Dr Reddys Laboratories

------------------- in Rs.
Standalone Balance Sheet
Cr. -------------------

Mar 19 18-Mar 17-Mar 16-Mar 15-Mar 14-Mar

12 mths 12 mths 12 mths 12 mths 12 mths 12 mnths

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS

Equity Share Capital 83 83 82.9 85.3 85.2 85.1

Total Share Capital 83 83 82.9 85.3 85.2 85.1

Reserves and Surplus 12,601.10 11,724.80 11,517.70 11,520.10 10,548.80 9,243.90

Total Reserves and

12,601.10 11,724.80 11,517.70 11,520.10 10,548.80 9,243.90
Surplus

Total Shareholders Funds 12,684.10 11,807.80 11,600.60 11,605.40 10,634.00 9,329.00

NON-CURRENT LIABILITIES

Long Term Borrowings 345.4 488 485.2 994.4 939.1 901.5

Deferred Tax Liabilities [Net] 55.5 0 0 35.5 129 125.2

Other Long Term Liabilities 28.5 31.3 41.1 57.1 25.5 4.7

Long Term Provisions 54.7 53.3 62.3 66.5 49.8 33.5

Total Non-Current
484.1 572.6 588.6 1,153.50 1,143.40 1,064.90
Liabilities
CURRENT LIABILITIES

Short Term Borrowings 546.3 2,100.80 1,869.90 2,089.60 2,185.70 1,763.00

Trade Payables 1,031.60 1,061.00 778.7 719.2 716 842.3

Other Current Liabilities 1,316.70 1,384.70 1,401.00 1,409.50 1,237.40 1,029.40

Short Term Provisions 184.7 12112 208.4 580.4 539.5 479.5

Total Current Liabilities 3,079.30 4,719.90 4,258.00 4,798.70 4,678.60 4,114.20

Total Capital And
16,247.50 17,100.30 16,447.20 17,557.60 16,456.00 14,508.10
Liabilities
ASSETS

NON-CURRENT ASSETS

Tangible Assets 3,950.40 3,979.00 4,043.30 3,593.80 3,129.40 2,693.70

Intangible Assets 732.3 738.3 798.8 835.5 120 54.6

Capital Work-In-Progress 400.1 675 540 615 488.3 576.1

Fixed Assets 5,082.80 5,392.30 5,382.10 5,044.30 3,737.70 3,324.40

Non-Current Investments 1,819.10 1,953.70 1,802.80 1,776.10 1,760.10 1,740.10

Deferred Tax Assets [Net] 0 93.1 82.1 0 0 0

Long Term Loans And
33.2 199.1 193.2 639.6 553.8 535.8
Advances
Other Non-Current Assets 379.2 423.6 393.2 2.7 1.1 0

Total Non-Current Assets 7,314.30 8,061.80 7,853.40 7,462.70 6,052.70 5,600.30

CURRENT ASSETS

Current Investments 2,114.40 1,682.80 1,299.10 2,112.20 2,102.20 1,066.40

Inventories 2,015.60 1,856.80 1,809.70 1,699.60 1,723.30 1,592.10

Trade Receivables 3,717.70 4,203.80 4,405.40 3,893.50 4,711.70 4,561.50

Cash And Cash Equivalents 113.2 120.7 66.8 1,268.00 901.4 665.1
Short Term Loans And
0 0 0 832.6 865.7 828.7
Advances
OtherCurrentAssets 972.3 1,174.40 1,012.80 289 99 194
Total Current Assets 8,933.20 9,038.50 8,593.80 10,094.90 10,403.30 8,907.80

Total Assets 16,247.50 17,100.30 16,447.20 17,557.60 16,456.00 14,508.10

OTHER ADDITIONAL INFORMATION

CONTINGENT LIABILITIES, COMMITMENTS

Contingent Liabilities 696.5 721.1 940.6 972.6 1,919.40 2,051.80

CIF VALUE OF IMPORTS

Raw Materials 0 0 0 1,200.30 1,151.20 1,103.10

Capital Goods 0 0 0 204.7 197.3 193.1

EXPENDITURE IN FOREIGN EXCHANGE

Expenditure In Foreign
1,910.40 1,891.60 0 1,306.50 1,252.30 1,264.80
Currency
REMITTANCES IN FOREIGN CURRENCIES FOR
DIVIDENDS
Dividend Remittance In
- - - - -
Foreign Currency
EARNINGS IN FOREIGN EXCHANGE

