 million towards property, plant and equipment, intangible assets, and goodwill, respectively. The acquisition pertains to Company's Global Generics segment. |
| 7 | "Revenues" for the year ended 31 March 2020 include an amount of Rs. 7,486 million (U.S.$108.7 million) towards license fee for selling US and select territory rights for ZEMBRACE® SYMTOUCH® (sumatriptan injection) 3 mg and TOSYMRA® (sumatriptan nasal spray) 10 mg, (formerly referred to as “DFN-02”) to Upsher-Smith Laboratories, LLC. The costs associated with this transaction are Rs. 328 million. |
| 8 | "Other income, net" for the year ended 31 March 2020 includes an amount of Rs. 3,457 million received from Celgene, pursuant to a settlement agreement entered in April 2019. The agreement effectively settles any claim the Company or its affiliates may have had for damages under section 8 of the Canadian Patented Medicines (Notice of Compliance) Regulations in regard to the Company’s ANDS for a generic version of REVLIMID brand capsules, (Lenalidomide) pending before Health Canada. |
| 9 | Total impairment charge for the year ended 31 March 2020 is Rs. 16,767 million, of which Rs. 11,137 million was towards impairment of gNuvaring, Rs. 4,385 million was towards ramelteon, tobramycin and imiquimod, and the balance is towards other product related intangibles forming part of Company’s Global generics and Proprietary Products segments. |
| 10 | Tax benefit for the year ended 31 March 2020 was primarily due to recognition of deferred tax asset of: |
- Rs. 4,989 million towards MAT recoverable pursuant to enactment of Taxation Laws (Amendment) Act, 2019;
- Rs. 1,264 million pursuant to a planned restructuring activity between the group Companies.
| 11 | The Code on Social Security, 2020 (‘Code’) received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the related final rules have not yet been issued and the date on which the Code will come into effect has not been notified. The Company will assess the impact of the Code and the rules thereunder when they come into effect. |
| 12 | On 22 October 2020, the Company experienced a cybersecurity incident related to ransomware. The Company could contain the incident in a timely fashion and has also ensured that all traces of the infection are completely cleaned from the network. All affected systems were restored and brought back to normalcy in the order of priority. Based on our forensic investigation, no evidence was found of any data breaches leading to personally identifiable information. Since then, the Company has also been focused on implementing significant improvements to its cyber and data security systems to safeguard from such risks in the future. |
| 13 | The Company continues to consider the impact of COVID-19 pandemic in assessing the recoverability of receivables, goodwill, intangible assets, and certain investments. For this purpose, the Company considered internal and external sources of information up to the date of approval of these financial results. The Company based on its judgements, estimates and assumptions including sensitivity analysis expects to fully recover the carrying amount of receivables, goodwill, intangible assets, investments and other assets.The Company will continue to closely monitor any material changes to future economic conditions. |
| 14 | The unaudited results were reviewed by the Audit Committee of the Board at their meeting held on 28 January 2021 and approved by the Board of Directors of the Company at their meeting held on 29 January 2021. |
| 15 | The results for the quarter and nine months ended 31 December 2020 were subjected to a "Limited Review". An unqualified report was issued thereon. |
By order of the Board
For Dr. Reddy's Laboratories Limited
 |
 |
| Place: Hyderabad | G V Prasad |
| Date: 29 January 2021 | Co-Chairman & Managing Director |
 |
Exhibit 99.3
S.R. Batliboi & Associates LLP Chartered Accountants |
THE SKYVIEW 10 18th Floor, “NORTH LOBBY” Survey No. 83/1, Raidurgam Hyderabad - 500 032, India Tel : +91 40 6141 6000 |
Independent Auditor’s Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
Review Report to
The Board of Directors
Dr. Reddy’s Laboratories Limited
| 1. | We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Dr. Reddy’s Laboratories Limited (the “Holding Company”) and its subsidiaries (the Holding Company and its subsidiaries together referred to as “the Group”), and its joint ventures for the quarter ended December 31, 2020 and year to date from April 01, 2020 to December 31, 2020 (the “Statement”) attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”). |
| 2. | This Statement, which is the responsibility of the Holding Company’s Management and approved by the Holding Company’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) “Interim Financial Reporting” prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. |
| 3. | We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. |
We also performed procedures in accordance with the Circular No. CIR/CFD/CMD1/44/2019 dated March 29, 2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.
