In FY25, consolidated revenues reached Rs 325.5 billion
Dr Reddy’s recently posted its financial results. In Q4 FY25 the consolidated revenues stood at Rs 85.1 billion, YoY growth of 20 per cent and QoQ growth of 2 per cent. Excluding the NRT business, underlying growth was 12 per cent YoY and 2 per cent QoQ. In FY25, consolidated revenues reached Rs 325.5 billion, YoY growth of 17 per cent. Underlying revenue growth, excluding NRT business was 12 per cent YoY.
The performance was driven by contributions from the acquired NRT business, complemented by steady growth across our core businesses – Global Generics and Pharmaceutical Services and Active
Ingredients (PSAI).
Global Generics (GG)
In Q4FY25, revenues have been reported at Rs 75.4 billion, YoY growth of 23 per cent and QoQ growth of 2 per cent. Underlying growth excluding NRT business is 13 per cent YoY and 2 per cent QoQ. FY25 revenues at Rs 289.6 billion, a YoY growth of 18 per cent. Underlying YoY growth, excluding NRT business is 13 per cent. Growth was primarily driven by contributions from the acquired NRT business, higher sales volumes, and new product launches, partially offset by price erosion in North America and Europe.
North America
In Q4FY25 revenues at Rs 35.6 billion, YoY growth of 9 per cent and QoQ growth of 5 per cent. In FY25 revenues stood at Rs 145.2 billion, YoY growth of 12 per cent. The YoY growth was primarily driven by new product launches, increased volumes of select key products, partially offset by price erosion in certain products.
Europe
In Q4FY25 revenues stood at Rs 12.8 billion, YoY growth of 145 per cent and QoQ growth of 5 per cent. This includes revenues from the acquired NRT business. Underlying growth excluding NRT business is 30 per cent YoY and 12 per cent QoQ. FY25 revenues stood at Rs 35.9 billion, YoY growth of 75 per cent.
India
In Q4FY25 revenues stood at Rs 13 billion, YoY growth of 16 per cent and QoQ decline of 3 per cent. The FY25 revenues were reported at Rs 53.7 billion, YoY growth of 16 per cent. Growth was driven by revenues from the vaccine portfolio in-licensed from Sanofi India, successful new product launches and price increases, partially offset by lower volumes.
In Q4FY25, revenues stood at Rs 14 billion, YoY growth of 16 per cent and QoQ decline of 3 per cent. YoY growth is largely attributable to new product launches across various countries and higher volumes for existing products. QoQ decline is largely due to lower volumes.
Revenues from Russia at Rs 6.5 billion, YoY growth of 31 per cent and QoQ decline of 7 per cent. YoY growth was largely due to new product launches and higher volumes. QoQ decline was due to lower
sales volumes and change in product mix.
- Revenues from other Commonwealth of Independent States (CIS) countries and Romania has been reported at Rs 2.4 billion, YoY growth of 13 per cent and QoQ growth of 1 per cent. YoY growth was largely on account of higher base business volumes.
- Revenues from Rest of World (RoW) territories at Rs 5 billion, growth of 1 per cent YoY and QoQ.
Contribution from new product launches was partially offset by lower base business volumes and price erosion in certain countries.
FY25 revenues were at Rs 54.8 billion, YoY growth of 13 per cent. The growth is mainly attributable to higher base business volumes, new launches, partly offset by adverse forex. - Revenues from Russia were at Rs 26 billion, YoY growth of 16 per cent. The growth was largely on account of improved base business volumes, revenues from new launches and price increases in certain brands.
- Revenues from other CIS countries and Romania were at Rs 8.9 billion, YoY growth of 3 per cent.
- Revenues from RoW territories were at Rs 19.9 billion, YoY growth of 12 per cent
Pharmaceutical Services and Active Ingredients (PSAI)
In Q4FY25, revenues were at Rs 9.6 billion, growth of 16 per cent YoY and QoQ. In FY25, revenues were at Rs 33.8 billion, with a growth of 14 per cent YoY.
EBITDA
In Q4FY25, the EBITDA was at Rs 24.8 billion, YoY growth of 32 per cent and QoQ growth of 8 per cent. As percentahe to revenues – Q4FY25: 29.1 per cent | Q4FY24: 26.4 per cent | Q3FY25: 27.5 per cent.
In FY25 at Rs 92.1 billion, a YoY growth of 11 per cent. As percentage to Revenues – FY25: 28.3 per cent | FY24: 29.7 per cent.
Others:
Operating Working Capital: As on 31 st March 2025 at Rs 125.9 billion.
Capital Expenditure: Q4FY25 at ₹7.7 billion. FY25 at Rs 27.0 billion.
Free Cash Flow: Q4FY25 at ₹11.1 billion. FY25 at Rs 13.3 billion.
Net Cash Surplus: As on 31st March 2025 at Rs 24.5 billion
Net Debt to Equity: As on 31st March 2025 is (0.07)
Return on Capital Employed (RoCE): FY25 at 27.7 per cent.
Co-Chairman and MD, Dr Reddy’s GV Prasad said, “We achieved double-digit growth across our businesses, driven by successful product launches, increased revenues from key products in the US and the integration of the acquired NRT business. We will continue to strengthen and grow our core businesses through portfolio management and operational excellence, while pursuing strategic partnerships and inorganic growth opportunities.”
