Ranbaxy net jumps 79 per cent
Ranbaxy notches up 79% growth in its consolidated net profit to Rs 128.7 crore in the first quarter.business Updated: Apr 27, 2007 20:38 IST
Ranbaxy Laboratories, India’s largest drug manufacturer, notched up 79 per cent growth in its consolidated net profit to Rs 128.7 crore in the first quarter ending March 2007. During the quarter, its consolidated revenue increased by 23 per cent to Rs 1,564.40 crore from Rs 1,275.30 crore in the same period a year ago.
However, Ranbaxy’s sales in the developed markets, including Western Europe and the United States, increased by only 7 per cent. The company reported a robust sales growth rate of 53 per cent in emerging markets, which constitute 54 per cent of global revenues.
Commenting on the results, Malvindar Mohan Singh, CEO and managing director of Ranbaxy, said, "Robust growth across geographies, driven by new product flow in most of our key markets, has been the main theme this quarter. I expect this growth to continue and accelerate as we progress through the year."
Ranbaxy has acquired eight companies in 2006. During the quarter, the company received approvals for four abbreviated new drug applications and filed for approval of three more.
The acquisition of Terapia in Romania last year bolstered the company performance in Central and East Europe with sales growth of 78 per cent to Rs 410 crore in the quarter. Romania alone contributed Rs 163 crore to Ranbaxy's sales in Europe.