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Result Review
Ranbaxy Laboratories – 4QCY2010
For 4QCY2010, Ranbaxy reported net sales of `2,066.2cr (`2,266.4cr), a drop of 8.8% yoy,
lower than our expectation of `2,245.3cr. Gross margin came in at 58.9% (56.2%), lower
than our estimates of 61% for the quarter. OPM came in at 9.1% during 4QCY2010.
Ranbaxy reported loss of `97.5cr compared to `255.4cr profit in the same quarter last year.
For CY2010, net sales came in at `8,535.5cr (`7,329.4cr), an increase of 16.5% yoy. Gross
margin came in at 63.1%. The company reported net profit of `1,496.8cr for CY2010,
compared to `296.5cr in the previous year.
The stock is currently trading at 17x and 11x its CY2011E and CY2012E earnings,
respectively. Post the correction in the stock price, we recommend a Buy view on the stock
with a Target Price of `577.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Result Review
Ranbaxy Laboratories – 4QCY2010
For 4QCY2010, Ranbaxy reported net sales of `2,066.2cr (`2,266.4cr), a drop of 8.8% yoy,
lower than our expectation of `2,245.3cr. Gross margin came in at 58.9% (56.2%), lower
than our estimates of 61% for the quarter. OPM came in at 9.1% during 4QCY2010.
Ranbaxy reported loss of `97.5cr compared to `255.4cr profit in the same quarter last year.
For CY2010, net sales came in at `8,535.5cr (`7,329.4cr), an increase of 16.5% yoy. Gross
margin came in at 63.1%. The company reported net profit of `1,496.8cr for CY2010,
compared to `296.5cr in the previous year.
The stock is currently trading at 17x and 11x its CY2011E and CY2012E earnings,
respectively. Post the correction in the stock price, we recommend a Buy view on the stock
with a Target Price of `577.
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