| 4. | The Statement includes the results of the following entities: |
S.No Name of the Company
Subsidiaries:
| 1. | Aurigene Discovery Technologies Limited |
| 2. | Cheminor Investments Limited |
| 3. | Dr. Reddy’s Bio-Sciences Limited |
| 4. | Dr. Reddy’s Farmaceutica Do Brasil Ltda. |
| 5. | Dr. Reddy’s Laboratories SA |
| 6. | Idea2Enterprises (India) Private Limited |
| 7. | Imperial Credit Private Limited |
| 8. | Industrias Quimicas Falcon de Mexico, S.A.de C.V. |
| 9. | Reddy Antilles N.V. (till 02 November, 2019) |
S.R. Batliboi & Associates LLP, a Limited Liability Partnership with LLP Identity No. AAB-4295
Regd. Office : 22, Camac Street, Block ‘B’, 3rd floor, Kolkata 700 016
|
S.R. Batliboi & Associates LLP Chartered Accountants |
| 10. | Svaas Wellness Limited (formerly ‘Regkinetics Services Limited’ name changed effective December 18, 2020) |
| 11. | Aurigene Discovery Technologies (Malaysia) SDN BHD |
| 12. | Aurigene Discovery Technologies Inc. |
| 13. | Aurigene Pharmaceutical Services Limited (from 16 September 2019) |
| 14. | beta Institut gemeinnützige GmbH |
| 15. | betapharm Arzneimittel GmbH |
| 16. | Chirotech Technology Limited |
| 17. | DRL Impex Limited |
| 18. | Dr. Reddy’s Laboratories (Australia) Pty. Limited |
| 19. | Dr. Reddy’s Laboratories Canada, Inc. |
| 20. | Dr. Reddy’s Laboratories Chile SPA. |
| 21. | Dr. Reddy’s Laboratories (EU) Limited |
| 22. | Dr. Reddy’s Laboratories Inc. |
| 23. | Dr. Reddy’s Laboratories Japan KK |
| 24. | Dr. Reddy’s Laboratories Kazakhstan LLP |
| 25. | Dr. Reddy’s Laboratories LLC |
| 26. | Dr. Reddy’s Laboratories Louisiana LLC |
| 27. | Dr. Reddy’s Laboratories Malaysia Sdn. Bhd. |
| 28. | Dr. Reddy’s Laboratories New York, LLC |
| 29. | Dr. Reddy’s Laboratories Philippines Inc. |
| 30. | Dr. Reddy’s Laboratories (Proprietary) Limited |
| 31. | Dr. Reddy’s Laboratories Romania S.R.L. |
| 32. | Dr. Reddy’s Laboratories SAS |
| 33. | Dr. Reddy’s Laboratories Taiwan Limited |
| 34. | Dr. Reddy’s Laboratories (Thailand) Limited |
| 35. | Dr. Reddy’s Laboratories (UK) Limited |
| 36. | Dr. Reddy’s Research and Development B.V. |
| 37. | Dr. Reddy’s Singapore PTE Limited (till 04 June, 2019) |
| 38. | Dr. Reddy’s Srl |
| 39. | Dr. Reddy’s New Zealand Limited |
| 40. | Dr. Reddy’s (WUXI) Pharmaceutical Co. Limited |
| 41. | Dr. Reddy’s Venezuela, C.A. |
| 42. | Dr. Reddy’s Laboratories B.V. (Formerly Eurobridge Consulting B.V.) |
| 43. | Lacock Holdings Limited |
| 44. | OOO Dr. Reddy’s Laboratories Limited |
| 45. | OOO DRS LLC |
| 46. | Promius Pharma LLC |
| 47. | Reddy Holding GmbH |
| 48. | Reddy Netherlands B.V. |
| 49. | Reddy Pharma Iberia SA |
| 50. | Reddy Pharma Italia S.R.L |
| 51. | Reddy Pharma SAS |
| 52. | Dr. Reddy’s (Beijing) Pharmaceutical Co. Limited (from August 19, 2020) |
Joint Ventures:
| 1. | DRANU LLC |
| 2. | DRES Energy Private Limited |
| 3. | Kunshan Rotam Reddy Pharmaceutical Company Limited |
Other Consolidating entities:
| 1. | Cheminor Employees Welfare Trust |
| 2. | Dr. Reddy’s Employees ESOS Trust |
| 3. | Dr. Reddy’s Research Foundation |
|
S.R. Batliboi & Associates LLP Chartered Accountants |
| 5. | Based on our review conducted and procedures performed as stated in paragraph 3 nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards (‘Ind AS’) specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. |
For S.R. BATLIBOI & ASSOCIATES LLP
Chartered Accountants
ICAI Firm registration number: 101049W/E300004
|
per Navneet Rai Kabra Partner Membership No.: 102328 |
 |
UDIN: 21102328AAAAAU4019
Hyderabad
January 29, 2021
|
