Dr Reddy's Laboratories Ltd

Dr Reddy's Laboratories Ltd

₹ 6,336 1.56%
04 Mar 4:01 p.m.
About

Dr. Reddy's Laboratories Ltd is a leading India-based pharamceutical company which offers a portfolio of products and services, including Active Pharmaceutical Ingredients (APIs), Custom Pharmaceutical services (CPS), generics, biosimilars and differentiated formulations.

Key Points

Global Generics Segment (~83% of revenues in FY22)
Co. offers 400+ high-quality generic drugs, keeping costs reasonable by leveraging its integrated operations. The company benefits from its expertise in active ingredients, product development skills, a keen understanding of regulations and intellectual property rights & streamlined supply chain. [1]
Top revenue contributors of the segment are nervous system drugs (14%), gastrointestinal (13%) & anti-infective (10%) [2]
In FY22, co. filed 7 new ANDA’s with US FDA [3]

  • Market Cap 1,05,656 Cr.
  • Current Price 6,336
  • High / Low 6,506 / 4,309
  • Stock P/E 20.2
  • Book Value 1,528
  • Dividend Yield 0.63 %
  • ROCE 26.7 %
  • ROE 21.6 %
  • Face Value 5.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 38.8% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 19.7%

Cons

  • The company has delivered a poor sales growth of 11.6% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
4,942 4,768 4,945 5,787 5,338 5,475 5,233 6,332 6,790 6,315 6,758 6,903 7,237
4,403 3,715 4,211 4,427 4,123 5,024 4,292 4,433 4,851 4,781 4,696 4,894 5,214
Operating Profit 539 1,053 734 1,360 1,216 451 941 1,899 1,939 1,534 2,062 2,008 2,023
OPM % 11% 22% 15% 24% 23% 8% 18% 30% 29% 24% 31% 29% 28%
86 100 124 230 74 132 863 55 65 146 178 319 219
Interest 19 30 19 23 22 32 35 31 42 35 37 35 39
Depreciation 311 309 284 294 294 293 302 309 324 316 353 376 374
Profit before tax 295 815 556 1,272 974 259 1,468 1,614 1,638 1,329 1,850 1,917 1,829
Tax % 91% 32% 32% 22% 27% 63% 19% 31% 24% 28% 24% 23% 24%
28 557 380 996 709 97 1,189 1,114 1,244 960 1,405 1,482 1,381
EPS in Rs 1.68 33.51 22.87 59.84 42.62 5.83 71.44 66.93 74.70 57.65 84.36 88.87 82.78
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
9,814 11,833 13,415 15,023 15,568 14,196 14,281 15,448 17,517 19,048 21,545 24,670 27,212
7,371 9,164 10,164 11,515 11,983 11,724 11,930 12,270 15,040 15,173 17,778 18,200 19,585
Operating Profit 2,444 2,669 3,251 3,508 3,585 2,472 2,351 3,178 2,477 3,874 3,768 6,470 7,627
OPM % 25% 23% 24% 23% 23% 17% 16% 21% 14% 20% 17% 26% 28%
-7 146 170 260 295 172 155 381 670 335 555 971 862
Interest 114 100 127 108 83 63 79 89 98 97 96 143 147
Depreciation 518 550 648 760 939 1,027 1,077 1,135 1,163 1,229 1,165 1,250 1,418
Profit before tax 1,804 2,165 2,646 2,900 2,859 1,554 1,350 2,336 1,886 2,884 3,061 6,048 6,925
Tax % 28% 29% 26% 19% 26% 19% 32% 17% -7% 32% 29% 25%
1,301 1,527 1,963 2,336 2,131 1,292 947 1,950 2,026 1,952 2,182 4,507 5,228
EPS in Rs 76.72 89.90 115.41 137.13 124.88 77.96 57.07 117.42 121.92 117.35 131.14 270.66 313.66
Dividend Payout % 18% 17% 16% 15% 16% 26% 35% 17% 21% 21% 23% 15%
Compounded Sales Growth
10 Years: 8%
5 Years: 12%
3 Years: 12%
TTM: 14%
Compounded Profit Growth
10 Years: 12%
5 Years: 39%
3 Years: 31%
TTM: 43%
Stock Price CAGR
10 Years: 9%
5 Years: 19%
3 Years: 12%
1 Year: 43%
Return on Equity
10 Years: 15%
5 Years: 15%
3 Years: 15%
Last Year: 22%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 85 85 85 85 85 83 83 83 83 83 83 83 83
Reserves 4,904 6,284 7,780 9,768 12,484 12,179 12,489 13,941 15,516 17,558 19,129 23,203 25,413
3,234 3,682 4,477 4,314 3,352 4,918 5,071 3,838 2,210 3,031 3,384 1,347 1,323
3,082 3,329 3,563 4,290 4,408 4,474 4,706 4,557 5,414 5,915 7,149 7,576 7,990
Total Liabilities 11,305 13,380 15,906 18,457 20,330 21,654 22,349 22,418 23,223 26,588 29,746 32,209 34,809
3,412 4,051 4,641 5,377 6,563 6,931 6,968 7,191 6,850 8,206 8,122 9,219 10,090
CWIP 708 565 639 529 772 3,324 3,470 2,934 1,535 1,565 1,293 1,030 1,151
Investments 208 197 1,067 2,248 3,833 2,110 2,298 2,587 2,678 2,212 2,616 4,986 4,457
6,977 8,567 9,559 10,303 9,162 9,290 9,612 9,707 12,160 14,605 17,715 16,974 19,111
Total Assets 11,305 13,380 15,906 18,457 20,330 21,654 22,349 22,418 23,223 26,588 29,746 32,209 34,809

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
1,613 1,378 1,970 2,524 3,263 2,144 1,803 2,870 2,984 3,570 2,811 5,888
-971 -1,437 -1,604 -2,370 -1,610 -1,890 -1,483 -769 -495 -2,255 -2,565 -4,109
389 -157 -24 -433 -1,700 -369 -444 -2,133 -2,516 -30 -242 -2,686
Net Cash Flow 1,031 -216 342 -280 -47 -114 -124 -31 -27 1,286 3 -907

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 94 98 90 100 97 98 104 94 105 95 113 107
Inventory Days 282 229 271 248 248 282 263 273 230 273 250 232
Days Payable 110 102 100 84 88 104 121 111 100 109 111 108
Cash Conversion Cycle 267 225 261 264 257 275 246 256 235 259 252 231
Working Capital Days 81 79 88 79 87 98 104 93 93 103 108 102
ROCE % 28% 25% 25% 22% 19% 9% 8% 13% 11% 16% 14% 27%

Shareholding Pattern

Numbers in percentages

1 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
26.74% 26.73% 26.72% 26.72% 26.72% 26.71% 26.71% 26.69% 26.69% 26.69% 26.66% 26.65%
29.03% 29.04% 27.76% 27.42% 25.16% 25.87% 26.26% 27.29% 27.25% 26.99% 28.19% 28.62%
14.90% 15.74% 21.40% 22.29% 24.78% 25.18% 24.69% 23.38% 23.05% 21.99% 21.04% 18.65%
28.99% 28.17% 23.83% 23.29% 23.07% 21.96% 22.06% 22.36% 22.78% 24.11% 23.93% 25.89%
0.35% 0.32% 0.29% 0.28% 0.28% 0.28% 0.27% 0.25% 0.22% 0.21% 0.18% 0.18%
No. of Shareholders 2,21,1072,23,3092,55,7202,42,3762,63,8032,55,3002,59,2712,46,7882,32,7152,46,7692,43,4452,57,794

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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