Ranbaxy Lab dips on weak Q4 earnings
The company reported a consolidated net loss of Rs 492 crore in Q4 mainly due exceptional loss of Rs 366 crore on account of forex loss and product recall.
Ranbaxy Laboratories has dipped over 4% to Rs 415 after reporting a consolidated net loss of Rs 492 crore for the fourth quarter ended December 31, 2012 (Q4) mainly due to an exceptional loss of Rs 366 crore on account of forex loss and product recall.
The pharmaceutical company had recorded net loss of Rs 2,983 crore in year ago quarter. Analyst on an average had expected profit of Rs 144 crore.
The company has recorded loss of Rs 186 crore on voluntary recalling of Atorvastatin Calcium tablets from the USA market and Rs 180 crore due to foreign exchange loss on foreign currency option derivatives during the recently concluded quarter.
The company’s Q4 total consolidated income from operations too, declined by 29% to Rs 2,711 crore from Rs 3,826 crore in the corresponding quarter last year.
The stock opened at Rs 440 and hit a low of Rs 413 on NSE. A combined 2.14 million shares have changed hands on the counter so far on NSE and BSE
The pharmaceutical company had recorded net loss of Rs 2,983 crore in year ago quarter. Analyst on an average had expected profit of Rs 144 crore.
The company has recorded loss of Rs 186 crore on voluntary recalling of Atorvastatin Calcium tablets from the USA market and Rs 180 crore due to foreign exchange loss on foreign currency option derivatives during the recently concluded quarter.
The company’s Q4 total consolidated income from operations too, declined by 29% to Rs 2,711 crore from Rs 3,826 crore in the corresponding quarter last year.
The stock opened at Rs 440 and hit a low of Rs 413 on NSE. A combined 2.14 million shares have changed hands on the counter so far on NSE and BSE