Dr. Reddy’s Laboratories Ltd. 8-2-337, Road No. 3, Banjara Hills, Hyderabad - 500 034, Telangana, CIN : L85195TG1984PLC004507
Tel :+91 40 4900 2900 Fax :+91 40 4900 2999 Email :mail@drreddys.com www.drreddys.com |
DR. REDDY’S LABORATORIES LIMITED
STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31 DECEMBER 2020
All amounts in Indian Rupees millions
| Quarter ended | Nine months ended | Year ended | ||||||||||||||||||||||||
| Sl. No. | Particulars | 31.12.2020 | 30.09.2020 | 31.12.2019 | 31.12.2020 | 31.12.2019 | 31.03.2020 | |||||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | |||||||||||||||||||||
| 1 | Revenue from operations | |||||||||||||||||||||||||
| a) Net sales / income from operations | 47,109 | 47,766 | 42,607 | 138,119 | 120,213 | 163,574 | ||||||||||||||||||||
| b) License fees and service income | 2,187 | 1,201 | 1,231 | 4,319 | 10,069 | 11,026 | ||||||||||||||||||||
| c) Other operating income | 123 | 142 | 133 | 355 | 399 | 570 | ||||||||||||||||||||
| Total revenue from operations | 49,419 | 49,109 | 43,971 | 142,793 | 130,681 | 175,170 | ||||||||||||||||||||
| 2 | Other income | 705 | 512 | 673 | 2,088 | 5,470 | 6,206 | |||||||||||||||||||
| 3 | Total income (1 + 2) | 50,124 | 49,621 | 44,644 | 144,881 | 136,151 | 181,376 | |||||||||||||||||||
| 4 | Expenses | |||||||||||||||||||||||||
| a) Cost of materials consumed | 11,773 | 9,485 | 7,528 | 32,697 | 22,395 | 29,848 | ||||||||||||||||||||
| b) Purchase of stock-in-trade | 6,803 | 6,889 | 8,426 | 18,968 | 19,584 | 25,459 | ||||||||||||||||||||
| c) Changes in inventories of finished goods, work-in-progress and stock-in-trade | (2,199 | ) | (573 | ) | (1,801 | ) | (6,291 | ) | (1,746 | ) | 237 | |||||||||||||||
| d) Employee benefits expense | 9,157 | 9,488 | 8,377 | 27,369 | 25,247 | 33,802 | ||||||||||||||||||||
| e) Depreciation and amortisation expense | 3,112 | 3,165 | 2,869 | 9,200 | 8,890 | 11,631 | ||||||||||||||||||||
| f) Impairment of non-current assets | 5,972 | 781 | 13,200 | 6,753 | 16,760 | 16,767 | ||||||||||||||||||||
| g) Finance costs | 188 | 252 | 152 | 673 | 753 | 983 | ||||||||||||||||||||
| h) Selling and other expenses | 12,520 | 11,478 | 11,128 | 35,130 | 33,229 | 44,353 | ||||||||||||||||||||
| - | ||||||||||||||||||||||||||
| Total expenses | 47,326 | 40,965 | 49,879 | 124,499 | 125,112 | 163,080 | ||||||||||||||||||||
| 5 | Profit / (loss) before tax and before share of equity accounted investees(3 - 4) | 2,798 | 8,656 | (5,235 | ) | 20,382 | 11,039 | 18,296 | ||||||||||||||||||
| 6 | Share of profit of equity accounted investees, net of tax | 151 | 73 | 176 | 301 | 456 | 561 | |||||||||||||||||||
| 7 | Profit / (loss) before tax (5+6) | 2,949 | 8,729 | (5,059 | ) | 20,683 | 11,495 | 18,857 | ||||||||||||||||||
| 8 | Tax expense / (benefit): | |||||||||||||||||||||||||
| a) Current tax | 1,902 | 1,724 | 1,736 | 6,792 | 6,199 | 6,616 | ||||||||||||||||||||
| b) Deferred tax | 768 | (713 | ) | (1,411 | ) | (52 | ) | (7,153 | ) | (8,019 | ) | |||||||||||||||
| 9 | Net profit / (loss) after taxes and share of profit of associates (7 - 8) | 279 | 7,718 | (5,384 | ) | 13,943 | 12,449 | 20,260 | ||||||||||||||||||
| 10 | Other comprehensive income | |||||||||||||||||||||||||
| a) (i) Items that will not be reclassified subsequently to profit or loss | 2,803 | (26 | ) | (200 | ) | 2,984 | (86 | ) | (412 | ) | ||||||||||||||||
| (ii) Income tax relating to items that will not be reclassified to profit or loss | - | - | - | - | - | (22 | ) | |||||||||||||||||||
