Pharmabiz
 

Ranbaxy's net sinks by 30% to Rs 333 cr in first half

Our Bureau, MumbaiFriday, July 30, 2004, 08:00 Hrs  [IST]

Ranbaxy Laboratories Ltd, India's largest pharmaceutical company, suffered a heavy setback during the half year ended June 2004 and its net profit declined sharply by 30 per cent to Rs 333.50 crore from Rs 476.55 crore in the corresponding period of last year. The earning per share for first HY declined to Rs 17.96 from Rs 25.70 in the similar period of last year. Its first HY net sales declined by 6.5 per cent to Rs 1694.14 crore from Rs 1811.28 crore due to fall in export sales to Rs 1194 crore from Rs 1372.76 crore, nearly 13 per cent. However, its domestic sales move up by 13.3 per cent to Rs 543.46 crore. The company filed 6 ANDAs with USFDA and received approval for 7, taking the cumulative number of filings to 127, which the total number of ANDA's pending approval stood at 42. The company also filed 7 products in the EU Reference Member States in 5 countries and 4 products via the Mutual Recognition procedure in the individual EU Concerned Member States. In domestic market the company recorded a growth of 22 per cent in sales. The performance of second quarter ended June 2004 was affected due to higher R&D expenses & staff cost on one hand and lower operating income on the other hand. Its net profit declined by 6 per cent to Rs 184.95 crore from Rs 196.78 crore in the corresponding period of last year. This resulted in fall of basic earning per share (after prior period and extra-ordinary items) to Rs 9.96 from Rs 10.61. The company's net sales during the second quarter improved by 9.7 per cent to Rs 881.67 crore from Rs 804.07 crore. Out of the total sales, exports amounted to Rs 904.48 crore as against Rs 827.67 crore in the corresponding quarter of last year, representing a rise of 12.3 per cent. The domestic sales moved up by 4 per cent to Rs 289.95 crore from Rs 278.93 crore. The company earned an income of Rs 19.14 crore from technology licensing as well as Rs 6.70 crore of interest & other income. The company incurred expenses of Rs 56.49 crore on research & development compared to Rs 48.62 crore in the previous period. The profit before extra-ordinary item declined by 4.2 per cent during Q2 to Rs 226.13 crore from Rs 236.10 crore in the corresponding period of last year. In the similar quarter of the preceding year, the company received settlement compensation for dispute of patent of Rs 4.80 crore, resulting in addition by the same amount in profit before tax. Thus the profit before tax for the quarter under review declined by 6.1 per cent to Rs 226.13 crore. The consolidated sales, including all subsidiaries, improved by 14 per cent to Rs 2565.90 crore during the first half ended June 2004 from Rs 2245.10 crore in the similar period of last year. Its operating profit before, interest, depreciation and amoratisation increased by 3 per cent to Rs 597.4 crore. The net profit, on consolidated basis moved up marginally by 2 per cent to Rs 386.40 crore from Rs 378.20 crore. The company's three key geographical regions of USA, Europe and BRIC altogether accounted for 76 per cent of global sales of US$ 444 million. The company is selling its products in over 100 countries and has an expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 34 countries and manufacturing operations in 7 countries.

 
[Close]