Centhaquine

HYDERABAD, India--(BUSINESS WIRE)-- Dr. Reddy's Laboratories Ltd.(BSE: 500124 | NSE: DRREDDY | NYSE: RDY | NSEIFSC: DRREDDY) today announced its consolidated financial results for the fourth quarter and full year ended March 31, 2024. The information mentioned in this release is based on consolidated financial statements under International Financial Reporting Standards (IFRS). Q4FY24 FY24 Revenues ₹ 70,830 Mn [Up: 12% YoY; Down: 2% QoQ]^ ₹ 279,164 Mn [Up: 14% YoY]^ Gross Margin 58.6% [Q4FY23: 57.2%; Q3FY24: 58.5%] 58.6% [FY23: 56.7%] SG&A Expenses ₹ 20,476 Mn [Up: 14% YoY; 1% QoQ] ₹ 77,201 Mn [Up: 13% YoY] R&D Expenses ₹ 6,877 Mn [9.7% of Revenues] ₹ 22,873 Mn [8.2% of Revenues] EBITDA ₹ 18,720 Mn [26.4% of Revenues] ₹ 83,013 Mn [29.7% of Revenues] Profit before Tax ₹ 16,016 Mn [Up: 21% YoY; Down: 12% QoQ] ₹ 71,870 Mn [Up: 19% YoY] Profit after Tax ₹ 13,070 Mn [Up: 36% YoY; Down: 5% QoQ] ₹ 55,684 Mn [Up: 24% YoY] ^Excluding revenues from brands divested during the corresponding previous periods, Q4FY24 YoY growth is 17% and FY24 growth is 16%. Commenting on the results, Co-Chairman & MD, G V Prasad said: “Our growth and profitability in FY2024 has been driven by our performance in the US. We have also made significant progress on future growth drivers through licensing, collaboration and pipeline building. We will continue to strengthen our core businesses through superior execution as we invest and build the future growth drivers.” All amounts in millions, except EPS All US dollar amounts based on convenience translation rate of 1 USD = ₹ 83.34 Dr. Reddy’s Laboratories Limited & Subsidiaries Revenue Mix by Segment for the quarter Particulars Q4FY24 Q4FY23 YoY Gr % Q3FY24 QoQ Gr% (₹) (₹) (₹) Global Generics 61,191 54,257 13 63,095 (3) North America 32,626 25,321 29 33,492 (3) Europe 5,208 4,960 5 4,970 5 India 11,265 12,834 (12)^ 11,800 (5) Emerging Markets 12,091 11,142 9 12,833 (6) Pharmaceutical Services and Active Ingredients (PSAI) 8,219 7,787 6 7,839 5 Others 1,420 924 54 1,214 17 Total 70,830 62,968 12 72,148 (2) ^Excluding revenues from brands divested during the corresponding previous periods, Q4FY24 YoY India growth is 17%. Revenue Mix by Segment for the year Particulars FY24 FY23 YoY Gr% (₹) (₹) Global Generics 245,453 213,768 15 North America 129,895 101,704 28 Europe 20,511 17,603 17 India 46,407 48,932 (5)^ Emerging Markets 48,640 45,529 7 PSAI 29,801 29,069 3 Others 3,910 3,042 29 Total 279,164 245,879 14^ ^ Excluding revenues from brands divested during the corresponding previous periods, India growth is 5.5% and overall 16%. Consolidated Income Statement for the quarter Particulars Q4FY24 Q4FY23 YoY Gr % Q3FY24 QoQ Gr% ($) (₹) ($) (₹) ($) (₹) Revenues 850 70,830 756 62,968 12 866 72,148 (2) Cost of Revenues 352 29,347 324 26,971 9 359 29,945 (2) Gross Profit 498 41,483 432 35,997 15 506 42,203 (2) % of Revenues 58.6% 57.2% 58.5% Operating Expenses Selling, General & Administrative Expenses 246 20,476 216 17,992 14 243 20,228 1 % of Revenues 28.9% 28.6% 28.0% Research & Development Expenses 83 6,877 64 5,366 28 67 5,565 24 % of Revenues 9.7% 8.5% 7.7% Impairment of Non-Current Assets, net (2) (173) 6 540 (132) 1 110 (257) Other Operating (Income)/Expense (8) (656) (3) (281) 133 (12) (967) (32) Results from Operating Activities 179 14,959 149 12,380 21 207 17,267 (13) Finance (Income)/Expense, net (12) (1022) (10) (799) 28 (12) (963) 6 Share of Profit of Equity Accounted Investees, net of tax (0) (35) (1) (76) (54) (0) (27) 30 Profit before Income Tax 192 16,016 159 13,255 21 219 18,257 (12) % of Revenues 22.6% 21.1% 25.3% Income Tax Expense 35 2,946 44 3,663 (20) 54 4,468 (34) Profit for the Period 157 13,070 115 9,592 36 165 13,789 (5) % of Revenues 18.5% 15.2% 19.1% Diluted Earnings per Share (EPS) 0.94 78.35 0.69 57.62 36 0.99 82.67 (5) EBITDA Computation for the quarter *Includes income from Investment Particulars Q4FY24 Q4FY23 Q3FY24 ($) (₹) ($) (₹) ($) (₹) Profit before Income Tax 192 16,016 159 13,255 219 18,257 Interest (Income) / Expense, net* (10) (835) (8) (673) (12) (1,030) Depreciation 