FOB Value Of Goods - 7,262.30 - 7,261.80 7,414.60 7,405.90

Other Earnings 8,867.30 - - 278.7 72.4 194.8

BONUS DETAILS

Bonus Equity Share Capital 55.87 55.87 55.87 55.87 55.87 55.87

NON-CURRENT INVESTMENTS
Non-Current Investments
3.8 3 3.5 2.3 3.2 2.3
Quoted Market Value
Non-Current Investments
4,033.00 3,700.90 3,218.40 1,968.80 1,886.80 1,866.70
Unquoted Book Value
CURRENT INVESTMENTS
Current Investments Quoted
- - - - 2,142.20 1,076.20
Market Value
Current Investments
- - - 2,112.20 -
Unquoted Book Value
Correlation between Total debt and EPS

total debt eps

total debt 1
eps 0.967151 1

total debt
2018 3,563.40
2017 5,292.50
2016 4,846.60
2015 5,952.20
2014 5,822.00
Particulars Formula 2019 2018 2017 2016 2015 Average

DOL= % change in EBIT 10.54555 16.23085 0.379033 -10.39281 -5.553008 2.241923

% change in sales

DFL= % change in EPS

% change in EBIT 0.869666 1.072166 -2.103315 0.826059 0.825869 0.298089

DCL= DOL*DFL 9.17111 17.40218 -0.797225 -8.585077 -4.586057 2.520985

 Dr Reddys Laboratories

19-Mar 18-Mar 17-Mar 16-Mar 15-Mar 14-Mar

12 mths 12 mths 12 mths 12 mths 12 mths 12 mths

INCOME

Revenue From Operations

10,572.90 9,302.60 9,628.10 10,234.80 10,010.40 9,728.80
[Gross]

Less: Excise/Sevice
0 0 0 84.2 82.9 82
Tax/Other Levies

Revenue From Operations

10,572.90 9,302.60 9,628.10 10,150.60 9,927.50 9,646.80
[Net]

Other Operating Revenues 52.6 56.7 91.7 57.1 83.5 81.2

Total Operating Revenues 10,625.50 9,359.30 9,719.80 10,207.70 10,011.00 9,728.00

Other Income 238.4 204 591.2 244.8 222.8 151.5

Total Revenue 10,863.90 9,563.30 10,311.00 10,452.50 10,233.80 9,879.50

EXPENSES

Cost Of Materials Consumed 2,103.20 2,011.00 1,904.60 1,988.50 2,248.40 2,191.80

Purchase Of Stock-In Trade 868.6 671.6 671.5 610.4 526.1 469

Operating And Direct
0 0 0 94.2 92.4 78.5
Expenses
Changes In Inventories Of
66 -51.6 1.9 -28.8 -28.9 -114.4
FG,WIP And Stock-In Trade
Employee Benefit Expenses 1,931.90 1,843.00 1,803.30 1,710.00 1,490.90 1,184.90

Finance Costs 56.8 62.8 57.2 63.8 63.8 78.3

Depreciation And
780.6 774.1 735.1 649.1 490.2 380.5
Amortisation Expenses
Other Expenses 3,356.10 3,555.40 3,592.90 3,429.40 3,291.00 3,132.00

Total Expenses 9,163.20 8,866.30 8,766.50 8,516.60 8,173.90 7,400.60

19-Mar 18-Mar 17-Mar 16-Mar 15-Mar 14-Mar

12 mths 12 mths 12 mths 12 mths 12 mths 12 mths

Profit/Loss Before
Exceptional, ExtraOrdinary 1,700.70 697 1,544.50 1,935.90 2,059.90 2,454.40
Items And Tax

Exceptional Items 0 0 0 -355.9 0

Profit/Loss Before Tax 1,700.70 697 1,544.50 1,580.00 2,059.90 2,454.40

Tax Expenses-Continued Operations

Current Tax 281.8 138.1 182.6 416 376.7 490.1

Less: MAT Credit
0 0 0 97 0 0
Entitlement
Deferred Tax 141.6 -8 -22.2 -93.5 3.8 31.5

Total Tax Expenses 423.4 130.1 160.4 225.5 380.5 521.6

Profit/Loss After Tax And
Before ExtraOrdinary 1,277.30 566.9 1,384.10 1,354.50 1,679.40 1,932.80
Items
Profit/Loss From
1,277.30 566.9 1,384.10 1,354.50 1,679.40 1,932.80
Continuing Operations
Profit/Loss For The Period 1,277.30 566.9 1,384.10 1,354.50 1,679.40 1,932.80