| b) (i) Items that will be reclassified subsequently to profit or loss | 930 | 258 | 606 | 1,919 | 563 | (448 | ) | |||||||||||||||||||
| (ii) Income tax relating to items that will be reclassified to profit or loss | (1 | ) | (138 | ) | 48 | (295 | ) | 136 | 232 | |||||||||||||||||
| Total other comprehensive income | 3,732 | 94 | 454 | 4,608 | 613 | (650 | ) | |||||||||||||||||||
| 11 | Total comprehensive income (9 + 10) | 4,011 | 7,812 | (4,930 | ) | 18,551 | 13,062 | 19,610 | ||||||||||||||||||
| 12 | Paid-up equity share capital (face value Rs. 5/- each) | 831 | 831 | 831 | 831 | 831 | 831 | |||||||||||||||||||
| 13 | Other equity | 155,157 | ||||||||||||||||||||||||
| 14 | Earnings per equity share (face value Rs. 5/- each) | |||||||||||||||||||||||||
| Basic | 1.68 | 46.54 | (32.48 | ) | 84.07 | 75.11 | 122.22 | |||||||||||||||||||
| Diluted | 1.67 | 46.40 | (32.48 | ) | 83.83 | 74.97 | 121.99 | |||||||||||||||||||
| (Not annualised) | (Not annualised) | (Not annualised) | (Not annualised) | (Not annualised) | ||||||||||||||||||||||
See accompanying notes to the financial results
DR. REDDY’S LABORATORIES LIMITED
| Segment Information | All amounts in Indian Rupees millions |
| Quarter ended | Nine months ended | Year ended | ||||||||||||||||||||||||
| Sl. No. | Particulars | 31.12.2020 | 30.09.2020 | 31.12.2019 | 31.12.2020 | 31.12.2019 | 31.03.2020 | |||||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | |||||||||||||||||||||
| Segment wise revenue and results: | ||||||||||||||||||||||||||
| 1 | Segment revenue : | |||||||||||||||||||||||||
| a) Pharmaceutical Services and Active Ingredients | 8,841 | 10,355 | 8,654 | 29,361 | 23,304 | 32,086 | ||||||||||||||||||||
| b) Global Generics | 40,778 | 39,882 | 35,956 | 115,752 | 101,804 | 138,264 | ||||||||||||||||||||
| c) Proprietary Products | 124 | 100 | 241 | 280 | 7,947 | 7,949 | ||||||||||||||||||||
| d) Others | 1,412 | 523 | 763 | 2,424 | 2,058 | 2,781 | ||||||||||||||||||||
| Total | 51,155 | 50,860 | 45,614 | 147,817 | 135,113 | 181,080 | ||||||||||||||||||||
| Less: Inter-segment revenue | 1,736 | 1,751 | 1,643 | 5,024 | 4,432 | 5,910 | ||||||||||||||||||||
| Total revenue from operations | 49,419 | 49,109 | 43,971 | 142,793 | 130,681 | 175,170 | ||||||||||||||||||||
| 2 | Segment results: | |||||||||||||||||||||||||
| Gross profit from each segment | ||||||||||||||||||||||||||
| a) Pharmaceutical Services and Active Ingredients | 1,776 | 2,292 | 2,079 | 6,927 | 4,169 | 6,219 | ||||||||||||||||||||
| b) Global Generics | 23,454 | 23,685 | 20,910 | 68,665 | 58,117 | 78,449 | ||||||||||||||||||||
| c) Proprietary Products | 100 | 88 | 246 | 244 | 7,751 | 7,744 | ||||||||||||||||||||
| d) Others | 1,211 | 352 | 492 | 1,880 | 1,184 | 1,626 | ||||||||||||||||||||
| Total | 26,541 | 26,417 | 23,727 | 77,716 | 71,221 | 94,038 | ||||||||||||||||||||
| Less: Selling and other un-allocable expenditure/(income), net | 23,592 | 17,688 | 28,786 | 57,033 | 59,726 | 75,181 | ||||||||||||||||||||
| Total profit before tax | 2,949 | 8,729 | (5,059 | ) | 20,683 | 11,495 | 18,857 | |||||||||||||||||||
Global Generics includes operations of Biologics business. Inter-segment revenue represents sale from Pharmaceutical Services and Active Ingredients to Global Generics at cost.
Segmental Capital employed
As certain assets of the Company including manufacturing facilities, development facilities and treasury assets and liabilities are often deployed interchangeably across segments, it is impractical to allocate these assets and liabilities to each segment. Hence, the details for capital employed have not been disclosed in the above table.
