Ranbaxy: The forex impact - Views on News from Equitymaster

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Ranbaxy: The forex impact

Jul 19, 2007

Performance summary
  • Revenues grow by 16% YoY in 2QCY07, driven by the strong performance in Europe and Rest of the World.

  • EBDITA margins shrink by 480 basis points (4.8%) during the quarter, largely on the back of a considerable rise in raw material costs (as percentage of sales).

  • PAT grows by 118% YoY in 2QCY07, led by higher forex gains. Excluding this impact, net profits have fallen by 64% YoY.

  • Revenues from the US include revenues from 'Pravastatin' 80 mg, for which Ranbaxy receives 180-day exclusivity.

Financial performance: A snapshot
(Rs m) 2QCY06 2QCY07 Change 1HCY06 1HCY07 Change
Net sales 14,562 16,853 15.7% 27,484 32,674 18.9%
Expenditure 11,914 14,588 22.4% 23,413 28,501 21.7%
Operating profit (EBDITA) 2,648 2,265 -14.5% 4,071 4,173 2.5%
EBIDTA margin (%) 18.2% 13.4%   14.8% 12.8%  
Other income (355) 2,051   (241) 2,655  
Interest (net) 277 351 26.7% 534 664 24.3%
Depreciation 457 565 23.6% 884 1,122 26.9%
Profit before tax 1,559 3,400 118.1% 2,412 5,042 109.0%
Tax 336 738 119.6% 471 1,093 132.1%
Minority interest 12 27 125.0% 16 38 137.5%
Profit after tax/(loss) 1,211 2,635 117.6% 1,925 3,911 103.2%
Net profit margin (%) 8.3% 15.6%   7.0% 12.0%  
No. of shares (m) 372.5 372.8   372.5 372.8  
Diluted earnings per share (Rs)*         19.1  
Price to earnings ratio (x)*         18.5  

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