Dr Reddy’s Laboratories announced its consolidated financial results for the fourth quarter and full year ended March 31, 2017 under International Financial Reporting Standards (IFRS). In FY17, revenues were at Rs 140.8 billion, a Y-o-Y decline of nine per cent, gross profit margin at 55.6 per cent, R&D spend at Rs 19.6 billion [13.9 per cent of revenues], selling, general and administrative (SG&A) expenses at Rs 46.4 billion [Y-o-Y increase of one per cent, EBITDA at Rs 25.5 billion, 18.1 per cent of revenues, profit after tax (PAT) at Rs 12, 8.5 per cent of revenues.

In Q4 FY17, revenues were at Rs 35.5 billion, Q-o-Q decline at four per cent; Y-o-Y decline of five per cent, gross profit margin at 51.2 per cent, R&D spend at Rs 4.6 billion [12.9 per cent of revenues, SG&A expenses at Rs 11.0 billion, Y-o-Y decline of six per cent, EBITDA at Rs 6.3 billion, 17.7 per cent of revenues, PAT at Rs 3.1 billion, 8.8 per cent of revenues.

Commenting on the results, Co-chairman and CEO, GV Prasad said, "FY17 has been a challenging year due to lack of new product approvals for the US market However, our other geographies delivered good performances, with several new product launches. We are also seeing expanded global access to our biosimilars, as a result of successful registrations in emerging markets. We will continue our focus on rationalisation of cost structures and building a sustainable quality culture across the organisation."