Ranbaxy Labs profit soars to R754 cr on forex gains

Written by fe Bureau | New Delhi | Updated: Nov 9 2012, 06:05am hrs
Ranbaxy Laboratories posted a net profit of R754 crore in the third quarter ended September on stronger demand for its generic drugs in the US market and foreign exchange gains. The company had posted a net loss of R464.58 crore for the quarter ended September 30, 2011.

Foreign exchange gains for the quarter stood at Rs 393 crore. Net profit includes tax, minority interest and share in loss of associate, a company statement said. Consolidated sales of the company stood at R2,651.39 crore for the quarter under consideration against R2,023 crore for the corresponding period previous fiscal.

Arun Sawhney, CEO, Ranbaxy, said, Ranbaxys business performance continued to strengthen as planned even in a volatile regulatory and business environment as our focus on key markets, improvement in manufacturing, R&D productivity and heightened level of cost consciousness helped our strong performance. We are confident that these measures will help further strengthen our base business.

Last year it launched the first generic version of Lipitor, the worlds top-selling drug owned by Pfizer, in the US and enjoyed exclusive marketing rights with Watson Pharmaceuticals for six months that ended in May 2012.

It also launched generic of Actos, a diabetes drug by Takeda Pharmaceutical, in August and shares marketing exclusivity with Mylan in the United States. The Ranbaxy scrip plunged 0.21% on Thursday to end at R549 on the BSE.