Dr Reddy's Laboratories Ltd

About [ edit ]

Dr Reddys Laboratories is a leading India-based pharmaceutical company headquartered and having its registered offi ce in Hyderabad, Telangana, India. Through its three businesses - Pharmaceutical Services and Active Ingredients, Global Generics and Proprietary Products. The Company offers a portfolio of products and services, including Active Pharmaceutical Ingredients (APIs), Custom Pharmaceutical Services (CPS), generics, biosimilars and diff erentiated formulations.

  • Market Cap 86,424 Cr.
  • Current Price 5,197
  • High / Low 5,515 / 3,613
  • Stock P/E 44.3
  • Book Value 1,061
  • Dividend Yield 0.48 %
  • ROCE 15.5 %
  • ROE 11.7 %
  • Face Value 5.00

Pros

  • Company has been maintaining a healthy dividend payout of 19.62%

Cons

  • Stock is trading at 4.90 times its book value
  • The company has delivered a poor sales growth of 4.12% over past five years.
  • Company has a low return on equity of 12.99% for last 3 years.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
3,736 3,818 3,865 4,030 3,858 4,813 4,397 4,449 4,426 4,911 4,942 4,768
2,968 3,058 3,060 3,211 3,116 3,749 4,686 3,500 3,305 3,755 4,403 3,715
Operating Profit 769 759 805 819 742 1,064 -289 949 1,121 1,156 539 1,053
OPM % 21% 20% 21% 20% 19% 22% -7% 21% 25% 24% 11% 22%
Other Income 59 139 111 99 446 66 85 84 95 58 86 100
Interest 20 21 24 24 30 30 15 23 23 25 19 30
Depreciation 279 279 290 287 289 313 287 274 292 316 311 309
Profit before tax 529 599 601 606 869 786 -506 736 900 873 295 815
Tax % 10% 13% 17% 25% 22% -41% -6% -6% 34% 12% 91% 32%
Net Profit 476 518 500 455 676 1,107 -538 781 595 772 28 557
EPS in Rs 28.69 31.21 30.13 27.42 40.73 66.62 -32.40 47.01 35.77 46.42 1.68 33.51

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
7,031 7,435 9,814 11,833 13,415 15,023 15,568 14,196 14,281 15,448 17,517 19,048
5,602 5,874 7,390 9,167 10,164 11,530 11,983 11,724 11,930 12,270 15,040 15,178
Operating Profit 1,429 1,561 2,425 2,665 3,251 3,494 3,585 2,472 2,351 3,178 2,477 3,870
OPM % 20% 21% 25% 23% 24% 23% 23% 17% 16% 21% 14% 20%
Other Income -359 52 12 150 170 274 295 172 155 381 670 339
Interest 38 32 114 100 127 108 83 63 79 89 98 97
Depreciation 413 398 518 550 648 760 939 1,027 1,077 1,135 1,163 1,229
Profit before tax 618 1,183 1,804 2,165 2,646 2,900 2,859 1,554 1,350 2,336 1,886 2,884
Tax % 43% 16% 28% 29% 26% 19% 26% 19% 32% 17% -7% 32%
Net Profit 352 999 1,301 1,527 1,963 2,336 2,131 1,292 947 1,950 2,026 1,952
EPS in Rs 20.82 59.02 76.72 89.90 115.41 137.13 124.88 77.96 57.07 117.42 121.92 117.35
Dividend Payout % 54% 19% 18% 17% 16% 15% 16% 26% 35% 17% 21% 21%
Compounded Sales Growth
10 Years:10%
5 Years:4%
3 Years:10%
TTM:9%
Compounded Profit Growth
10 Years:7%
5 Years:-1%
3 Years:30%
TTM:-4%
Stock Price CAGR
10 Years:13%
5 Years:11%
3 Years:38%
1 Year:39%
Return on Equity
10 Years:16%
5 Years:11%
3 Years:13%
Last Year:12%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
84 85 85 85 85 85 85 83 83 83 83 83
Reserves 3,692 3,947 4,904 6,284 7,780 9,768 12,484 12,179 12,489 13,994 15,616 17,558
Borrowings 1,484 2,371 3,234 3,682 4,477 4,314 3,352 4,918 5,071 3,838 2,210 2,944
2,032 2,461 3,082 3,329 3,563 4,290 4,408 4,474 4,706 4,503 5,314 6,031
Total Liabilities 7,293 8,863 11,305 13,380 15,906 18,457 20,330 21,654 22,349 22,418 23,223 26,617
2,352 3,386 3,412 4,051 4,641 5,377 6,563 6,931 6,968 7,191 6,850 8,817
CWIP 762 575 708 565 639 529 772 3,324 3,470 2,934 1,535 954
Investments 358 1 208 197 1,067 2,248 3,833 2,110 2,298 2,587 2,678 2,808
3,820 4,902 6,977 8,567 9,559 10,303 9,162 9,290 9,612 9,707 12,160 14,038
Total Assets 7,293 8,863 11,305 13,380 15,906 18,457 20,330 21,654 22,349 22,418 23,223 26,617

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
1,315 755 1,613 1,378 1,970 2,524 3,263 2,144 1,803 2,870 2,984 3,570
-686 -885 -971 -1,437 -1,604 -2,370 -1,610 -1,890 -1,483 -769 -495 -2,266
-532 44 389 -157 -24 -433 -1,700 -369 -444 -2,133 -2,516 -30
Net Cash Flow 98 -85 1,031 -216 342 -280 -47 -114 -124 -31 -27 1,274

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
ROCE % 21% 20% 28% 25% 25% 22% 19% 9% 8% 13% 11% 15%
Debtor Days 60 86 94 98 90 100 97 98 104 94 105 95
Inventory Turnover 1.65 1.51 1.55 1.84 1.56 1.65 1.59 1.49 1.52 1.54 1.71 1.51

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
26.79 26.77 26.77 26.77 26.76 26.76 26.76 26.75 26.74 26.74 26.73 26.74
27.16 26.82 29.69 30.93 30.73 30.05 30.04 30.15 29.33 29.58 29.13 29.03
17.11 17.84 15.98 14.53 13.77 14.99 15.10 14.35 14.64 13.92 14.73 14.90
28.95 28.57 27.43 27.64 28.50 27.97 27.87 28.51 29.06 29.53 29.19 28.99
0.00 0.00 0.12 0.13 0.24 0.24 0.24 0.24 0.22 0.23 0.22 0.35

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