29 2,421 27 2,213 29 2,437 Amortization 15 1,291 12 977 16 1,333 Impairment (2) (173) 6 539 1 110 EBITDA 225 18,720 196 16,311 253 21,107 % of Revenues 26.4% 25.9% 29.3% Consolidated Income Statement for the year Particulars FY24 FY23 YoY Gr % ($) (₹) ($) (₹) Revenues 3,350 279,164 2,950 245,879 14 Cost of Revenues 1,387 115,557 1,278 106,536 8 Gross Profit 1,963 163,607 1,672 139,343 17 % of Revenues 58.6% 56.7% Operating Expenses Selling, General & Administrative Expenses 926 77,201 816 68,026 13 % of Revenues 27.7% 27.7% Research & Development Expenses 274 22,873 233 19,381 18 % of Revenues 8.2% 7.9% Impairment of Non-Current Assets, net 0 3 8 699 (100) Other Operating (Income)/Expense (50) (4,199) (71) (5,907) (29) Results from Operating Activities 813 67,729 686 57,144 19 Finance (Income)/Expense, net (48) (3,994) (34) (2,853) 40 Share of Profit of Equity Accounted Investees, net of tax (2) (147) (4) (370) (60) Profit before Income Tax 862 71,870 724 60,367 19 % of Revenues 25.7% 24.6% Income Tax Expense 194 16,186 184 15,300 6 Profit for the Period 668 55,684 541 45,067 24 % of Revenues 19.9% 18.3% Diluted Earnings per Share (EPS) 4.01 334.02 3.25 270.85 23 EBITDA Computation for the year *Includes income from Investment Particulars FY24 FY23 ($) (₹) ($) (₹) Profit before Income Tax 862 71,870 724 60,367 Interest (Income) / Expense, net* (45) (3,716) (7) (621) Depreciation 115 9,576 103 8,614 Amortization 63 5,280 48 4,022 Impairment 0 3 8 698 EBITDA 996 83,013 877 73,081 % of Revenues 29.7% 29.7% Key Balance Sheet Items Particulars As on 31st Mar 2024 As on 31st Dec 2023 As on 31st Mar 2023 ($) (₹) ($) (₹) ($) (₹) Cash and Cash Equivalents and Other Investments 990 82,529 920 76,665 749 62,456 Trade Receivables 963 80,298 948 79,028 870 72,486 Inventories 763 63,552 729 60,796 584 48,670 Property, Plant, and Equipment 923 76,886 871 72,554 797 66,462 Goodwill and Other Intangible Assets 494 41,204 494 41,192 421 35,094 Loans and Borrowings (Current & Non-Current) 240 20,020 238 19,851 162 13,472 Trade Payables 371 30,919 381 31,716 317 26,444 Equity 3,366 280,550 3,264 272,026 2,772 230,991 Key Business Highlights [for Q4FY24] Entered into an exclusive partnership with Sanofi to promote and distribute its vaccine brands in India. Partnered with Bayer to distribute the second brand for heart failure management drug, Vericiguat, in India. Entered into a licensing agreement with U.S. based biopharma, Pharmazz, to market first-in-class Centhaquine (Lyfaquin®) for treatment of hypovolemic shock in India. Acquired MenoLabs® business, a women’s health, and dietary supplement branded portfolio from Amyris, Inc. Forayed into the consumer health market of United Kingdom (UK) with the launch of allergy medication, Histallay®. Launched Bevacizumab, our first biosimilar in the UK. Launched migraine management wearable device, Nerivio®, in Germany and South Africa. Received a ‘Voluntary Action Indicated’ (VAI) status from the United States Food and Drug Administration (U.S. FDA) at both our formulations manufacturing facility (FTO-3) following their routine cGMP inspection in October 2023 as well as our R&D facility center in Bachupally, following their GMP and Pre-Approval Inspection (PAI) in December 2023. Received a Complete Response Letter (CRL) from the U.S. FDA on our Biologics License Application (BLA) of our proposed biosimilar, Rituximab. We will continue to work closely with the agency to address and resolve all concerns within stipulated timelines. ESG & other Highlights [for Q4FY24] Included in the S&P Global Sustainability Yearbook 2024 for the 4th consecutive year, making it to the top 10% score category for the first time. Received an ‘A’ rating in Carbon Disclosure Project (CDP) Supplier Engagement, which is in the Leadership Band. Only Indian Pharma company to get an ‘A-’ rating in Climate Change and Water Security for our 2023 CDP disclosures. Secured the Leadership position in the Indian Corporate Governance Assessment for 2023 conducted by the Institutional