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Ranbaxy: Growing globally

Jan 23, 2004

One of India's largest pharma companies, Ranbaxy Laboratories reported a 22% revenue growth for the year 2003. Net profits grew at a slower 14%, owing to the extraordinary income effect of 2002 as well as rupee appreciation versus the dollar. The fourth quarter numbers were not too enthusing as Ranbaxy reported 8% revenue growth and an 8% dip in net profits for the quarter.

(Rs m) 4QFY03 4QFY04 Change FY03 FY04 Change
Net Sales 10,589 11,444 8.1% 37,138 45,165 21.6%
Other operating income 773 840 8.7% 2,100 3,320 58.1%
Other income 31 40 29.0% 86 244 183.7%
Operating expenses 8,501 9,568 12.6% 30,606 37,154 21.4%
Operating Profit (EBDIT) 2,861 2,716 -5.1% 8,632 11,331 31.3%
Operating Profit Margin (%) 27.0% 23.7%   23.2% 25.1%  
Interest 99 101 2.0% 387 336 -13.2%
Depreciation and ammortisation 448 288 -35.7% 951 1,410 48.3%
Profit before tax 2,345 2,367 0.9% 7,380 9,829 33.2%
Extra-ordinary Items 49 100 104.1% 954 352 -63.1%
Tax 444 705 58.8% 1,856 2,758 48.6%
Profit after Tax but before MI 1,950 1,762 -9.6% 6,478 7,423 14.6%
Minority Interest (MI) 33 3 -90.9% 8 30 275.0%
Profit after Tax and MI 1,917 1,759 -8.2% 6,470 7,393 14.3%
Net profit margin (%) 18.1% 15.4%   17.4% 16.4%  
No. of Shares (m) 116.0 185.0   116.0 185.0  
Diluted earnings per share (Rs) * 42.2 38.1   35.0 40.1  
P/E ratio (x)   26.9     25.6  
(* annualised)            

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