Ranbaxy surges on robust Q1 earnings
A combined 3.06 million shares have changed hands so far, against an average around 600,000 shares in past two weeks
Ranbaxy Laboratories has moved higher by 5% at Rs 518, on reporting over four-fold growth in net profit at Rs 1,247 crore for the first quarter ended March 2012, on back of higher other income and sales. Net sales grew 73% at Rs 3,695 crore on year-on-year basis, mainly on the back the resumption of exports to the USA from Indian facility, the pharmaceutical company said in a filing.
Earnings before interest, tax, depreciation and amortization (EBITDA) margins improved almost 800 bps to 27.43% from 19.86% during the recently concluded quarter.
“The Indian Rupee strengthened against the US $ in the quarter, led to reversal of $87 million (about Rs 440 crore) of the marked to market losses of derivative options outstanding and foreign currency loans,” it added.
The stock which opened at Rs 498, is trading at day’s high level on the Bombay Stock Exchange. A combined 3.06 million shares have already changed hands on the counter so far, against an average around 600,000 shares that were trading daily in past two weeks on both the exchanges.