Ranbaxy disappoints; lower EBITDA at 6% main cause: Angel

EBITDA margins is something which will take sometime to be steady for Ranbaxy. It will hover around 6-8 percent range unless other core issues get resolved in the company, says Sarabjit Kaur Nangra

Ranbaxy Laboratories today posted consolidated net loss of Rs 73.6 crore for the fourth quarter ended March 31, 2014 . Speaking to CNBC-TV18,  Sarabjit Kaur Nangra, Angel Broking said that since the EBITDA at 6 percent was lower than their expectation of 6.5 percent, the drug major has been unable to meet its net profit target.

Below are excerpts of the interview:

Q: The revenues have come in at Rs 2,467 crore and there is a net loss that Ranbaxy has reported. Anything more that you have with you?

A: Not really. Sales are down a bit lower than our estimate, just around Rs 200 crore. Losses are definitely there, so need to figure out the details as to what could be the possible reasons for the loss.

Q: From a pure operational basis, it seems like the core EBITDA performance too has been lower than at least what the street was expecting, what are your thoughts?

A: EBITDA margins have been more or less inline with expectations. We were expecting somewhere around 6.5 percent kind of an EBITDA margin. Your number suggests somewhere around 5.7-5.8 percent. So, it is more or less inline with expectation. EBITDA margins is something which will take sometime to be steady for Ranbaxy. It will hover around 6-8 percent range unless other core issues get resolved in the company.

Q: Six percent EBITDA margin is what the company has reported this time versus 6.3 percent, is that inline with what you were estimating?

A: No, it is lower than our estimates and possibly sales, lower EBITDA is the reason why it has not met the net profit kind of number.

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