_:n59f71d91a8c84299a2d0fd6b6c5c9751xb2
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"<ul style='text-align: justify;'>\r\n<li> Largely in line with our estimates<span style='color: black;'>, Ranbaxy reported revenue growth of </span>71% yoy to Rs37.9bn.</li>\r\n<li> The growth in revenue was mainly driven by higher realization (55% growth in dollar terms) and its exclusivity launches of generic Lipitor and Caduet-Authorised generic (AG).</li>\r\n<li> <span style='color: black;'>Domestic formulation market recorded moderate growth at 13%; 200 bps below market growth</span></li>\r\n<li> <span style='color: black;'>Adj. EBITDA margin improved by 215 bps qoq to 27% </span>and Adj PAT grew by 13% qoq.</li>\r\n<li> <span style='color: black;'>Improvement is sales and focus on cost optimization laid to the improvement in margins.</span></li></ul> <span style='font-weight: bold;'>Quarterly Result table</span><br />\r\n \r\n<table cellspacing='0' cellpadding='0' style='border-left: 1px solid black; border-top: 1px solid black;'> \r\n<tbody>\r\n<tr> \r\n<td style='width: 120px; border-right: 1px solid black; border-bottom: 1px solid black; background-color: #737373;'> <span style='font-weight: bold; color: white;'>(Rs mn)</span><br />\r\n </td> \r\n<td style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black; background-color: #737373;'> <span style='font-weight: bold; color: white;'>Q1CY12</span><br />\r\n </td> \r\n<td style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black; background-color: #737373;'> <span style='font-weight: bold; color: white;'>Q1CY11</span><br />\r\n </td> \r\n<td style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black; background-color: #737373;'> <span style='font-weight: bold; color: white;'>% yoy</span><br />\r\n </td> \r\n<td style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black; background-color: #737373;'> <span style='font-weight: bold; color: white;'>Q4CY11</span><br />\r\n </td> \r\n<td style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black; background-color: #737373;'> <span style='font-weight: bold; color: white;'>% qoq</span><br />\r\n </td> </tr> \r\n<tr> \r\n<td nowrap='nowrap' style='width: 120px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>Net sales</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>37,868</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>22,142</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>71.0</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>38,496</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>(1.6)</span><br />\r\n </td> </tr> \r\n<tr> \r\n<td nowrap='nowrap' style='width: 120px; border-right: 1px solid black; border-bottom: 1px solid black;'> (Inc)/dec in stock<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> (418)<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> (1,401)<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> (70.2)<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> 338<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> (223.8)<br />\r\n </td> </tr> \r\n<tr> \r\n<td nowrap='nowrap' style='width: 120px; border-right: 1px solid black; border-bottom: 1px solid black;'> Con of Materials<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> (4,806)<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> (6,337)<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> (24.2)<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> (6,212)<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> (22.6)<br />\r\n </td> </tr> \r\n<tr> \r\n<td nowrap='nowrap' style='width: 120px; border-right: 1px solid black; border-bottom: 1px solid black;'> Pur of Trad Goods<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> (4,534)<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> (2,588)<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> 75.2<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> (4,382)<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> 3.5<br />\r\n </td> </tr> \r\n<tr> \r\n<td nowrap='nowrap' style='width: 120px; border-right: 1px solid black; border-bottom: 1px solid black;'> Employees' Cost<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> (4,702)<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> (4,169)<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> 12.8<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> (3,973)<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> 18.3<br />\r\n </td> </tr> \r\n<tr> \r\n<td nowrap='nowrap' style='width: 120px; border-right: 1px solid black; border-bottom: 1px solid black;'> Other Expenditure<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> (14,093)<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> (6,189)<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> 127.7<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> (16,150)<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> (12.7)<br />\r\n </td> </tr> \r\n<tr> \r\n<td nowrap='nowrap' style='width: 120px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>Operating profit</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>10,152</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>4,261</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>138.2</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>7,442</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>36.4</span><br />\r\n </td> </tr> \r\n<tr> \r\n<td nowrap='nowrap' style='width: 120px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold; font-style: italic;'>OPM (%)</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold; font-style: italic;'>26.8</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold; font-style: italic;'>19.2</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold; font-style: italic;'>756 bps</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold; font-style: italic;'>19.3</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold; font-style: italic;'>748 bps</span><br />\r\n </td> </tr> \r\n<tr> \r\n<td nowrap='nowrap' style='width: 120px; border-right: 1px solid black; border-bottom: 1px solid black;'> Depreciation<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> (799)<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> (736)<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> 8.5<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> (1,681)<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> (52.5)<br />\r\n </td> </tr> \r\n<tr> \r\n<td nowrap='nowrap' style='width: 120px; border-right: 1px solid black; border-bottom: 1px solid black;'> Net Interest income<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> (187)<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> (393)<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> (52.5)<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> (877)<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> (78.7)<br />\r\n </td> </tr> \r\n<tr> \r\n<td nowrap='nowrap' style='width: 120px; border-right: 1px solid black; border-bottom: 1px solid black;'> Other income<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> 1,366<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> 690<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> 97.9<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> 942<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> 45.1<br />\r\n </td> </tr> \r\n<tr> \r\n<td nowrap='nowrap' style='width: 120px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>PBT</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>10,533</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>3,823</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>175.6</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>5,825</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>80.8</span><br />\r\n </td> </tr> \r\n<tr> \r\n<td nowrap='nowrap' style='width: 120px; border-right: 1px solid black; border-bottom: 1px solid black;'> Forex (loss)/gain <br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> 3,447<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> 20<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> 17,274.8<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> (8,379)<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> (141.1)<br />\r\n </td> </tr> \r\n<tr> \r\n<td nowrap='nowrap' style='width: 120px; border-right: 1px solid black; border-bottom: 1px solid black;'> Other Exceptional<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> -<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> -<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> -<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> (26,480)<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> -<br />\r\n </td> </tr> \r\n<tr> \r\n<td nowrap='nowrap' style='width: 120px; border-right: 1px solid black; border-bottom: 1px solid black;'> Tax<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> (1,374)<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> (782)<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> 75.7<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> (747)<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> 84.0<br />\r\n </td> </tr> \r\n<tr> \r\n<td nowrap='nowrap' style='width: 120px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold; font-style: italic;'>Effective tax rate (%)</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold; font-style: italic;'>13.0</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold; font-style: italic;'>20.5</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold; font-style: italic;'>(741) bps</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>13</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold; font-style: italic;'>23 bps</span><br />\r\n </td> </tr> \r\n<tr> \r\n<td nowrap='nowrap' style='width: 120px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>PAT</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>12,606</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>3,060</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>311.9</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>(29,781)</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>(142.3)</span><br />\r\n </td> </tr> \r\n<tr> \r\n<td nowrap='nowrap' style='width: 120px; border-right: 1px solid black; border-bottom: 1px solid black;'> Min and share of Ass<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> 139<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> 16<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> 741.4<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> 47<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> 194.2<br />\r\n </td> </tr> \r\n<tr> \r\n<td nowrap='nowrap' style='width: 120px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>Reported PAT</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>12,468</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>3,044</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>309.6</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>(29,828)</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>(141.8)</span><br />\r\n </td> </tr> \r\n<tr> \r\n<td nowrap='nowrap' style='width: 120px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>Adj Pat</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>8,507</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>3,025</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>181.2</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>7,499</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>13.4</span><br />\r\n </td> </tr> \r\n<tr> \r\n<td nowrap='nowrap' style='width: 120px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold; font-style: italic;'>PAT margin (%)</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>22</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>14</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold; font-style: italic;'>880 bps</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>19</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold; font-style: italic;'>298 bps</span><br />\r\n </td> </tr> \r\n<tr> \r\n<td nowrap='nowrap' style='width: 120px; border-right: 1px solid black; border-bottom: 1px solid black;'> Ann. EPS (Rs)<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> 32<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> 11<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> 180.9<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> 28<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> 13.4<br />\r\n </td> </tr> </tbody></table> <span style='font-style: italic;'>Source: Company, India Infoline Research</span><br />\r\n <span style='font-weight: bold; color: windowtext;'>&nbsp;</span><br />\r\n<p style='margin: 0px; text-align: justify;'> <span style='font-weight: bold; color: black;'>Revenues up by 71% yoy in rupee term; grew by 55% in dollar terms</span></p>\r\n<p style='margin: 0px; text-align: justify;'> Ranbaxy started its year with big bang. The company posted revenues growth of 71% yoy in rupee term whereas it grew by 55% in dollar terms<span style='font-weight: bold;'>. </span>Again, like last quarter the growth was mainly led by its much awaited launch of generic Lipitor.<span style='color: black;'> </span>There was an arrangement between Ranbaxy and Teva for the generic Lipitor launch. We believe the payment to Teva has limited the EBITDA expansion. Management indicated that Lipitor has ~47% market share ahead of its innovator and authorized generic. Management remains confident about retaining the higher share post exclusivity with its generic Lipitor launch in various geographies. But, we remain cautious at margin front as we believe price erosion would be steep (~95%) after the competition creeps in post exclusivity.</p>\r\n<p style='margin: 0px; text-align: justify;'> &nbsp;</p>\r\n<p style='margin: 0px; text-align: justify;'> <span style='font-weight: bold;'>Geographical sales Break-up; healthy mix</span></p>\r\n<p style='margin: 0px; text-align: justify;'> Sales in North America were up by 145% to US$415mn due to large contribution from the growth in the USA. Sales in the USA for the quarter were US$401mn driven by strong base business and continued exclusivity sales. In India sales for the quarter were Rs5bn, 13% higher yoy led by robust CHC performance.</p> &nbsp;<br />\r\n \r\n<table cellspacing='0' cellpadding='0' style='border-left: 1px solid black; border-top: 1px solid black;'> \r\n<tbody>\r\n<tr> \r\n<td style='width: 156px; border-right: 1px solid black; border-bottom: 1px solid black; background-color: #737373;'> <span style='font-weight: bold; color: white;'>Sales Break-up (Rs mn)</span><br />\r\n </td> \r\n<td style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black; background-color: #737373;'> <span style='font-weight: bold; color: white;'>Q1CY12</span><br />\r\n </td> \r\n<td style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black; background-color: #737373;'> <span style='font-weight: bold; color: white;'>Q1CY11</span><br />\r\n </td> \r\n<td style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black; background-color: #737373;'> <span style='font-weight: bold; color: white;'>% yoy</span><br />\r\n </td> \r\n<td style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black; background-color: #737373;'> <span style='font-weight: bold; color: white;'>Q4CY11</span><br />\r\n </td> \r\n<td style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black; background-color: #737373;'> <span style='font-weight: bold; color: white;'>% qoq</span><br />\r\n </td> </tr> \r\n<tr> \r\n<td nowrap='nowrap' style='width: 156px; border-right: 1px solid black; border-bottom: 1px solid black;'> Domestic<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> 5,037<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> 4,436<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> 13.5<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> 5,071<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> (0.7)<br />\r\n </td> </tr> \r\n<tr> \r\n<td nowrap='nowrap' style='width: 156px; border-right: 1px solid black; border-bottom: 1px solid black;'> Out-side India<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> 31,917<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> 16,979<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> 88.0<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> 32,362<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> (1.4)<br />\r\n </td> </tr> \r\n<tr> \r\n<td nowrap='nowrap' style='width: 156px; border-right: 1px solid black; border-bottom: 1px solid black;'> Total Sales<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> 36,954<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> 21,415<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> 72.6<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> 37,433<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> (1.3)<br />\r\n </td> </tr> \r\n<tr> \r\n<td nowrap='nowrap' style='width: 156px; border-right: 1px solid black; border-bottom: 1px solid black;'> Other operating income<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> 914<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> 727<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> 25.8<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> 1,115<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> (18.0)<br />\r\n </td> </tr> \r\n<tr> \r\n<td nowrap='nowrap' style='width: 156px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>Total</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>37,868</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>22,142</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>71.0</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 60px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>38,496</span><br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 48px; border-right: 1px solid black; border-bottom: 1px solid black;'> <span style='font-weight: bold;'>(1.6)</span><br />\r\n </td> </tr> </tbody></table> <span style='color: black;'>&nbsp;</span><br />\r\n<p style='margin: 0px; text-align: justify;'> <span style='font-weight: bold;'>Adj. EBITDA margin improved by 215 bps qoq to 27% and Adj PAT grew by 13% qoq </span></p>\r\n<p style='margin: 0px; text-align: justify;'> <span style='color: black;'>Ranbaxy reported an OPM of 27% in Q1 CY12. Management indicated the improvement in EBITDA margins for the quarter is on the back of improvement in the base business and revenues from Lipitor. Adjusted PAT grew by 13% qoq to Rs8.5bn. Rupee depreciation had a large positive impact on the company's results.</span></p><br />\r\n <span style='font-weight: bold;'>Cost analysis&nbsp; </span><br />\r\n \r\n<table cellspacing='0' cellpadding='0' style='width: 451px; border-left: 1px solid black; border-top: 1px solid black;'> \r\n<tbody>\r\n<tr> \r\n<td style='width: 120px; border-right: 1px solid black; border-bottom: 1px solid black; background-color: #737373;'> <span style='font-weight: bold; color: white;'>As a % of net sales</span><br />\r\n </td> \r\n<td style='width: 62px; border-right: 1px solid black; border-bottom: 1px solid black; background-color: #737373;'> <span style='font-weight: bold; color: white;'>Q1CY12</span><br />\r\n </td> \r\n<td style='width: 61px; border-right: 1px solid black; border-bottom: 1px solid black; background-color: #737373;'> <span style='font-weight: bold; color: white;'>Q1CY11</span><br />\r\n </td> \r\n<td style='width: 49px; border-right: 1px solid black; border-bottom: 1px solid black; background-color: #737373;'> <span style='font-weight: bold; color: white;'>bps yoy</span><br />\r\n </td> \r\n<td style='width: 54px; border-right: 1px solid black; border-bottom: 1px solid black; background-color: #737373;'> <span style='font-weight: bold; color: white;'>Q4CY11</span><br />\r\n </td> \r\n<td style='width: 67px; border-right: 1px solid black; border-bottom: 1px solid black; background-color: #737373;'> <span style='font-weight: bold; color: white;'>bps qoq</span><br />\r\n </td> </tr> \r\n<tr> \r\n<td nowrap='nowrap' style='width: 120px; border-right: 1px solid black; border-bottom: 1px solid black;'> Raw material<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 62px; border-right: 1px solid black; border-bottom: 1px solid black;'> 12<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 61px; border-right: 1px solid black; border-bottom: 1px solid black;'> 22<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 49px; border-right: 1px solid black; border-bottom: 1px solid black;'> (1,070)<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 54px; border-right: 1px solid black; border-bottom: 1px solid black;'> 17<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 67px; border-right: 1px solid black; border-bottom: 1px solid black;'> (543)<br />\r\n </td> </tr> \r\n<tr> \r\n<td nowrap='nowrap' style='width: 120px; border-right: 1px solid black; border-bottom: 1px solid black;'> Purchases<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 62px; border-right: 1px solid black; border-bottom: 1px solid black;'> 12<br />\r\n </td> \r\n<td nowrap='nowrap' style='width: 61px; border-right: 1px solid black; border-bottom: 1px solid black;'> 12<br />\r\n <"
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