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HindustanTimes Mon,20 Oct 2014

Ranbaxy Laboratories shares tank 6% on weak earnings

PTI  Mumbai, October 30, 2013
First Published: 12:35 IST(30/10/2013) | Last Updated: 12:37 IST(30/10/2013)
Shares of Ranbaxy Laboratories on Wednesday slumped 6% after the company posted a consolidated net loss of Rs. 454.16 crore for the quarter ended September 30, 2013.

    
The drug major's scrip tumbled 5.63% to Rs. 363.90 on BSE.
    
On NSE, the scrip lost 5.99% to Rs. 362.35.
    
However, the scrip later recovered some of the early losses and was trading 0.57% lower at Rs. 383.45 on BSE.
 
"Ranbaxy Labs posted lower-than-expected numbers on the OPM (operating profit margin) and the net profit front," said Sarabjit Kour Nangra, VP ? Research Pharma, Angel Broking.
    
Ranbaxy Laboratories had yesterday posted a consolidated net loss of Rs. 454.16 crore for the quarter ended September 30, 2013, due to foreign exchange charges and one-time provision made for the Mohali plant, which has come under the USFDA scanner.
    
The company had posted a net profit of Rs. 754.17 crore during the same period of the previous year.
    
The depreciation of the rupee against the dollar, though favourable to Ranbaxy's export business, had an adverse impact on the company mainly due to applying of accounting standards that require mark-to-market the entire derivatives and foreign currency denominated loans outstanding, Ranbaxy Laboratories had said.
    
"There was a charge of Rs. 360 crore during Q3, 2013 and Rs. 760 crore during YTD (September 13) on account of these forex items mentioned above," it added.

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