Ranbaxy Laboratories Ltd on Friday reported a net loss of Rs 778 crore for the first quarter ending March 31, as the company lost money on currency valuations compounding problems created by dipping demand.
During the quarter, the company reported loss of Rs 778 crore compared with a profit of Rs 103 crore in the same quarter previous year.
“This quarter has been challenging for the global economy and also the pharmaceutical industry with depreciation in several currencies and a downturn in demand and liquidity affecting performance, across sectors,” Malvinder Mohan Singh, Chairman, CEO and MD, Ranbaxy, said.
Japan’s Daiichi Sankyo owns about 64 per cent stake in Ranbaxy after key stakes changed hands from the Bhai Mohan Singh family.
“Our diversified market base has helped us deal with these issues ( economic downturn), mitigating their impact to a large extent. Synergies from our relationship with Daiichi Sankyo are starting to kick in,” Singh said.