Company Update Dr. Reddy's Lab - Myiris.com - Personal finance ...

Quarterly break-up
Sun Pharma Confluence: Pharma; Pre-conference note
Rs mn Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 YoY (%) QoQ (%) YTD12 YTD11 YoY (%)
Revenue 13,701 16,011 14,633 16,357 18,946 38 16 35,303 27,351 29
Expenditure 9,030 11,605 10,197 10,883 11,106 23 2 21,988 16,521 33
as % of sales 65.9 72.5 69.7 66.5 58.6 62.3 60.4
Consumption of RM 3,794 4,324 3,132 4,071 3,639 -4 -11 7,709 7,151 8
as % of sales 27.7 27.0 21.4 24.9 19.2 21.8 26.1
Employee Cost 1,456 2,754 2,540 2,786 2,727 87 -2 5,513 2,702 104
as % of sales 10.6 17.2 17.4 17.0 14.4 15.6 9.9
Other expenditure 3,780 4,528 4,525 4,026 4,740 25 18 8,766 6,668 31
as % of sales 27.6 28.3 30.9 24.6 25.0 24.8 24.4
EBITDA 4,670 4,405 4,436 5,474 7,840 68 43 13,315 10,830 23
Depreciation 352 805 482 647 668 90 3 1,315 754 74
EBIT 4,319 3,601 3,954 4,827 7,173 66 49 12,000 10,076 19
Other Income 924 580 1,108 969 463 -50 -52 1,431 1,039 38
Non-recurring income 0 0 0 0 720 - - 0 0
PBT 5,242 4,181 5,062 5,796 7,635 46 32 13,431 11,115 21
Total Tax 172 545 22 143 1,281 644 798 1,424 269 429
Adjusted PAT 5,070 3,636 5,039 5,653 6,354 25 12 12,007 10,846 11
Minority Interest 33.7 134.4 612 643 1097 - - 1740 167 943
APAT after MI 5,037 3,502 4,427 5,010 5,257 4 5 10,267 10,679 -4
Extra ordinary items 0 0 0 0 0 - - 0 0 -
Reported PAT 5,037 3,502 4,427 5,010 5,977 19 19 10,987 10,679 3
Reported EPS 4.9 3.4 4.3 4.8 5.8 19 19 10.6 10.3 3
Margins (%) (bps) (bps) (bps)
EBIDTA 34.1 27.5 30.3 33.5 41.4 729 791 37.7 39.6 (188)
EBIT 31.5 22.5 27.0 29.5 37.9 634 835 34.0 36.8 (285)
EBT 38.3 26.1 34.6 35.4 40.3 204 487 38.0 40.6 (259)
PAT 36.8 21.9 30.3 30.6 31.5 (521) 92 29.1 39.0 (996)
Effective Tax rate 3.3 13.0 0.4 2.5 16.8 1,349 1,432 10.6 2.4 818
Quarterly Revenue Break-up
Rs mn Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Gr. YoY Gr. QoQ
Domestic 6105 6403 5887 6385 7046 15 10
US 4511 4833 4795 6220 7991 77 28
FTF 1688 0 0 0 0 - -
Caraco 1372 1829 1575 2303 3086 125 34
Taro - US 1452 3004 3220 3916 4905 238 25
RoW 1388 3828 2966 2521 2567 85 2
Taro - RoW 363 1617 1734 1230 1305 260 6
Sun – RoW * 1025 2211 1232 1291 1262 23 -2
Formulations 12004 15064 13648 15126 17604 47 16
API 1491 1157 1167 1476 1603 8 9
Others 33 4 29 2 4 -87 106
Total Sales 13527 16225 14844 16604 19211 42 16
* We have assumed Taro’s RoW sales at US$29mn and then calculated Taro’s & Caraco’s US sales.
Emkay Research 16 November 2011 42