Investor Advisory Services (IiAS) Revenue Analysis Q4FY24 consolidated revenues at ₹ 70.8 billion, YoY growth of 12% and QoQ decline of 2%. Adjusted for income from non-core brands divested in the previous year, on a re-based comparator, YoY growth was 17%. The reported YoY growth was largely driven by growth in global generics revenues in North America as well as Emerging Markets. QoQ decline was primarily due to lower global generics revenues in North America, Emerging Markets, and India. FY24 consolidated revenues at ₹ 279.2 billion, YoY growth of 14%. Adjusted for income from brands divested in the previous year, on a re-based comparator, YoY growth of 16%. The reported growth was primarily driven by strong performances witnessed in North America, Europe, and Emerging Markets. Global Generics (GG) Q4FY24 revenues at ₹ 61.2 billion, YoY growth of 13% and QoQ decline of 3%. YoY growth was primarily driven by increase in volumes of our base business, new product launches, partially offset by price erosion in certain markets. Sequential decline is due change in product mix, price erosion and unfavorable forex impact. FY24 revenues at ₹ 245.5 billion, a YoY growth of 15%. The growth was primarily driven by increase in volumes of our base business, new product launches partially offset by price erosion in US and Europe. North America Q4FY24 revenues at ₹ 32.6 billion, YoY growth of 29% and QoQ decline of 3%. YoY growth was largely on account of increase in volumes of our base business, contribution from new launches, partly offset by price erosion. Sequential decline was due to decrease in base business volumes and price erosion in select brands. FY24 revenues at ₹ 129.9 billion, YoY growth of 28%. The growth was largely on account of increase in base business volumes, integration of Mayne portfolio, forex gains partly offset by price erosion. During the quarter, we launched 5 new products in the region, of which 4 were launched in the U.S. A total of 21 products were launched during the year. During the quarter, we filed 9 new Abbreviated New Drug Applications (ANDAs) with the USFDA, taking our annual ANDA filing count to 17. As of March 31, 2024, 86 generic filings were pending approval from the USFDA. These comprise of 81 ANDAs and five New Drug Applications (NDAs) filed under the Section 505(b)(2) route of the US Federal Food, Drug, and Cosmetic Act. Of the 86 ANDAs, 50 are Paragraph IV applications, and we believe that 24 of these have the ‘First to File’ status. Europe Q4FY24 revenues at ₹ 5.2 billion, YoY and sequential growth of 5%. YoY growth was primarily on account of improvement in base business volumes, new product launches, partly offset by price erosion. QoQ growth was primarily on account increase in base business and favorable forex. Germany at ₹ 2.8 billion, YoY growth of 7% and QoQ growth of 5%. UK at ₹ 1.5 billion, YoY growth of 9% and QoQ growth of 10%. Rest of Europe at ₹ 0.9 billion, YoY decline of 7% and QoQ decline of 5%. FY24 revenues at ₹ 20.5 billion, YoY growth of 17%. The growth was primarily on account leveraging the portfolio and momentum in base business, partly offset by price erosion. Germany at ₹ 10.6 billion, YoY growth of 13%. UK at ₹ 6.3 billion, YoY growth of 32%. Rest of Europe at ₹ 3.6 billion, YoY growth of 4%. During the quarter, we launched 6 new products in the region, taking the annual total to 42. India Q4FY24 revenues at ₹ 11.3 billion, YoY decline of 12% and QoQ decline of 5%. Adjusted for brand divestment income, on a re-based comparator, YoY growth of 11%. QoQ decline is on account of lower volumes from base business. As per IQVIA, our IPM rank was at 10 for the quarter. FY24 revenues at ₹ 46.4 billion, YoY decline of 5%. Excluding the income from divestment of non-core brands in the previous year, on a re-based comparator, India growth is in mid-single digit. During the quarter, we launched 3 new brands in the country, taking the annual total to 13. Emerging Markets Q4FY24 revenues at ₹ 12.1 billion, YoY growth of 9% and QoQ decline of 6%. YoY