Ranbaxy net profit grows 53% in 2007

CORPORATE SCORECARD

Ranbaxy Laboratories, the country's largest drug maker by sales, has posted a near-flat growth in profit at Rs 187.80 crore for its fourth quarter ended December 31, 2007, compared with Rs 185.90 crore for the corresponding period last year.

Excluding foreign exchange gains and losses, net profit was Rs 180 crore. The consolidated revenue for the quarter stood at Rs 1,804 crore, against Rs 1707.7 crore for the period under review.

For the year January-December 2007, net profit was up to Rs 790.10 crore, up by 53 per cent as compared with Rs 520.40 crore in 2006. Annual sales grew by nine per cent to Rs 6,635.30 crore in 2007 from Rs 6065 crore last year.

Analysts said Ranbaxy had performed better than expected. Many of them have been expecting earnings for pharma companies to fall on account of pricing pressures in key markets and the absence of new product launches during the quarter.

Ranbaxy shares lost nearly three per cent (or Rs 10.80) to close at Rs 367.90 on the Bombay Stock Exchange on Thursday.

"The result for 2007 comes on the back of strong growth in our emerging markets, a significant growth of business in Europe and a strong performance in our US branded business," said Malvinder Singh, chairman and managing director.