Ranbaxy Laboratories has rallied 34% to Rs 379 in late noon deals on NSE after reporting a net loss of Rs 524 crore for the quarter ended June 30, 2013 (Q2), mainly on account of loss on foreign exchange transactions and loss of goodwill booked at its overseas subsidiaries.
Drug maker recorded foreign exchange losses of Rs 540 crore while it booked a loss of goodwill worth Rs 120 crore at its overseas subsidiaries.
Drug maker recorded foreign exchange losses of Rs 540 crore while it booked a loss of goodwill worth Rs 120 crore at its overseas subsidiaries.
Profit after tax excluding the impact of forex and exceptional item was Rs 135 crore, Ranbaxy said in a regulatory filing.
The company had reported a net loss of Rs 586 crore for the same period last year.
Meanwhile, the company’s revenue for the quarter fell 17.84% to Rs 2,633 crore against Rs 3,204 crore in the corresponding quarter previous year.
“Sales were lower in comparison to the corresponding quarter due to large contribution to sales from exclusivity opportunities in the earlier quarter,” the company said in a statement.
The stock opened at Rs 281 and has seen a combined over 12 million shares changing hands on the counter till 1520 hours on NSE and BSE.
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