Annual Report 2020

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Annual Report 2020 Accelerating the Transformation ANNUAL REPORT 2019-20 DRL Cover_Kala.indd 103 04-07-2020 17:15:23 CONTENTS CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS Letter from the Chairman and 02 Business responsibility report 24 Standalone fi nancial statements 103 Co-Chairman (Ind AS) Management discussion and analysis 36 Our Businesses 04 Consolidated fi nancial statements 181 Five years at a glance and key 48 (Ind AS) Key Performance Indicators 06 fi nancial ratios Extract of audited IFRS consolidated 281 Accelerating the Transformation 07 Corporate governance 50 fi nancial statements Board of directors 18 Additional shareholders' information 69 Glossary 284 Management council 22 Board’s report 80 Notice of the 36th annual 285 general meeting DRL Cover_Kala.indd 104 04-07-2020 17:15:23 1 DRL Non Stats_Kala_001_023.indd 1 04-07-2020 17:11:38 Accelerating the Transformation OUR PROMISES Our fi ve promises clarify what we do, what we off er and the commitments we make to our stakeholders. Our patients trust our medicines. We focus our energies on renewing this trust every day. As we keep the interests of our patients at the center of all that we do, our promises drive us to reach higher levels of excellence. Bringing expensive Helping medicines patients manage within reach Addressing disease better unmet patient needs Working with partners Enabling and to help them helping our succeed partners ensure that our medicines are available where needed DRL Cover_Kala.indd 104 04-07-2020 17:15:23 1 DRL Non Stats_Kala_001_023.indd 1 04-07-2020 17:11:38 LETTER FROM THE CHAIRMAN AND CO-CHAIRMAN Dear Member, Some of you may recall that in our letter to you two years earlier, we had written, “From the beginning of FY2018 there has been a totally focused drive on eliminating needless layers and unnecessary costs.” Last year, too, we reiterated this theme when we wrote, “With changing dynamics of the generics markets, we believe that cost competitiveness will continue to be a key driver. Hence, we aim to continue creating a leaner and more effi cient organization.” Cost competitiveness, de-layering, improving effi ciencies and increasing speed-to-market are continuous processes. These can never stop for any company that K Satish Reddy G V Prasad seeks to remain on the path of profi table Chairman Co-Chairman and Managing Director growth. Dr. Reddy’s is no exception to this rule. earned in the previous year. This was Revenue from India was ₹ 28.9 billion, or Your company’s strategy is based on largely on account of impairment charges a growth of 11% compared to FY2019. three inter-locking and interacting themes. taken on a set of product intangibles. This was due to an increase in both sales These are: volume and price of our existing products, • Profi t after taxes (PAT) was ₹ 19.5 • Leadership in chosen spaces plus additional revenues from the launch billion, versus ₹ 18.8 billion in FY2019 - of 21 new brands. We also entered the • Operational excellence and continuous representing a growth of 4%. nutrition segment by launching our diabetes improvement • Diluted earnings per share (EPS) was nutrition drink ‘Celevida’. • Patient-centric product innovation ₹ 117.40 in FY2020, versus ₹ 113.09 Revenue from Pharmaceutical Services in FY2019. How is the strategy bearing out? Last year, and Active Ingredients increased by 7% to we had said that this strategy is getting Let us now touch upon some of your ₹ 25.7 billion. organization-wide traction and believed company’s businesses. Revenue from Proprietary Products was that we could be “reasonably optimistic of Revenue from Global Generics in FY2020 ₹ 7.9 billion. In FY2020, we sold our US the prospects for FY2020”. We are pleased was ₹ 138.1 billion, or an increase of 12% and select territory rights for some products to inform you that it has, indeed, been the compared to FY2019. The growth was belonging to our neurology franchise. case. driven by impressive performances in Your company’s path to excelling in the To appreciate this, consider the key fi nancial Europe, Emerging Markets and India. manufacture of complex generics and results for FY2020: Revenue from North America Generics was biosimilars depends on its successful fi ling • Consolidated revenues for FY2020 were ₹ 64.7 billion, representing a growth of 8% for new drugs - be these formulations or ₹ 174.6 billion, or a 13% growth over the over FY2019. Pricing pressures continued active pharmaceutical ingredients (APIs). previous year. This was on top of an 8% in this geography. However, we mitigated In FY2020, your company fi led growth in FY2019. these by launching 27 new products. eight new Abbreviated New Drug • Consolidated gross profi t was ₹ 94 Revenue from Europe increased by 49% to Applications (ANDAs) with the US Food billion, which was 13% greater than the ₹ 11.7 billion - thanks to expansion of the and Drug Administration (USFDA). previous