India’s top drug maker, Ranbaxy Laboratories, has registered a net profit of Rs 304.4 crore during the January-March quarter, 68.4 per cent down against Rs 960.6 crore recorded during the corresponding period in 2010.
Total income during the quarter stood at Rs 2,180.9 crore, lower by 21 per cent against Rs 2,761.5 crore during the corresponding period the previous year.
Ranbaxy said the profitability and revenues were not strictly comparable, as the previous year’s numbers were driven by one-time upsides caused by exclusive marketing opportunities in the US market.
Consolidated sales for the quarter were Rs 2,146.8 crore, against Rs 2,484.7 crore in the corresponding quarter a year ago.
Emerging markets contributed $237 million (Rs 1,061 crore) in sales, an increase of 12 per cent as compared to $212 million (Rs 948.7 crore) the previous year.
Developed markets recorded sales of $212 million (Rs 948.7 crore), lower by 30 per cent as compared to $304 million (Rs 1,360.4 crore) in January-March 2010.
Managing Director Arun Sawhney said “sustained performance of key geographies” helped the company deliver superior sales. “Leadership initiatives such as Viraat in India, and a change in business models in some geographies, have also provided further impetus,” he added.
Indian revenues grew 14 per cent to Rs 4,357 crore, the company said. Of this, sales in the consumer healthcare business stood at Rs 59 crore, growth of 33 per cent.
Ranbaxy, majority owned by Japanese drug major Daiichi Sankyo, also disclosed that it was in the process of negotiating all pending issues with the United States Food and Drugs Administration (USFDA) and the Department of Justice of the US and had given a settlement offer to resolve all pending issues. The company, however, said it had made no provision towards payment of penalties to the US regulator, as there was “significant uncertainty about the outcome of the above mentioned matters”.
The company’s revenues from the US were Rs 701.8 crore during the quarter. It had registered a sale of Rs 769.1 crore during the corresponding quarter the previous year.
Ranbaxy stocks closed 1.66 per cent higher at Rs 449.1 on the Bombay Stock Exchange on Tuesday.