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Ranbaxy: Quite a poor show - Views on News from Equitymaster
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Ranbaxy: Quite a poor show
Oct 30, 2013

Ranbaxy has announced its 3QCY13 results. The company has reported an increase of 3.1% YoY in sales and a loss of Rs 4.5 bn at the net level. Here is our analysis of the results.

Performance summary
  • Topline witnessed poor growth of 3.1% YoY during 3QCY13 on back of lower sales in domestic formulations and other export markets.
  • Operating margins shrink by 8.3% to 7.1% during the quarter leading to a 52.3% YoY drop in operating profits.
  • The company reports a loss of Rs 4.5 bn at the net level. This is largely due to exceptional losses of Rs 3.7 bn on account of mark to market losses on derivatives and outstanding foreign currency loans.

    Financial performance: A snapshot
    (Rs m) 3QCY12 3QCY13 Change 9MCY12 9MCY13 Change
    Net sales 26,685 27,502 3.1% 95,821 77,452 -19.2%
    Operating Income 397 515 29.8% 1,664 1,624 -2.4%
    Expenditure 22,903 26,025 13.6% 79,786 73,540 -7.8%
    Operating profit (EBDITA) 4,179 1,992 -52.3% 17,699 5,537 -68.7%
    EBDITA margin (%) 15.4% 7.1%   18.2% 7.0%  
    Other income 661 261 -60.5% 1,965 1,239 -36.9%
    Interest (net) (156) 1,115   1,679 3,232 92.5%
    Depreciation 816 1,334 63.4% 2,398 2,894 20.7%
    Exceptional gain/(loss) 3,933 (3,717)   1,387  (7,761)  
    Profit before tax 8,112 (3,913)   16,974  (7,111)  
    Tax 542 570 5.2% 2,598 1,234 -52.5%
    Minority interest 29 59 103.3% 223 182 -18.7%
    Profit after tax/(loss) 7,542 (4,542)   14,153  (8,527)  
    Net profit margin (%) 28.3% -16.5%   14.8% -11.0%  
    No. of shares (m)         421.0  
    Diluted base earnings per share (Rs)          (31.9)  
    *based on trailing 12 months earnings

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