year. This, too, came over and base business, new product launches and As on 31 March 2020, your company had above a 9% growth in FY2019. scaling up in new geographies such as Italy, 99 generic fi lings pending approval from the Spain and France. USFDA, consisting of 97 ANDAs and two • Earnings before interest, taxes, New Drug Applications (NDAs). We believe depreciation and amortization (EBITDA) Revenue from Emerging Markets grew that 30 of these 97 ANDAs have ‘First to increased to ₹ 46.4 billion, or an increase by 14% to ₹ 32.8 billion. Each of our key File’ status. In APIs, we fi led 98 Drug Master of 36% compared to the previous year - markets - Russia, the CIS countries, Romania Files worldwide during FY2020, including on top of a 42% growth in FY2019. and the Rest of the World territories - 10 fi lings in the US. witnessed signifi cant revenue growth. • Profi t before taxes (PBT) was ₹ 18 billion, which was 20% lower than ₹ 22.4 billion 2 Dr. Reddy’s Laboratories Limited Company Overview Statutory Reports Financial Statements Regarding the USFDA observations and building various digital platforms not only admission of non COVID-19 patients. warning letters issued relating to our API across our businesses but also with our Delays in treating these patients could lead manufacturing facilities at Srikakulam, suppliers, buyers and doctors. Thanks to this to worsening health conditions, as well as Andhra Pradesh and Miryalaguda, digital backbone, we managed to continue reduced demand for many pharmaceutical Telangana, as well as our oncology most of our business operations despite products. formulation manufacturing facility at the initial challenges. Going forward, we will Fourth, on the fl ip side, there can be an Duvvada, Visakhapatnam, Andhra Pradesh, be using our digital channels even more increased demand for over-the-counter we are happy to inform you that these have actively to enable working from home and (OTC) medicines. The COVID-19 outbreak been successfully resolved with satisfactory to reach out to doctors, customers and has seen a signifi cant upsurge in buying USFDA audit closures across all the three vendors. of OTC medicines, especially relating facilities. Various measures have been undertaken to to immunity enhancement, vitamins, That brings us to the greatest humanitarian ensure that our manufacturing operations analgesics, and fl u and anti-infective and economic threat facing the globe today continue unhampered. Moreover, across medication. This stockpiling is expected - that of the COVID-19 pandemic, which all our manufacturing and R&D facilities, to continue in the short-term, and result in came out of Wuhan in China and spread offi ces and canteens, we have rigorously demand surges for OTC drugs. rapidly across the world. imposed social distancing, masks at work Fifth, in the short-term we will see and frequent hand sanitizing. At the time of writing this letter*, some 6.2 less face-to-face interaction between million people have been infected by the In the initial period, we witnessed two medical representatives and doctors. virus, and over 370,000 have lost their lives opposite developments. On the one hand, Given its importance, one might witness across the world. The US is reeling with there were incremental sales in certain some negative impact on pharmaceutical over 1.8 million cases; the number of cases markets, such as the US, Europe and Russia, sales. Here, we are at an advantage given has shot up exponentially in Brazil and thanks to panic buying of medicines. On the our strong digital platforms. Russia; and with over 180,000 cases, India other, some of our sales were impacted and Sixth, other than the race for COVID-19 now features among the ten worst aff ected deferred in APIs, in the India business and vaccines, one might see some nations. in a few Emerging Markets. de-prioritization on R&D. Over and above the sheer humanitarian Overall, however, there was no major impact Finally, the pandemic will seriously aff ect and health costs that the pandemic has of the pandemic on either in Q4 FY2020 or medical tourism via travel restrictions. imposed on countries, rich and poor alike, the full year FY2020. This, in turn, will reduce the consumption of the economic costs are estimated to be Equally, there is no denying that we may pharmaceutical products across hospitals phenomenal. face many COVID-19 related uncertainties and selected pharma outlets. According to the International Monetary in FY2021. Let us touch upon a few. Despite these signifi cant uncertainties, Fund’s latest World Economic Outlook First, pharmaceutical players worldwide we believe that successful execution of (April, 2020), global GDP growth is expected have been hugely dependent on China our strategy mentioned earlier - involving to crash by 5.9 percentage points - from for their supply of intermediates and leadership in chosen spaces, operational 2.9% in CY2019 to -3% in CY2020.
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