Ranbaxy Labs Q2 Sales Rises 17.9 Per Cent

Ranbaxy Laboratories has reported a 17.9 per cent growth in the second quarter sales at Rs 499.3 crore, riding primarily on a 71 per cent growth in exports of dosage forms over the corresponding period last fiscal.

The company's net profit in the quarter ended June 30, 2001, grew 22 per cent at Rs 49.3 crore over Rs 40.4 crore in the corresponding period last year. Turnover during the same period was up 17.9 per cent over last year's Rs 423.6 crore. Of this, domestic sales at Rs 263.3 crore grew 13 per cent and export sales at Rs 236 crore improved by 23 per cent.

Profit before tax in the second quarter was Rs 52.7 crore (Rs 43.7 crore), an increase of 21 per cent over the corresponding period last year.

The pharma major said it had also registered an increase of 18.2 per cent in sales turnover at Rs 945 crore during the first half ended June 30, over Rs 799.2 crore registered during the year-ago period. Domestic sales stood at Rs 481.7 crore, a growth of 11.5 per cent, and exports sales at Rs 463.3 crore improved by 26 per cent during the period.

During the first half, net profit at Rs 106.7 crore increased by 34.2 per cent against Rs 79.5 crore registered during the corresponding period last year.

The company's global sales for the period Jan-June 2001 stood at $269 million registering a growth of 17 per cent. This was contributed by its key markets, i.e. the US, Brazil and eastern Europe. Dosage form sales in the overseas markets constituted 40 per cent of global sales ($108 million), growing at a 46 per cent.

The unaudited quarterly and half yearly results for the period ended June 30 were taken on record at a meeting of the company's board of directors here today.

According to Ranbaxy managing director D S Brar, the company is likely to achieve global sales of over $600 million during the year, reflecting a 20 per cent increase over its turnover of the previous year. Brar also said global sales would cross $1 billion by 2004 and attain the target it had set ten years ago.