Buoyed by strong results in the third quarter, Ranbaxy Laboratories is now eyeing growth in rural areas.
The company reported a consolidated profit after tax of Rs 262 crore for the quarter ended December, 2009 against a loss of Rs 679.8 crore in the same quarter last year. Global sales during the quarter were at Rs 2,269.9 crore against Rs 1,909.6 crore last year.
During 2010, Ranbaxy is targeting a sales of Rs 7,800 crore as against Rs 7,340 crore in 2009 — a growth of 6 per cent. It is also aiming to increase net profit by 48 per cent — from Rs 310 crore to Rs 460 crore..
Speaking about his India strategy, Ranbaxy Laboratories CEO and managing director Atul Sobti said, “India is 20-25 per cent of our total market and is very profitable. We have rolled out a project Viraat to strengthen market share in rural India and have also commenced the Phase III clinical trials for a new anti-malaria drug in India and Thailand. We will now move into vaccines.”
“Vaccines will be a 2011 play for us,” said Sobti. “We realised various opportunities, while continuing to manage key challenges.”