growth is attributable to new product launches, while QoQ decline was due to unfavorable forex. Revenues from Russia at ₹ 5.0 billion, YoY decline of 4% and QoQ decline of 15%. YoY decline was majorly due to unfavorable currency exchange rate movements, partially offset by price increases. QoQ decline was on account of unfavorable forex. Revenues from other Commonwealth of Independent States (CIS) countries and Romania at ₹ 2.2 billion, decline of 5% YoY and 7% QoQ. YoY decline was primarily on account of decline in base business volumes, partly offset by increase in prices. QoQ decline was driven by decline in base business volumes, partly offset by higher prices. Revenues from Rest of World (RoW) territories at ₹ 4.9 billion, growth of 34% YoY and 7% QoQ. YoY growth was largely attributable to contribution from new products. QoQ growth was primarily driven by increase in base business volumes and new product launches. FY24 revenues at ₹ 48.6 billion, YoY growth of 7%. The growth is attributable to new product launches and market share expansion, partially offset by unfavorable forex. Revenues from Russia at ₹ 22.3 billion, YoY growth of 5%. The growth was largely on account of improved volumes and increase in certain brand prices, partially offset by unfavorable currency exchange rate movements. Revenues from other CIS countries and Romania at ₹ 8.6 billion, broadly flat on YoY basis. Revenues from RoW territories at ₹ 17.7 billion, YoY growth of 13%. The growth is largely attributable to contribution from new product launches. During the quarter, we launched 17 new products across various countries in the region, taking the annual total to 106. Pharmaceutical Services and Active Ingredients (PSAI) Q4FY24 revenues at ₹ 8.2 billion, with a growth of 6% YoY and 5% QoQ. YoY growth was mainly driven by revenues from new products, favourable forex, partially offset by price decline. QoQ growth was driven by improved volumes in base business partially offset by price decline. FY24 revenues at ₹ 29.8 billion, with a growth of 3% YoY. The growth was mainly driven by revenues from new products, favourable forex, partially offset by price erosion. During the quarter, we filed 48 Drug Master Files (DMFs) globally, taking the annual count to 133. Income Statement Highlights: Gross Margin Q4FY24 at 58.6% (GG: 62.0%, PSAI: 28.6%), an increase of 140 basis points (bps) over previous year and 7 bps sequentially. The YoY increase was on account of improvement in product mix and productivity cost savings, partially offset by income from non-core brands divested in previous period. On a sequential basis, the growth was primarily on account of favourable product mix. FY24 at 58.6% (GG: 62.9%, PSAI: 23.2%). Gross margin increased by 193 bps YoY. The expansion in margin was on account of favourable product mix, higher government incentive, productivity cost savings, partially offset by price erosion in select markets and brand divestment income during previous period. Selling, General & Administrative (SG&A) Expenses Q4FY24 at ₹ 20.5 billion, YoY increase of 14% and by 1% QoQ. FY24 at ₹ 77.2 billion, YoY increase of 13%. The increase is largely on account of higher investments in sales & marketing activities to strengthen our existing brands, new business initiatives including scaling up OTC and consumer health & wellness business, digitalization initiatives and building strong commercial capabilities. Research & Development (R&D) Expenses Q4FY24 at ₹ 6.9 billion. As % to Revenues – Q4FY24: 9.7% | Q3FY24: 7.7% | Q4FY23: 8.5%. FY24 at ₹ 22.9 billion. As % to Revenues – FY24: 8.2% | FY23: 7.9%. R&D investments is related to our biosimilar products pipeline, development efforts across generics as well as our novel oncology assets. Other Operating Income Q4FY24 at ₹ 0.7 billion as compared to ₹ 0.3 billion in Q4FY23. FY24 at ₹ 4.2 billion as compared to ₹ 5.9 billion in FY23. Net Finance Income Q4FY24 at ₹ 1.0 billion compared to ₹ 0.8 billion in Q4FY23. FY24 at ₹ 4.0 billion as compared to ₹ 2.9 billion in FY23. Profit