The board of directors of Ranbaxy Laboratories Limited at their meeting held, approved the audited accounts for the year ended December 31, 2003 and the unaudited results for the quarter ended March 31, 2004.

For the year ended December 31, 2003, the company recorded consolidated sales of Rs. 45,301 million (USD 972 million), registering a growth of 22 per cent. (2002: Rs.37,138 million, USD 764 million).

Profit before interest, depreciation and amortization was Rs.11,239 million (Rs. 8,796 million), an increase of 28 per cent. Profit before extra-ordinary items was Rs. 9,796 million (Rs. 7,458 million), reflecting a growth of 31 per cent. After accounting for extra-ordinary items, Profit before tax at Rs.10,147 million (Rs. 8,334 million ), registered a growth of 22 per cent. Profit after tax (including deferred tax) and minority interest was Rs. 7,594 million (Rs. 6,470 million), up by 17 per cent.

The rupee appreciation vis-à-vis the US dollar has impacted the growth percentages mentioned above. At constant dollar rates, global sales grew 27 per cent, while profit after tax and minority interest was up 22 per cent.

The board recommended a final dividend of Rs.12 per share. Earlier in 2003, an interim dividend of Rs.5 per share was paid bringing the total dividend per share to Rs.17. The total dividend amount for the year 2003 was Rs. 3,156 million (2002: Rs. 2,434 million), an increase of 30 per cent.

For quarter ended March 31, 2004 (Q1), the company recorded consolidated sales of Rs.13,079 million (USD 290 million), registering a growth of 18 per cent. (2002: Rs. 11,102 million, USD 232 million)

Operating profit before interest, depreciation and amortization was Rs. 3,047 million (Rs. 2,694 million), an increase of 13 per cent. Operating profit before tax at Rs. 2,539 million (Rs. 2,245 million), registered an increase of 13 per cent. Profit before extra-ordinary items was Rs. 2,594 million (Rs.2,251 million), a growth of 15 per cent. After accounting for extra-ordinary items, Profit before tax at Rs.2,594 million (Rs. 2,353 million), registered a growth of 10 per cent, while Profit after tax (including deferred tax) and minority interest was Rs. 1,906 million (Rs. 1,729 million), up by 10 per cent.

At constant dollar rates, global sales grew 25 per cent while profit after tax and minority interests was up 17 per cent.

For the quarter ended March 31, 2004, net global sales at USD 290 million (Q1' 2003: USD 232 million), registered a growth of 25 per cent. Overseas markets with sales of USD 232 million, accounted for 80 per cent of the global sales and grew by 22 per cent. Dosage forms sales from overseas markets registered a growth of 26 per cent at USD 201 million.

Ranbaxy's operations in USA clocked sales of USD 104.5 million, despite the genericisation of one of its key product i.e. cefuroxime axetil; which contributed significantly in the corresponding quarter.

The quarter witnessed the launch of Riomet (metformin HCl oral solution) 500 mg/5ml, the first and only liquid form of metformin to treat type 2 diabetes, an official release stated.

During the quarter, the company received three ANDA (Abbreviated New Drug Application) approvals from the US FDA for minocycline tablets 50/75/100mg, Modafinil tablets 100/200 mg and Quinapril tablets 5/10/20/40 mg, taking the cumulative number of approvals as on date to 83, with the number of approvals pending at 38.

The European markets, recorded sales of around USD 50 million, a growth of 172 per cent over the corresponding quarter. The acquisition of RPG Aventis in France was concluded, with the entity being renamed as Ranbaxy Pharmacie Generiques SA and contributing USD 17 million in the quarter. Apart from France, the other major EU markets UK and Germany have also registered robust growth with sales at USD 13 million (+ 58 per cent) and USD 7 million (+ 163 per cent), respectively.

Also, a wholly owned subsidiary, Laboratorios Ranbaxy SL, based in Barcelona, Spain, was established. With this, Ranbaxy will have a subsidiary in five of the top pharmaceutical markets in Europe- UK, Germany, France, Spain and Poland.

In Europe, the company filed 7 products as national filings in EU Reference Member States (4 countries) and 2 products via the Mutual Recognition Procedure (MRP) in 20 individual EU Concerned Member States.

In India, Ranbaxy's domestic market recorded a MAT growth of 7.5 per cent keeping pace with the industry growth rate of 7.3 per cent (Source: ORG MAT, Mar'04).

The company introduced eight new products including three in the CVS segment. Ranbaxy launched its urology brand, Forzest (tadalafil), which is the most recently approved prescription medicine for the treatment of erectile dysfunction (ED) in men.

The share in the chronic segment grew from 34 per cent to 36 per cent.

The Ranbaxy Global Consumer Healthcare (RGCH) business entered the Herbal segment with the launch of three new herbal brands under the umbrella of "New Age Herbals". For the month of March, per ORG, Revital is now the 13th largest product in the domestic market, with a market share of 73 per cent in its segment, the release added.