Notes:
| 1 | These results have been prepared in accordance with the Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013, read with the Companies (Indian Accounting Standards) Rules 2015 as amended. |
| 2 | During the quarter ended 31 December 2020, there were significant changes to the market conditions
for certain of the products forming part of Company’s Global Generics and Proprietary Products segments. The changes include
the launch by competitor of generic version of the product, decrease in the market potential of products primarily due to higher
than expected price erosion and increased competition, and higher than expected value erosion. Due to these adverse market developments,
the Company recorded an impairment loss of: - Rs. 3,180 million relating to Ethinyl estradiol / Ethenogestral vaginal ring (a generic equivalent to NuvaRing®); - Rs. 1,587 million relating to Saxagliptin and metformin (generic version of Kombiglyze-XR) and Phentermine and Topiramate (generic version of Qsymia®); and - Rs. 1,159 million relating to other intangible assets forming part of the Company’s Global Generics and Proprietary Products segments. In addition, an amount of Rs. 46 million was recorded as impairment loss pertaining to property, plant and equipment on write-down of assets to fair value less costs to sell forming part of Company’s Global generics segment. |
| 3 | During the quarter ended 31 December 2020, the Company entered into a definitive agreement with Glenmark Pharmaceuticals Ltd. to acquire, certain brands in various Emerging Market countries for a total consideration of Rs. 1,516 million. The said transaction was accounted for as an acquisition of product related intangibles. |
| 4 | Impairment expense of Rs. 781 million for the quarter ended 30 September 2020 comprises of: - Rs. 728 million pertaining to product related intangible forming part of Company’s Proprietary Segment due to decrease in the market potential for the product; - Rs. 53 million pertaining to certain product related intangibles forming part of Company’s Global generics Segment due to Company’s decision to discontinue their further development. |
| 5 | Tax expense for the quarter ended 30 September 2020 includes benefit on account of recognition of deferred tax asset amounting to Rs. 1,012 million pursuant to a planned restructuring activity between the Group companies. The said restructuring activity was concluded during the quarter ended 31 December 2020. |
| 6 | On 10 June 2020, the Company completed the acquisition of select divisions of Wockhardt Limited’s branded generics business in India and the territories of Nepal, Sri Lanka, Bhutan and Maldives. The business comprises a portfolio of 62 brands in multiple therapy areas, such as respiratory, neurology, venous malformations, dennatology, gastroenterology, pain, and vaccines. This entire portfolio has been transferred to the Company, along with related sales and marketing teams, the manufacturing plant located in Baddi, Himachal Pradesh, and employees. During the quarter ended 30 September 2020, the Company completed the purchase price allocation. The fair value of consideration transferred is Rs.16,115 million. The Company recognised Rs. 373 million, Rs. 14,888 million and Rs. 530 million towards property, plant and equipment, intangible assets, and goodwill, respectively. The acquisition pertains to Company’s Global Generics segment. |
| 7 | “Revenue from operations” for the year ended 31 March 2020 includes an amount of Rs. 7,486 million (U.S.$108.7 million) towards license fee for selling US and select territory rights for ZEMBRACE® SYMTOUCH® (sumatriptan injection) 3 mg and TOSYMRA® (sumatriptan nasal spray) 10 mg, (formerly referred to as “DFN-02”) to Upsher-Smith Laboratories, LLC. The costs associated with this transaction are Rs. 328 million. |
| 8 | “Other income” for the year ended 31 March 2020 includes an amount of Rs. 3,457 million received from Celgene, pursuant to a settlement agreement entered in April 2019. The agreement effectively settles any claim the Company or its affiliates may have had for damages under section 8 of the Canadian Patented Medicines (Notice of Compliance) Regulations in regard to the Company’s ANDS for a generic version of REVLIMID brand capsules, (Lenalidomide) pending before Health Canada. |
DR. REDDY’S LABORATORIES LIMITED
| 9 | Total impairment charge for the year ended 31 March 2020 is Rs. 16,767 million, of which Rs. 11,137 million was towards impairment of gNuvaring, Rs. 4,385 million was towards ramelteon, tobramycin and imiquimod, and the balance is towards other product related intangibles forming part of Company’s Global generics and Proprietary Products segments. |
| 10 | Tax benefit for the year ended 31 March 2020 was primarily due to recognition of deferred tax asset
of: - Rs. 4,989 million towards MAT recoverable pursuant to enactment of Taxation Laws (Amendment) Act, 2019; - Rs. 1,264 million pursuant to a planned restructuring activity between the group Companies. |
| 11 | The Code on Social Security, 2020 (‘Code’) received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the related final rules have not yet been issued and the date on which the Code will come into effect has not been notified. The Company will assess the impact of the Code and the rules thereunder when they come into effect. |