19-Mar 18-Mar 17-Mar 16-Mar 15-Mar 14-Mar

12 mths 12 mths 12 mths 12 mths 12 mths 12 mths

OTHER ADDITIONAL INFORMATION

EARNINGS PER SHARE

Basic EPS (Rs.) 76.98 34.19 83.05 79.42 99 114

Diluted EPS (Rs.) 76.85 34.12 82.88 79.14 98 113

VALUE OF IMPORTED AND INDIGENIOUS RAW

MATERIALS

Imported Raw Materials 0 0 0 766.8 867.7 811.9

Indigenous Raw Materials 0 0 0 1,221.70 1,380.70 1,379.80

STORES, SPARES AND LOOSE TOOLS

Imported Stores And Spares 0 0 0 107 81.1 6.4

Indigenous Stores And
0 0 0 322.1 294.4 88.2
Spares
DIVIDEND AND DIVIDEND PERCENTAGE

Equity Share Dividend 332 399.2 335.3 340.5 340.8 306.2

Tax On Dividend 68.2 0 0 69.3 69.4 52

Equity Dividend Rate (%) 400 400 400 400 400 360
change in EBIT 144.0029 -54.87213 -2.24683544 -23.29725 -16.07317
change in Sales 13.65532 -3.380729 -5.92781491 2.241669 2.894499
125.2345 -58.83205 4.725802376 -19.2449 -13.27434
0.00 0.00 0.00 0.00
Solvency ratios
2018 2017 2016 2015 2014
Debt Equity ratio 0.211248 0.219265 0.271417 0.369848 0.280664 cipla
0.294063 0.513712 0.250424 0.239061 0.239354 novartis
0.88183 0.90226 0.839526 0.586681 0.533077 gsk
1.60221 1.465116 1.742424 1.412587 1.25 pharmaids
Average 0.747338 0.775089 0.775948 0.652044 0.575774 0.705238

Asset Debt ratio 68.44833 62.2099 51.01791 29.05135 31.09571 cipla

25.69142 24.02163 25.91122 41.7135 37.13577 novartis
27.9583 18.4781 18.91126 20.95977 29.26553 gsk
6.590909 9.333333 7.666667 22.44444 43.33333 pharmaids
Average 32.17224 28.51074 25.87677 28.54226 35.20759 30.06192

Proprietory ratio 0.825595 0.820166 0.786524 0.730008 0.780845 cipla

0.77276 0.660627 0.799729 0.807063 0.806872 novartis
0.5314 0.52569 0.543618 0.630247 0.643883 gsk
0.624138 0.68254 0.573913 0.707921 0.8 pharmaids
Average 0.688473 0.672256 0.675946 0.71881 0.7579 0.702677

Intrest coverage 168.1361 31.27908 12.85809 12.31915 15.22134 cipla

54.9434 29.48463 128.4028 570.5 475.0952 novartis
968.686 1202.54 1336.949 364.4604 530.2414 gsk
-36 0 25 48 0 pharmaids
Average 288.9414 315.8259 375.8026 248.8199 255.1395 296.9059

Leverages
DOL 2.884523 11.21101 3.37661 0.617831 -1.93891 cipla
3.591422 -5.038526 0.482091 -0.31846 25.27523 novartis
1.764198 2.138587 5.888889 0.540799 1.23787 gsk
-0.49525 -1.036 125.8562 -1.362217 0.562613 pharmaids
Average 1.936223 1.818768 33.90096 -0.130512 6.2842 8.761927

DFL 1.119763 1.303115 0.94751 1.860949 1.09578 cipla

0.565255 0.639662 6.945911 51.61755 -1.85234 novartis
1.092372 0.955527 1.088491 0.993579 0.923136 gsk
0.041455 -0.04302 -0.01418 0.026437 -1.28871 pharmaids
Average 0.704711 0.713821 2.241933 13.62463 -0.280533 3.400912

DCL 3.229984 14.60924 3.199373 1.149752 -2.124479 cipla

2.030068 -3.222953 3.348559 -16.43812 -46.81833 novartis
1.92716 2.043478 6.388889 0.537326 1.142722 gsk
-0.02053 0.044573 -1.784632 -0.036013 -0.725045 pharmaids
Average 1.791671 3.368584 2.788047 -3.696763 -12.13128 -1.575949