before Tax Q4FY24 at ₹ 16.0 billion, YoY growth of 21%. QoQ decline of 12%. FY24 at ₹ 71.9 billion, an increase of 19%. As % to Revenues –FY24: 25.7% | FY23: 24.6%. Profit after Tax Q4FY24 at ₹ 13.1 billion, YoY growth of 36%, QoQ decline of 5%. FY24 at ₹ 55.7 billion, a growth of 24%. As % to Revenues –FY24: 19.9% | FY23: 18.3%. The Effective Tax Rate (ETR) for the quarter has been 18.4%. The ETR during the quarter is lower due to a one-time benefit accruing on account reversal of a tax provision, re-measurement of Deferred Tax asset owing to increase in USA state tax liability and adoption of corporate tax rate under section 115BAA of the IT Act. The ETR for FY24 was 22.5% as compared to 25.3% in FY23. The ETR was lower for FY24 mainly due to adoption of corporate tax rate under section 115BAA of the Income Tax Act of India. Diluted Earnings per Share (EPS) Q4FY24 is ₹ 78.4. FY24 is ₹ 334.0. Other Highlights: Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) Q4FY24 at ₹ 18.7 billion, YoY growth of 15% and QoQ decline of 11%. EBITDA margin is 26.4%. FY24 at ₹ 83.0 billion, a YoY growth of 14%. EBITDA margin is 29.7%. Others: Operating Working Capital : As on 31st March 2024 at ₹ 112.9 billion. Capital Expenditure: Q4FY24 at ₹ 5.0 billion. FY24 at ₹ 15.2 billion. Free Cash Flow: Q4FY24 at ₹ 5.3 billion. FY24 at ₹ 19.1 billion. Net Cash Surplus : As on 31st March 2024 at ₹ 64.6 billion Debt to Equity : As on 31st March 2024 is (0.23) ROCE : FY24 at 36%. The Board has recommended payment of a dividend of Rs. 40 per equity share of face value Rs. 5/- each (800% of face value) for the year ended March 31, 2024, subject to approval of the members of the company. About key metrics and non-GAAP Financial Measures This press release contains non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. Such non-GAAP financial measures are measures of our historical performance, financial position or cash flows that are adjusted to exclude or include amounts from the most directly comparable financial measure calculated and presented in accordance with IFRS. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with IFRS. Our non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. These measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business. For more information on our non-GAAP financial measures and a reconciliation of GAAP to non-GAAP measures, please refer to "Reconciliation of GAAP to Non-GAAP Results" table in this press release. All amounts in millions, except EPS Reconciliation of GAAP Measures to Non-GAAP Measures Operating Working Capital Particulars As on 31st Mar 2024 (₹) Inventories 63,552 Trade Receivables 80,298 Less: Trade Payables 30,919 Operating Working Capital 112,931 Free Cash Flow Particulars Three months ended 31st Mar 2024 Year ended 31st Mar 2024 (₹) (₹) Net cash generated from operating activities 17,053 65,479 Less: Taxes 5,534 20,047 Investments in Property, Plant & Equipment, and Intangibles 6,230 18,709 Free Cash Flow before Acquisitions 5,289 26,723 Less: Acquisitions related Pay-out - 7,640 Free Cash Flow 5,289 19,083 Net Cash Surplus and Debt to Equity Particulars As on 31st Mar 2024 (₹) Cash and Cash Equivalents 7,107 Investments 75,422 Short-term Borrowings (12,723) Long-term Borrowings, Non-Current (5,990) Less: Restricted Cash Balance – Unclaimed Dividend 227 Lease liabilities (included in Long-term Borrowings, Non-Current) (2,190) Equity Investments (Included in Investments) 1,193 Net Cash Surplus 64,586 Equity 280,550 Net Debt/Equity (0.23) Computation of Return on Capital Employed Particulars As on 31st Mar 2024 (₹) Profit before Tax 71,870 Less: Interest and Investment Income (Excluding forex gain/loss) 3,716 Earnings Before Interest and taxes [A] 68,154 Average Capital Employed [B] 191,809 Return on Capital Employed (A/B) (Ratio) 36% Computation of Capital Employed: Particulars Year Ended Mar 31, 2024 Mar 31, 2023 Property Plant and Equipment 76,886 66,462 Intangibles 36,951 30,849 Goodwill 4,253 4,245 Investment in Equity Accounted Associates 4,196 4,702 