Ranbaxy: Recovering from the Russian crisis - Views on News from Equitymaster

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Ranbaxy: Recovering from the Russian crisis

Jul 30, 1999

Ranbaxy has posted sales of Rs 3.7 bn (up 24.4% YoY) and a net profit of Rs 427 mn (up 16% YoY) for the second quarter ended 30th June 1999. Ranbaxy is India's largest pharmaceutical company ranking 2nd behind Glaxo in the domestic market. It is the market leader in the antibiotic and therapeutic segments and also has significant presence in export markets.

The operating profit of the company jumped 26.5% to Rs 782 mn. While the company has been able to improve overall efficiency (Total expenditure moved up only 23.6% as against the 24.4% jump in sales), net profit margin declined to 11.5% (12.4%). The company has posted a 34% jump in export turnover vis a vis the 17% rise in domestic turnover.

The company has partially recovered from the decline in sale growth it suffered after the Russian economy went into a tailspin. The sustained recovery in international markets is likely to boost revenue growth at Ranbaxy, which derives a large part of its total income from international markets.

Market View:
The stock has been rated as a 'SELL' mainly due to the rich valuations enjoyed by the company.

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