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Ranbaxy: Buoyed by 'exclusivity' products - Views on News from Equitymaster
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Ranbaxy: Buoyed by 'exclusivity' products
May 12, 2010

Ranbaxy has announced its 1QCY10 results. The company has reported 75% YoY growth in sales and net profits of Rs 9.6 bn. Here is our analysis of the results.

Performance summary
  • Revenues grow by 75% YoY during the quarter primarily led by strong sales from 2 first-to-file (FTF) products in the US and growth in key geographies.
  • Several cost rationalization measures along with the 2 FTF products lead to an improvement in operating margins to 38% during the quarter.
  • With the company recording forex gains of Rs 4.5 bn as against forex losses of Rs 11.3 bn in 1QCY09, it posts a net profit of Rs 9.6 bn during the quarter as against a loss of Rs 7.6 bn in 1QCY09.
Financial performance: A snapshot
(Rs m) 1QCY09 1QCY10 Change
Net sales 15,771 27,671 75.4%
Expenditure 15,749 17,154 8.9%
Operating profit (EBDITA) 23 10,517  
EBDITA margin (%) 0.1% 38.0%  
Other income 457 399 -12.7%
Interest (net) 246 248 0.8%
Depreciation 639 1,005 57.3%
Profit before tax (405) 9,663  
Tax (4,101) 4,524  
Forex loss/(gain) 11,306 (4,492)  
Profit after tax/(loss) (7,610) 9,631  
Net profit margin (%) -48.3% 34.8%  
No. of shares (m) 420.4 420.5  
Diluted earnings per share (Rs)*   29.2  
P/E ratio (x)   15.5  

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