Ranbaxy Laboratories jumped 8.71% to Rs 306.45 at 10:37 IST on BSE after the company reported improved Q2 June 2013 results after trading hours on Wednesday, 7 August 2013.
Meanwhile, the S&P BSE Sensex was down 14.47 points, or 0.08%, to 18,650.41.
On BSE, 3.87 lakh shares were traded in the counter as against an average daily volume of 2.46 lakh shares in the past one quarter.
The stock hit a high of Rs 309 and a low of Rs 279 so far during the day. The stock had hit a 52-week low of Rs 253.95 on 2 August 2013. The stock had hit a 52-week high of Rs 578.30 on 4 September 2012.
The stock had underperformed the market over the past one month till 7 August 2013, sliding 17.52% compared with the Sensex's 4.26% fall. The scrip had also underperformed the market in past one quarter, falling 38.25% as against Sensex's 6.15% fall.
The large-cap company has an equity capital of Rs 211.56 crore. Face value per share is Rs 5.
Ranbaxy Laboratories reported consolidated net loss of Rs 524.24 crore for Q2 June 2013, lower than net loss of Rs 585.72 crore in Q2 June 2012. Sales declined 17.83% to Rs 2633.20 crore in Q2 June 2013 over Q2 June 2012. Ranbaxy said that base business sales registered double digit growth and base business margins continued to improve in Q2 June 2013.
Ranbaxy said that bottom line in Q2 June 2013 was adversely impacted by the depreciation of rupee against the dollar. Though favourable to Ranbaxy's export business, the rupee depreciation had an adverse impact on the company's profitability 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 net charge of Rs 540.30 crore on this account in Q2 June 2013, Ranbaxy said.
Ranbaxy said that the macroeconomic environment continued to be challenging in certain countries in Western Europe. Specifically in France, the generic pharma industry has been impacted adversely by continuing pricing and trade challenges. Ranbaxy has accordingly taken an impairment of goodwill of Rs 119.20 crore in Q2 June 2013 pertaining to its operations in France in line with the accounting standards.
Ranbaxy said the company registered profit after tax of Rs 135.20 crore in Q2 June 2013 if one excludes the impact of forex losses and other exceptional items.
Ranbaxy said sales declined on year on year basis in Q2 June 2013 due to base effect. The company said sales in Q2 June 2012 was boosted by contribution from exclusivities. On a like-to-like basis, sales grew in double digits over the corresponding quarter, Ranbaxy said.
Mr. Arun Sawhney, CEO & Managing Director, Ranbaxy said that the company's focus on branded markets and business continues and this will help navigate the growth of Ranbaxy in the coming years. He also said that the management is consciously working on efficiency improvement across the organization.
Ranbaxy Laboratories is an integrated, research based, international pharmaceutical company producing a wide range of generic medicines. Ranbaxy serves its customers in over 150 countries and has an expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 43 countries and manufacturing operations in 8 countries. Ranbaxy is a member of the Daiichi Sankyo Group.
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