| 12 | On 22 October 2020, the Company experienced a cybersecurity incident related to ransomware. The Company could contain the incident in a timely fashion and has also ensured that all traces of the infection are completely cleaned from the network. All affected systems were restored and brought back to normalcy in the order of priority. Based on our forensic investigation, no evidence was found of any data breaches leading to personally identifiable information. Since then, the Company has also been focused on implementing significant improvements to its cyber and data security systems to safeguard from such risks in the future. |
| 13 | The Company continues to consider the impact of COVID-19 pandemic in assessing the recoverability of receivables, goodwill, intangible assets, and certain investments. For this purpose, the Company considered internal and external sources of information up to the date of approval of these financial results. The Company based on its judgements, estimates and assumptions including sensitivity analysis expects to fully recover the carrying amount of receivables, goodwill, intangible assets, investments and other assets.The Company will continue to closely monitor any material changes to future economic conditions. |
| 14 | The unaudited results were reviewed by the Audit Committee of the Board at their meeting held on 28 January 2021 and approved by the Board of Directors of the Company at their meeting held on 29 January 2021. |
| 15 | The results for the quarter and nine months ended 31 December 2020 were subject to a “Limited Review” by the Statutory Auditors of the Company. An unqualified report has been issued by them thereon. |
By order of the Board
For Dr. Reddy’s Laboratories Limited
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| Place: Hyderabad | G V Prasad |
| Date: 29 January 2021 | Co-Chairman & Managing Director |
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Exhibit 99.4
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S.R. Batliboi & Associates LLP Chartered Accountants |
THE SKYVIEW 10 18th Floor, “NORTH LOBBY” Survey No. 83/1, Raidurgam Hyderabad - 500 032, India Tel : +91 40 6141 6000 |
Independent Auditor’s Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
Review Report to
The Board of Directors
Dr. Reddy’s Laboratories Limited
| 1. | We have reviewed the accompanying statement of unaudited standalone financial results of Dr. Reddy’s Laboratories Limited (the “Company”) for the quarter ended December 31, 2020 and year to date from April 01, 2020 to December 31, 2020 (the “Statement”) attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”). |
| 2. | This Statement, which is the responsibility of the Company’s Management and approved by the Company’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) “Interim Financial Reporting” prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. |
| 3. | We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. |
| 4. | Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards (‘Ind AS’) specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. |
For S.R. BATLIBOI & ASSOCIATES LLP
Chartered Accountants
ICAI Firm registration number: 101049W/E300004
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per Navneet Rai Kabra Partner Membership No.: 102328
UDIN: 21102328AAAAAV6613
Place: Hyderabad Date: January 29, 2021 |
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S.R. Batliboi & Associates LLP, a Limited Liability Partnership with LLP Identity No. AAB-4295
Regd. Office: 22, Camac Street, Block ‘B’, 3rd Floor, Kolkata 700 016
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Dr. Reddy’s Laboratories Ltd. 8-2-337, Road No. 3, Banjara Hills, Hyderabad - 500 034, Telangana, India. CIN : L85195TG1984PLC004507
Tel :+91 40 4900 2900 Fax :+91 40 4900 2999 Email :mail@drreddys.com www.drreddys.com |
DR. REDDY’S LABORATORIES LIMITED
STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31 DECEMBER 2020
| All amounts in Indian Rupees millions | ||||||||||||||||||||||||||
| Sl. | Quarter ended | Nine months ended | Year ended | |||||||||||||||||||||||
| No. | Particulars | 31.12.2020 | 30.09.2020 | 31.12.2019 | 31.12.2020 | 31.12.2019 | 31.03.2020 | |||||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | |||||||||||||||||||||
| 1 | Revenue from operations | |||||||||||||||||||||||||
| a) Net sales / income from operations | 33,818 | 33,233 | 29,864 | 99,315 | 81,730 | 109,925 | ||||||||||||||||||||
| b) License fees and service income | 157 | 103 | 458 | 364 | 7,921 | 8,105 | ||||||||||||||||||||
| c) Other operating income | 107 | 122 | 118 | 305 | 336 | 474 | ||||||||||||||||||||
| Total revenue from operations | 34,082 | 33,458 | 30,440 | 99,984 | 89,987 | 118,504 | ||||||||||||||||||||
| 2 | Other income | 628 | 266 | 693 | 7,195 | 6,158 | 7,432 | |||||||||||||||||||
| Total income (1 + 2) | 34,710 | 33,724 | 31,133 | 107,179 | 96,145 | 125,936 | ||||||||||||||||||||
| 3 | Expenses | |||||||||||||||||||||||||
| a) Cost of materials consumed | 8,453 | 8,165 | 6,730 | 24,500 | 19,022 | 25,565 | ||||||||||||||||||||
