Ranbaxy net almost flat at Rs 160.8 crore

However, once the impact of depreciating rupee is factored in, the pharma major reported a PAT (including forex losses on translation) of Rs 22.9 crore for the period, 91% down from Rs 264 crore in the corresponding quarter of the last financial year. During Q2, the company achieved sales of Rs 1,829.6 crore, up 13% from Rs 1,623.8 crore in the corresponding period of the previous fiscal. Ranbaxy shares closed at Rs 474.8 on Tuesday, down 18.95% on the Bombay Stock Exchange (BSE).

Ranbaxy’s consolidated half-yearly profit after tax stood at Rs 280.4 crore, a 5.4 % increase from Rs 265 crore, in the corresponding period a year-ago. The consolidated half-yearly sales of the company stood at Rs 3,452.7 crore in the present year, up 8% over the corresponding half of the previous year.

Addressing a press conference, Malvinder Singh, CEO and MD, Ranbaxy, said, “Although the performance this quarter hasn’t been as robust as we had expected, we have an optimistic outlook for the future. We expect performance to be stronger as we move through the rest of the year.”

Singh also said that Ranbaxy’s deal with Daiichi Sankyo, would substantially alter the rules of the game and re-define the global pharmaceutical landscape. “A lot of leading companies globally are now looking at similar agreements with generic companies. We have the early mover advantage and are best placed to gain from the complementary strengths of both partners in capitalizing on the opportunities available across the entire pharmaceutical value spectrum, ” Singh added.

Developed markets accounted for 40% to global sales and recorded a growth of 12%. Countries like USA, Canada and France were the primary contributors to growth. Emerging markets contributed 53% of global sales and grew 9%.

Key countries in Latin America, Asia Pacific and Africa contributed to the growth in emerging markets.