SEC Info - Dr Reddys Laboratories Ltd - ‘6-K’ for 7/31/15

SEC Info℠

Home

Help

Please Sign In

Dr Reddys Laboratories Ltd – ‘6-K’ for 7/31/15 – EX-99.2

On: Friday, 7/31/15, at 11:23am ET · For: 7/31/15 · Accession #: 1193125-15-272320 · File #: 1-15182

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 7/31/15  Dr Reddys Laboratories Ltd        6-K         7/31/15    4:352K                                   RR Donnelley/FA

Report of a Foreign Private Issuer — Form 6-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 6-K         Report of a Foreign Private Issuer                  HTML     12K 
 2: EX-99.1     Miscellaneous Exhibit                               HTML     76K 
 3: EX-99.2     Miscellaneous Exhibit                               HTML     63K 
 4: EX-99.3     Miscellaneous Exhibit                               HTML     72K

EX-99.2 — Miscellaneous Exhibit

This exhibit is an HTML Document rendered as filed. [ Alternative Formats ]

EX-99.2

Exhibit 99.2

Review report

To the Board of Directors of Dr. Reddy’s Laboratories Limited

We have reviewed the accompanying statement of unaudited financial results (‘the Statement’) of Dr. Reddy’s Laboratories Limited (“the Company”) for the quarter ended 30 June 2015, except for the disclosures regarding ‘Public shareholding’ and ‘Promoter and Promoter Group Shareholding’ which have been traced from disclosures made by the Management and have not been reviewed by us. This statement is the responsibility of the Company’s Management and has been approved by the Board of Directors in their meeting held on 30 July 2015. Our responsibility is to issue a report on the statement based on our review.

We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Institute of the 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 is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited financial results prepared in accordance with Accounting standards 25, Interim Financial Reporting (“AS 25”), notified under section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 and other accounting principles generally accepted in India and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Clause 41 of the Listing Agreement including the manner in which it is to be disclosed, or that it contains any material misstatement.

for B S R & Co. LLP

Chartered Accountants

Firm’s Registration No: 101248W/W-100022

Supreet Sachdev

Partner

Membership Number: 205385

Place: Hyderabad

Date: 30 July 2015

DR. REDDY’S LABORATORIES LIMITED

PART I: STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE 2015

All amounts in Indian Rupees lakhs, except share data and where otherwise stated


Sl. No.	Particulars	Quarter ended							Year ended
		30.06.2015			31.03.2015		30.06.2014		31.03.2015
		(Unaudited)			(Audited)		(Unaudited)		(Audited)
1	Income from operations
	a) Net sales / income from operations (Net of excise duty)		250,833			266,120		265,284		988,739
	b) License fees and service income		456			1,008		1,556		4,006
	c) Other operating income		1,304			1,744		2,208		8,349
	Total income from operations (net)		252,593			268,872		269,048		1,001,094
2	Expenses
	a) Cost of materials consumed		50,119			47,201		58,425		232,263
	b) Purchase of traded goods		15,430			13,121		10,269		52,606
	c) Changes in inventories of finished goods, work-in- progress and stock-in-trade		(3,807	)		13,007		866		(2,896	)
	d) Employee benefits expense		40,877			38,433		36,417		149,086
	e) Selling expenses		26,229			22,338		30,328		106,350
	f) Depreciation and amortisation		14,139			13,677		10,548		49,023
	g) Other expenditure		57,603			59,162		51,705		224,585
	Total expenses		200,590			206,939		198,558		811,017
3	Profit from ordinary activities before other income, finance costs and exceptional items (1 - 2)		52,003			61,933		70,490		190,077
4	Other income		9,097			8,726		9,188		22,285
5	Profit from ordinary activities before finance costs and exceptional items (3 + 4)		61,100			70,659		79,678		212,362
6	Finance costs		2,132			1,877		1,510		6,380
7	Profit from ordinary activities before exceptional items (5 - 6)		58,968			68,782		78,168		205,982
8	Exceptional items		—			—		—		—
9	Profit from ordinary activities before tax (7 + 8)		58,968			68,782		78,168		205,982
10	Tax expense		11,383			11,640		17,893		38,047
11	Net Profit from ordinary activities after tax (9 - 10)		47,585			57,142		60,275		167,935
12	Extra-ordinary items (net of tax)		—			—		—		—
13	Net profit for the period / year (11 - 12)		47,585			57,142		60,275		167,935
14	Paid-up equity share capital (face value Rs. 5/- each)		8,528			8,519		8,517		8,519
15	Reserves (excluding revaluation reserve)									1,054,853
16	Earnings per share before and after extra-ordinary items (in Rupees) per Rs. 5/- share
	- Basic		27.92			33.54		35.42		98.60
	- Diluted		27.81			33.40		35.26		98.18
			(Not annualised)			(Not annualised)		(Not annualised)