| b) Purchase of stock-in-trade | 3,211 | 3,043 | 3,461 | 9,257 | 8,911 | 11,172 | ||||||||||||||||||||
| c) Changes in inventories of finished goods, work-in-progress and stock-in-trade | (877 | ) | (1,358 | ) | (1,001 | ) | (4,164 | ) | (1,671 | ) | (999 | ) | ||||||||||||||
| d) Employee benefits expense | 5,715 | 6,080 | 5,112 | 17,245 | 15,136 | 20,302 | ||||||||||||||||||||
| e) Depreciation and amortisation expense | 2,124 | 2,142 | 1,958 | 6,243 | 5,969 | 7,892 | ||||||||||||||||||||
| f) Finance costs | 65 | 93 | 117 | 298 | 360 | 478 | ||||||||||||||||||||
| g) Selling and other expenses | 9,840 | 9,362 | 8,581 | 27,807 | 25,101 | 33,768 | ||||||||||||||||||||
| Total expenses | 28,531 | 27,527 | 24,958 | 81,186 | 72,828 | 98,178 | ||||||||||||||||||||
| 4 | Profit before tax (1 + 2 - 3) | 6,179 | 6,197 | 6,175 | 25,993 | 23,317 | 27,758 | |||||||||||||||||||
| 5 | Tax expense / (benefit) | |||||||||||||||||||||||||
| a) Current tax | 1,108 | 1,114 | 1,092 | 4,613 | 4,149 | 4,839 | ||||||||||||||||||||
| b) Deferred tax | 634 | 273 | (134 | ) | 2,631 | (5,181 | ) | (6,458 | ) | |||||||||||||||||
| 6 | Net profit for the period / year (4 - 5) | 4,437 | 4,810 | 5,217 | 18,749 | 24,349 | 29,377 | |||||||||||||||||||
| 7 | Other comprehensive income | |||||||||||||||||||||||||
| a) (i) Items that will not be reclassified to profit or loss | 6 | - | 4 | 5 | 3 | 88 | ||||||||||||||||||||
| (ii) Income tax relating to items that will not be reclassified to profit or loss | - | - | - | - | - | (33 | ) | |||||||||||||||||||
| b) (i) Items that will be reclassified to profit or loss | 136 | 420 | (33 | ) | 916 | (286 | ) | (750 | ) | |||||||||||||||||
| (ii) Income tax relating to items that will be reclassified to profit or loss | (33 | ) | (157 | ) | 12 | (318 | ) | 98 | 259 | |||||||||||||||||
| Total other comprehensive income | 109 | 263 | (17 | ) | 603 | (185 | ) | (436 | ) | |||||||||||||||||
| 8 | Total comprehensive income (6 + 7) | 4,546 | 5,073 | 5,200 | 19,352 | 24,164 | 28,941 | |||||||||||||||||||
| 9 | Paid-up equity share capital (face value Rs. 5/- each) | 831 | 831 | 831 | 831 | 831 | 831 | |||||||||||||||||||
| 10 | Other equity | 151,088 | ||||||||||||||||||||||||
| 11 | Earnings per equity share (face value Rs. 5/- each) | |||||||||||||||||||||||||
| Basic | 26.74 | 29.00 | 31.47 | 113.05 | 146.89 | 177.23 | ||||||||||||||||||||
| Diluted | 26.66 | 28.92 | 31.42 | 112.73 | 146.62 | 176.88 | ||||||||||||||||||||
| (Not annualised) | (Not annualised) | (Not annualised) | (Not annualised) | (Not annualised) | ||||||||||||||||||||||
See accompanying notes to the financial results.
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DR. REDDY’S LABORATORIES LIMITED
| Segment information | All amounts in Indian Rupees millions | |||||||||||||||||||||||||
| Quarter ended | Nine months ended | Year ended | ||||||||||||||||||||||||
| Sl. | Particulars | 31.12.2020 | 30.09.2020 | 31.12.2019 | 31.12.2020 | 31.12.2019 | 31.03.2020 | |||||||||||||||||||
| No. | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||||||||||||||||||||
| Segment wise revenue and results | ||||||||||||||||||||||||||
| 1 | Segment revenue | |||||||||||||||||||||||||
| a) Pharmaceutical Services and Active Ingredients | 7,763 | 7,996 | 7,106 | 24,465 | 19,623 | 26,996 | ||||||||||||||||||||
| b) Global Generics | 27,970 | 27,112 | 24,680 | 80,323 | 67,168 | 89,774 | ||||||||||||||||||||
| c) Proprietary Products | 85 | 101 | 296 | 220 | 7,628 | 7,644 | ||||||||||||||||||||
| Total | 35,818 | 35,209 | 32,082 | 105,008 | 94,419 | 124,414 | ||||||||||||||||||||
| Less: Inter-segment revenue | 1,736 | 1,751 | 1,642 | 5,024 | 4,432 | 5,910 | ||||||||||||||||||||
| Total revenue from operations | 34,082 | 33,458 | 30,440 | 99,984 | 89,987 | 118,504 | ||||||||||||||||||||
| 2 | Segment results | |||||||||||||||||||||||||
| Profit / (loss) before tax and interest from each segment | ||||||||||||||||||||||||||
| a) Pharmaceutical Services and Active Ingredients | 428 | 145 | 957 | 6,259 | 1,027 | 1,465 | ||||||||||||||||||||
| b) Global Generics | 6,447 | 5,674 | 6,193 | 20,363 | 17,913 | 22,116 | ||||||||||||||||||||
| c) Proprietary Products | (220 | ) | (281 | ) | 92 | (675 | ) | 6,622 | 6,525 | |||||||||||||||||
| Total | 6,655 | 5,538 | 7,242 | 25,947 | 25,562 | 30,106 | ||||||||||||||||||||
| Less: (i) Finance costs | 65 | 93 | 117 | 298 | 360 | 478 | ||||||||||||||||||||
| (ii) Other un-allocable expenditure / (income), net | 411 | (752 | ) | 950 | (344 | ) | 1,885 | 1,870 | ||||||||||||||||||
| Total profit before tax | 6,179 | 6,197 | 6,175 | 25,993 | 23,317 | 27,758 | ||||||||||||||||||||
Global Generics includes operations of Biologics business. Inter-segment revenue represents sale from Pharmaceutical Services and Active Ingredients to Global Generics at cost.
Segmental capital employed
As certain assets of the Company including manufacturing facilities, development facilities and treasury assets and liabilities are often deployed interchangeably across segments, it is impractical to allocate these assets and liabilities to each segment. Hence, the details for capital employed have not been disclosed in the above table.
