The Board of Directors of Ranbaxy Laboratories Limited, at its meeting held today, announced consolidated sales of Rs.27.5 billion for Quarter three, which was a marginal improvement on the same period in fiscal 2012-13 (Rs.26.7 billion).
A release by the company said that sales had been impacted by the new pricing policy and trade concerns in India and the absence of any post exclusivity sales during the quarter
It also said that earnings before interest, tax, depreciation and Amortization (EBITDA) was Rs.2 billion.
The company release also said that financial performance for YTD ending September 30, 2013 was Rs.77.5 billion, while EBITDA was Rs.5.5 billion.
Ranbaxy said the following exceptional items impacted profit:
.The depreciation of the INR against the USD, though favourable to Ranbaxy's export business had an adverse impact on the Company mainly on account of application of the accounting standards that require marking to market the entire derivatives and foreign currency denominated loans outstanding.
.There was a charge of Rs.3.6 Bn during Q3'13 and Rs.7.6 Bn during YTD Sep'13 on account of these forex items mentioned above. The Company made a provision for Mohali stock write-off and other costs amounting to Rs.0.7 Bn.
.Net Loss after tax, minority interest and share in loss of associate was Rs.4.5 Bn.
Commenting on the business results for the quarter, Arun Sawhney, CEO and Managing Director, Ranbaxy, said: "The Company continues to grow in its focus branded markets in Asia, East Europe, CIS and Africa. In India, however, the announcement of the pricing policy caused some uncertainty in the market, during which our sales in the home market faced some disruptions.
We are confident that we will satisfactorily address the increasing standards of quality and manufacturing processes to uphold the high level of trust that our Doctors, Patients, Regulators and other stakeholders expect from us.