ROE 0.104051 0.076164 0.122002 0.106499 0.137573 cipla

 0.603591 0.497461 0.623787 1.93747 0.794596 novartis
0.561 0.421137 0.431868 0.324466 0.308853 gsk
0.355769 1.342657 0.568182 0.046512 -0.1989 pharmaids
Average 0.406103 0.584355 0.43646 0.603737 0.260531 0.458237

EPS 18.22 12.11 18.16 14.66 17.29 cipla

28.43 19.1 62.14 24.75 30.83 novartis
166.47 156.15 163.34 138.77 160.44 gsk
-1.13 0.32 -1.17 -0.19 -1.04 pharmaids
Average 52.9975 46.92 60.6175 44.4975 51.88 51.3825
34.12 82.88 79.14 98 113 81.428

DEBT-EQUI 0.301784 0.456226 0.417616 0.559733 0.624075 0.471887

EPS 34.12 82.88 79.14 98 113
 DEBT-EQUITY EPS
DEBT-EQUITY 1
EPS 0.968023861 1
 DEBT-EQUITY EPS
DEBT-EQUITY 1
EPS 0.322675629 1

DEBT-EQUITY 0.7473377877 0.7750885522 0.775948 0.652044 0.575774

EPS 52.9975 46.92 60.6175 44.4975 51.88
Solvency ratios 2018

Debt equity ratio= Total debt/Total equity 0.301784

Debt asset ratio= Total debt/Total assets 1.914977

Interest coverage= Net profit before interest and taxes/Interest on long term debt 11.09873

Proprietory Ratio= Shareholder's fund/Total assets 0.690503

 2017 2016 2015 2014 Average

0.456226 0.417616 0.559733 0.624075 0.471887

2.018271 2.103674 2.223593 2.165135 2.08513

27.00175 24.76489 32.28683 31.3461 25.29966

0.705324 0.66099 0.646208 0.64302 0.669209

Particulars 2018 2017 2016 2015 2014
ROE= Net income/Shareholder's fund 0.787835 0.829966 0.874645 0.933562 1.034066

0.104051 0.076164 0.122002 0.106499 0.137573

Dr. Reddy 10.54555 16.23085 0.379033

Industry 1.936223 1.818768 33.90096

0.892015

Chart Title
-10.3928 -5.55301 2.241923 40

-0.13051 6.2842 8.761927 30

20

10

0
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-10

-20

Dr. Reddy Industry

5 6
[Link] 9.17111 17.40218 -0.79723 -8.58508 -4.58606 2.520985
INDUSTRY 1.791671 3.368584 2.788047 -3.69676 -12.1313 -1.57595

DEGREE OF FINANCIAL LEVERAG

20

15

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OF FINANCIAL LEVERAGE

3 4 5 6

[Link] INDUSTRY
[Link] 0.869666 1.072166 -2.10331 0.826059 0.825869 0.298089
INDUSTRY 0.704711 0.713821 2.241933 13.62463 -0.28053 3.400912

DEGREE OF FINANCIAL LEVERAG

16
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OF FINANCIAL LEVERAGE

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 [Link] 0.301784 0.456226
INDUSTRY 0.747338 0.775089

Chart Title
0.9
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 0.417616 0.559733 0.624075 0.471887
0.775948 0.652044 0.575774 0.705238

Chart Title

3 4 5 6

[Link] INDUSTRY
 [Link] 1.914977 2.018271 2.103674
INDUSTRY 32.17224 28.51074 25.87677

32.17224 28.51074 25.87677 28.54226 35.20759 30.06192

Chart Title
1.914977 2.018271 2.103674 2.223593 2.165135 2.08513 40
35
30
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[Link] I
 2.223593 2.165135 2.08513
28.54226 35.20759 30.06192

Chart Title

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[Link] INDUSTRY
[Link] 11.09873 27.00175 24.76489 32.28683 31.3461 25.29966
INDUSTRY 288.9414 315.8259 375.8026 248.8199 255.1395 296.9059

Chart Title
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 Chart Title

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[Link] 0.690503 0.705324 0.66099 0.646208 0.64302 0.669209
INDUSTRY 0.688473 0.672256 0.675946 0.71881 0.7579 0.702677

Chart Title
0.78
0.76
0.74
0.72
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