Notes:
| 1 | These results have been prepared in accordance with the Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013, read with the Companies (Indian Accounting Standards) Rules 2015 as amended. |
| 2 | During the three months ended 31 December, 2020 there were significant changes to the market conditions for certain products forming part of Company’s Global Generics segments. The changes include decrease in the market potential of products primarily due to higher than expected price erosion, increased competition and higher than expected value erosion. Due to these adverse market developments, the Company recorded an impairment loss of Rs.97 million for the quarter ended 31 December, 2020 |
Consequent to the company’s decision to discontinue the development of certain product related intangibles in the Company’s Global Generics segment, an amount of Rs.53 million is recognised as impairment charge for the quarter ended 30 September, 2020
| 3 | During the three months ended 31 December, 2020, the Company entered into a definitive agreement with Glenmark Pharmaceuticals Ltd. to acquire certain brands in various Emerging Market countries for a total consideration of Rs. 1,516 million. The said transaction was accounted for as an acquisition of product related intangibles. |
| 4 | On 10 June 2020, the Company completed the acquisition of select divisions of Wockhardt Limited’s branded generics business in India and the territories of Nepal, Sri Lanka, Bhutan and Maldives. The business comprises a portfolio of 62 brands in multiple therapy areas, such as respiratory, neurology, venous malformations, dennatology, gastroenterology, pain, and vaccines. This entire portfolio has been transferred to the Company, along with related sales and marketing teams, the manufacturing plant located in Baddi, Himachal Pradesh, and employees. During the quarter ended 30 September 2020, the Company completed the purchase price allocation. The fair value of consideration transferred is Rs.16,115 million. The Company recognised Rs. 373 million, Rs. 14,888 million and Rs. 530 million towards property, plant and equipment, intangible assets, and goodwill, respectively. The acquisition pertains to Company’s Global Generics segment. |
| 5 | “Revenue from operations” for the year ended 31 March 2020 includes an amount of Rs. 7,486 million (U.S.$108.7 million), respectively, towards license fee for selling US and select territory rights for ZEMBRACE® SYMTOUCH® (sumatriptan injection) 3 mg and TOSYMRA® (sumatriptan nasal spray) 10 mg, (formerly referred to as “DFN-02”) to Upsher-Smith Laboratories, LLC. The costs associated with this transaction are Rs. 328 million. |
| 6 | “Other income” for the year ended 31 March 2020 includes an amount of Rs. 3,457 million received from Celgene, pursuant to a settlement agreement entered in April 2019. The agreement effectively settles any claim the Company or its affiliates may have had for damages under section 8 of the Canadian Patented Medicines (Notice of Compliance) Regulations in regard to the Company’s ANDS for a generic version of REVLIMID brand capsules, (Lenalidomide) pending before Health Canada. |
| 7 | During the quarter ended 30 September 2019, the Government of India promulgated the Taxation Laws (Amendment) Ordinance 2019 (enacted into Taxation laws (Amendment) Act 2019), announcing key changes to corporate tax rates in the Income-tax Act, 1961. The key changes include, among others, reduction of MAT rate from 21.55% to 17.47% (including surcharge and cess). As a result of this, the Company reassessed the MAT recoverability and recognised an amount of Rs. 4,989 million as deferred tax asset during the quarter ended 30 September 2019. |
During the quarter ended 31 March 2020, the Company recognised deferred tax benefit of Rs. 1,264 million pursuant to a plan for restructuring of the Company’s pharmaceutical services in India.
| 8 | The Code on Social Security, 2020 (‘Code’) received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the related final rules have not yet been issued and the date on which the Code will come into effect has not been notified. The Company will assess the impact of the Code and the rules thereunder when they come into effect. |
| 9 | On 22 October 2020, the Company experienced a cybersecurity incident related to ransomware. The company could contain the incident in a timely fashion and has also ensured that all traces of the infection are completely cleaned from the network. All affected systems were restored and brought back to normalcy in the order of priority. Based on our forensic investigation, no evidence was found of any data breaches leading to personally identifiable information. Since then, the Company has also been focused on implementing significant improvements to its cyber and data security systems to safeguard from such risks in the future. |
| 10 | The Company continues to consider the impact of COVID-19 pandemic in assessing the recoverability of receivables, goodwill, intangible assets, and certain investments. For this purpose, the Company considered internal and external sources of information up to the date of approval of these financial results. The Company based on its judgements, estimates and assumptions including sensitivity analysis expects to fully recover the carrying amount of receivables, goodwill, intangible assets, investments and other assets. The Company will continue to closely monitor any material changes to future economic conditions. |
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DR. REDDY’S LABORATORIES LIMITED
| 11 | The unaudited results were reviewed by the Audit Committee of the Board at their meeting held on 28 January 2021 and approved by the Board of Directors of the Company at their meeting held on 29 January 2021. |
| 12 | The results for the quarter and nine months ended 31 December 2020 presented were subjected to a “Limited review” by the Statutory Auditors of the Company. An unqualified report was issued by them thereon. |
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Place: Hyderabad Date: 29 January 2021 |
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By order of the Board For Dr. Reddy’s Laboratories Limited
G V Prasad Co-Chairman & Managing Director |