Other Current Assets 22,560 20,069 Other Investments 1,059 660 Other Non-Current Assets 1,632 800 Inventories 63,552 48,670 Trade Receivables 80,298 72,485 Derivative Financial Instruments (299) 1,095 Less: Other Liabilities 46,866 42,320 Provisions 5,444 5,513 Trade payables 30,919 26,444 Operating Capital Employed 207,859 175,760 Average Capital Employed 191,809 Computation of EBITDA Refer page no. 3 & 4. Earnings Call Details The management of the Company will host an Earnings call to discuss the Company’s financial performance and answer any questions from the participants. Date: May 7, 2024 Time: 19:30 pm IST | 10:00 am ET Conference Joining Information Option 1: Pre-register with the below link and join without waiting for the operator Option 2: Join through below Dial-In Numbers Universal Access Number: +91 22 6280 1219 +91 22 7115 8120 International Toll-Free Number: USA: 1 866 746 2133 UK: 0 808 101 1573 Singapore: 800 101 2045 Hong Kong: 800 964 448 No password/pin number is necessary to dial in to any of the above numbers. The operator will provide instructions on asking questions before and during the call. Play Back: The play back will be available after the earnings call, till May 14th, 2024. For play back dial in phone No: +91 22 7194 5757, and Playback Code is 40871. Transcript: Transcript of the Earnings call will be available on the Company’s website: About Dr. Reddy’s: Dr. Reddy’s Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY, NSEIFSC: DRREDDY) is a global pharmaceutical company headquartered in Hyderabad, India. Established in 1984, we are committed to providing access to affordable and innovative medicines. Driven by our purpose of ‘Good Health Can’t Wait’, we offer a portfolio of products and services including APIs, generics, branded generics, biosimilars and OTC. Our major therapeutic areas of focus are gastrointestinal, cardiovascular, diabetology, oncology, pain management and dermatology. Our major markets include – USA, India, Russia & CIS countries, China, Brazil, and Europe. As a company with a history of deep science that has led to several industry firsts, we continue to plan and invest in businesses of the future. As an early adopter of sustainability and ESG actions, we released our first Sustainability Report in 2004. Our current ESG goals aim to set the bar high in environmental stewardship; access and affordability for patients; diversity; and governance. For more information, log on to: . Disclaimer: This press release may include statements of future expectations and other forward-looking statements that are based on the management’s current views and assumptions and involve known or unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words "may", "will", "should", "expects", "plans", "intends", "anticipates", "believes", "estimates", "predicts", "potential", or "continue" and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to without limitation, (i) general economic conditions such as performance of financial markets, credit defaults, currency exchange rates, interest rates, persistency levels and frequency / severity of insured loss events, (ii) mortality and morbidity levels and trends, (iii) changing levels of competition and general competitive factors, (iv) changes in laws and regulations and in the policies of central banks and/or governments, (v) the impact of acquisitions or reorganization, including related integration issues, and (vi) the susceptibility of our industry and the markets addressed by our, and our customers’, products and services to economic downturns as a result of natural disasters, epidemics, pandemics or other widespread illness, including coronavirus (or COVID-19), and (vii) other risks and uncertainties identified in our public filings with the Securities and Exchange Commission, including those listed under the "Risk Factors" and "Forward-Looking Statements" sections of our Annual Report on Form 20-F for the year ended March 31, 2023. The company assumes no obligation to update any information contained herein.