Ranbaxy Q4 PAT at Rs 262 cr

Boosted by growth in the US market and forex gains, Ranbaxy Laboratories today reported a consolidated profit after tax (PAT) of Rs 262 crore for the quarter ended on December 31, 2009.

The Gurgaon-based pharma company had registered a loss of Rs 679.8 crore in the same quarter a year ago.

The company said its sales during the quarter stood at Rs 2,269.9 crore against Rs 1,909.6 crore in the same period previous year. It reported a forex gain of around Rs 300 crore in the quarter under consideration.

"We launched two First-to-File (FTFs) products during the quarter in US -- Valacycloir and Oxcarbazepine Suspension with exclusivity and also taken some cost cutting measures that ensured better results," Ranbaxy Laboratories chief Executive Officer and Managing Director Atul Sobti told reporters.

FTFs applications are made in US for the generic version's approval, whose patents are about to expire and it gives exclusive marketing rights for 180 days to the firm.

In US, sales during the quarter grew by 78 per cent to $158 million (Rs 755.7 crore), it said.

In year ended on December 31, 2009, it had reported a net profit of Rs 310 crore as against a loss of Rs 934.9 crore in previous year. During the year, its sales grew to Rs 7,344.1 crore as against Rs 7,255.5 crore, an year ago.

Ranabaxy said, it expects to achieve a sale of Rs 7,800 crore in 2010, a growth of 6 per cent as compared to the last year and a profit after tax (PAT) of about Rs 460 crore.

"The estimate is based on the assumptions of exchange rate of Rs 46 per dollar," Sobti said.

During the quarter, India pharma business recorded sales of Rs 333.4 crore, a 6 per cent rise over the same period a year ago.

The company also announced the launch of its new three-year project 'Viraat' to give a push to its domestic business.

"Our India project, what we called Viraat project has been rolled out, there are many initiative which we are taking as a part of this project... Including shift head quarter of India operations," Sobti said without disclosing details.

Asked about the issues with FDA, he said, Ranbaxy has been waiting for the re-inspection of its Dewas and Paonta Sahib facility since last quarter, which was delayed because of the travel advisory issued by US authorities.

"Resolving FDA issue, is the key challenge for 2010," he added.

Ranbaxy's European sales during the quarter stood at $80 million (Rs 376.7 crore), a growth of 2 per cent from the year-ago period.

Its sales in Latin America during the quarter stood at around $21 million, a growth of 24 per cent as compared to corresponding period an year ago.