Ranbaxy Laboratories: Guidance for 2012E is strong, but uncertainty over FTF launches remains:: Kotak Securities (PDF link)

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Ranbaxy Laboratories: Guidance for 2012E is strong, but uncertainty over
FTF launches remains
` 4Q2011 revenues were Rs37 bn, 5% above our estimates; company misses
2011 guidance
` Reported EBITDA at Rs8.6 bn, in line with our estimate
` Maintain SELL with TP at Rs380 (was Rs400) - 18X 2012E core EPS of Rs21

http://www.kotaksecurities.com/pdf/indiadaily/indiadaily24022012.pdf