US, emerging marts prop up Ranbaxy Q3

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On the back of robust growth in the US and emerging markets and sustained cost containment measures, India's biggest pharmaceutical company Ranbaxy Laboratories posted a whopping 651 per cent jump in profit after tax for the third quarter ended September. The company said its profit after tax stood at Rs 140.4 crore compared with Rs 18.7 crore in the corresponding quarter last fiscal.

The consolidated sales during the quarter stood at Rs 1,640.4 crore as against Rs 1,303.9 crore in the year-ago period, a growth of 26 per cent.

Commenting on the results Ranbaxy CEO and Managing Director Malvinder Mohan Singh said: "This can be attributed in large measures to the growth being driven in some key geographies and efficiencies gained from sustained cost containment measures."

During the quarter, the company filed nine abbreviated new drug applications in the US with three approvals. And the company expects to file another 14-15 ANDAs in the remaining period of the year. The board approved the payment of an interim dividend of 50 per cent at Rs 2.50 per share of par value Rs 5 each for the year ending December 2006. During the quarter, Ranbaxy recorded 38 per cent increase in sales in the emerging markets.