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Ranbaxy net profit dips to Rs.126 cr, net sales fall by 34% in Q1

Our Bureau, MumbaiWednesday, May 8, 2013, 16:00 Hrs  [IST]

Ranbaxy Laboratories, a Rs.12,250 crore subsidiary of Daiichi Sankyo of Japan, has suffered heavy set back during the first quarter ended March 2013 and its consolidated net profit declined sharply to Rs.125.76 crore from Rs.1,247 crore basically due to zero exclusivity income from US in this quarter. Its consolidated net sales declined sharply by 34.2 per cent to Rs.2.440 crore from Rs.3,709 crore in the corresponding period of last year. Its EBDITA also moved down to Rs.252.99 crore from Rs.1056.85 crore. The earnings per share declined to Rs.2.98 from Rs.29.56 in the last period. Ranbaxy scrip declined by 2.4 per cent or Rs.11.15 on BSE after the announcement of dismissal performance to Rs.445.35.

The sales in North America declined to Rs.689 crore from Rs.2,093 crore in the same quarter of last year as it included sales of two exclusivity viz., atorvastatin and amlodipine plus atorvastatin. Its sales in US amounted to Rs.596 crore. The company's posted sales of Rs.360 crore in East Europe & CIS, a growth of 15 per cent. However, its sales in West Europe declined by 18 per cent to Rs.202 crore. Its sales in Africa and Middle East improved by 23 per cent to Rs.298 crore and that in Asia Pacific and LATAM were at Rs.166 crore. Ranbaxy's sales in India improved by 11 per cent to Rs.543 crore.

The interest cost went up sharply to Rs.52.52 crore from Rs.18.66 crore. The foreign exchange gain amounted to Rs.46.17 crore during the quarter ended March 2013 as compared to Rs.249.71 crore in the same period of last year.

The company launch desvenlafaxine, an NDA for Pristiq and it gain market share in Absorica. The exclusivity period for pioglitazone hydrochloride authorised generic came to an end in mid February 2013. the company gained over 50 per cent of the market share in cevimeline hydrochloride 30 mg capsules in the USA, the authorised generic product of Daiichi Sankyo, marketed under the brand name Evoxac.

Arun Sawhney, CEO and managing director, said, “India and key emerging markets of East Europe, CIS, Africa and Middle East returned strong growth. The focus on differentiated products gained momentum during the quarter as we improved our market share in Absorica and received the rights to market desevenlafaxine in USA. We also continued to work towards optimizing overhead and other expenses.”

The company filed 3 ANDAs during the quarter under review in USA and it also resumed supplies of atorvastatin in US market. Its standalone R&D expenditure remained almost same at Rs.102 crore during the quarter ended March 2013. Its standalone net sales declined by 26.6 per cent to Rs.1,328 crore from Rs.1,810 crore in the corresponding quarter of last year. Its standalone net profit declined to Rs.70 crore from Rs.827 crore.

 
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