See accompanying notes to the financial results

PART II: SELECTED INFORMATION FOR THE QUARTER ENDED 30 JUNE 2015

A PARTICULARS OF SHAREHOLDING


Sl. No.	Particulars	Quarter ended						Year ended
Sl. No.	Particulars	30.06.2015		31.03.2015		30.06.2014		31.03.2015
1	Public shareholding*
	- Number of shares (face value Rs.5/- each)		98,036,645		98,189,505		95,472,936		98,189,505
	- Percentage of shareholding		57.48		57.63		56.05		57.63
2	Promoters and promoter group shareholding
	a) Pledged / Encumbered
	- Number of shares		—		—		—		—
	- Percentage of shares (as a % of the total shareholding of promoter and promoter group)		—		—		—		—
	- Percentage of shares (as a % of the total share capital of the company)		—		—		—		—
	b) Non-encumbered
	- Number of shares		43,451,462		43,417,812		43,417,812		43,417,812
	- Percentage of shares (as a % of the total shareholding of promoter and promoter group)		100.00		100.00		100.00		100.00
	- Percentage of shares (as a % of the total share capital of the company)		25.48		25.48		25.49		25.48

*	Public shareholding as defined under Clause 40A of Listing Agreement (excludes shares held by Promoters, Promoter Group and American Depository Receipt Holders)

B INVESTOR COMPLAINTS


Pending at the beginning of the quarter			Nil
Received during the quarter			8
Disposed of during the quarter			8
Remaining unresolved at the end of the quarter			Nil


Segment Information		All amounts in Indian Rupees lakhs, except share data and where otherwise stated


Sl. No.	Particulars	Quarter ended									Year ended
		30.06.2015			31.03.2015			30.06.2014			31.03.2015
		(Unaudited)			(Audited)			(Unaudited)			(Audited)
	Segment wise revenue, results and capital employed:
1	Segment revenue:
	a) Pharmaceutical Services and Active Ingredients		57,779			68,155			70,511			273,033
	b) Global Generics		206,678			213,484			216,615			796,154
	c) Proprietary Products		—			—			—			—
	Total		264,457			281,639			287,126			1,069,187
	Less: Inter segment revenue		11,864			12,767			18,078			68,093
	Add: Other unallocable income		—			—			—			—
	Total income from operations		252,593			268,872			269,048			1,001,094
2	Segment results:
	Profit / (loss) before tax and interest from each segment
	a) Pharmaceutical Services and Active Ingredients		2,764			1,676			2,242			4,512
	b) Global Generics		75,694			71,882			88,773			221,809
	c) Proprietary Products		(7,188	)		(9,710	)		(7,567	)		(31,035	)
	Total		71,270			63,848			83,448			195,286
	Less: (i) Interest		2,132			1,877			1,510			6,380
	(ii) Other un-allocable expenditure / (income), net		10,170			(6,811	)		3,770			(17,076	)
	Total profit before tax		58,968			68,782			78,168			205,982
3	Capital Employed:
	a) Pharmaceutical Services and Active Ingredients		300,696			311,881			271,806			311,881
	b) Global Generics		710,364			599,189			615,069			599,189
	c) Proprietary Products		(8,376	)		(11,131	)		(4,083	)		(11,131	)
	d) Unallocated		109,362			163,433			111,044			163,433
	Total		1,112,046			1,063,372			993,836			1,063,372

Global Generics includes operations of Biologics business. Inter-segment revenue represents sale from Pharmaceutical Services and Active Ingredients to Global Generics at cost. Centrally managed assets and liabilities such as Cash and bank balances, loans and advances to subsidiaries, income tax assets and liabilities, investments and borrowings are included in unallocated capital employed.

Notes:

The above financial results are prepared in accordance with Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention on the accrual basis except for certain financial instruments which are measured at fair value. GAAP comprises Accounting Standards specified under section 133 of the Companies Act, 2013 read with Rule 7 of Companies (Accounts) Rules, 2014, guidelines issued by Securities and Exchange Board of India and other accounting principles generally accepted in India.

On 1 April 2015, the Company entered into a definitive agreement to acquire a select portfolio of established products’ business of UCB in the territories of India, Nepal, Sri Lanka and Maldives for a total consideration of Rs.800 crores. On 16 June 2015, the company completed the acquisition and recorded Rs.20 crores, Rs.748 crores and Rs.32 crores towards various current and fixed assets, intangible assets, and goodwill, respectively. The acquisition pertains to Company’s Global Generics segment.

The unaudited results have been reviewed by the Audit Committee of the Board and approved by the Board of Directors of the Company at their meeting held on 30 July 2015.

The results for the quarter ended 30 June 2015 have been subjected to a “Limited review” by the Statutory Auditors of the Company. An unqualified report has been issued by them thereon.

The figures for the previous periods have been re-grouped/ re-classified, wherever necessary, to conform to the current period’s classification.


		By order of the Board
		For Dr. Reddy’s Laboratories Limited

Place: Hyderabad		G V Prasad
Date: 30 July 2015		Co-Chairman & Chief Executive Officer

↑Top

Filing Submission 0001193125-15-272320 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Dr Reddys Laboratories Ltd – ‘6-K’ for 7/31/15 – EX-99.2

On: Friday, 7/31/15, at 11:23am ET · For: 7/31/15 · Accession #: 1193125-15-272320 · File #: 1-15182

Previous ‘6-K’: ‘6-K’ on 7/13/15 for 3/31/15 · Next: ‘6-K’ on / for 8/24/15 · Latest: ‘6-K’ on / for 4/25/24

Report of a Foreign Private Issuer — Form 6-KFiling Table of Contents

EX-99.2 — Miscellaneous Exhibit

This exhibit is an HTML Document rendered as filed. [ Alternative Formats ]

Report of a Foreign Private Issuer — Form 6-K
Filing Table of Contents