Ranbaxy Laboratories has reported consolidated net profit of Rs.754.17 crore during the third quarter ended September 2012 on account of hefty foreign exchange gain as against a net loss of Rs.464.58 crore in the corresponding period of last year. The net profit increased mainly due to foreign exchange gain of Rs.461.50 crore as compared to a loss of Rs.417.35 crore in the last period. However, its EBDITA improved smartly by 92.4 per cent to Rs.415.55 crore from Rs.216.04 crore.
The company's consolidated net sales has taken a quantum jump of 31 per cent and reached at Rs.2,651 crore from Rs.2,023 crore in the similar period of last year on account of leadership in atorvastatin and atorvastatin plus amlodipine. Emerging markets contributed $233 million and developed markets recorded $216 million of sales. Emerging markets contributed 49 per cent and developed market 45 per cent. API and others accounted for the rest of the revenue.
Ranbaxy's sales in North America increased by 60 per cent Rs.920 crore. Its domestic sales improved by 13 per cent to Rs.583 crore. Its OTC business contributed Rs.105 crore, while the acute part of business was impacted by industry-wide slow-down in the anti-infective space. Sales in East Europe and CIS reached at Rs.322 crore and that in West Europe achieved growth of 30 per cent to Rs.244 crore mainly due to higher sales in UK, Germany and Italy. The company's sales in Africa declined by 6 per cent to Rs.203 crore. It entered into an in-licensing agreement with Gilead Sciences to promote access to high quality, low cost generic versions of Gilead's HIV medicines. Its API business reached at Rs.179 crore.
Arun Sawhney, CEO and managing director, said, “Ranbaxy's business performance continued to strengthen as planned even in a volatile regulatory and business environment as our focus on key markets, improvement in manufacturing, R&D productivity and heightened level of cost consciousness helped our strong performance. We are confident that these measures will help further strengthen our base business.”
During the quarter, 14 regulatory agencies from across the globe inspected Ranbaxy's facilities, in various location across the world, including India. The company made 31 dosage form filings and received 43 approvals. It filed 12 DMFS with US FDA. It also received approval to set up a greenfield manufacturing facility in Malaysia.
For the nine months period ended September 2012, Ranbaxy's consolidated net sales increased by 53.1 per cent to Rs.9,521 crore from Rs.6,218 crore in the corresponding period of last year. Its net profit went up to Rs.1,415 crore from Rs.83 crore.