Ranbaxy posts Rs 950 cr net profit for Jan-Mar | business | Hindustan Times
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Ranbaxy posts Rs 950 cr net profit for Jan-Mar

business Updated: May 11, 2010 19:29 IST
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Pharma major Ranbaxy Laboratories today reported a consolidated profit of Rs 960.58 crore for the quarter ended March 31, 2010, the highest ever for any three-month period, on the back of exclusive marketing rights for one of its drugs in the US.

The pharmaceutical major had incurred a loss of Rs 767.33 crore in the corresponding quarter a year ago.

The total income of the company during the quarter soared by 65 per cent to Rs 2,490 crore from Rs 1,558 crore in the same period last fiscal.

"Solid growth in key geographies along with optimal delivery value from first-to-file opportunities in the US ensured that we achieved yet another quarter of strong operational performance," Ranbaxy Laboratories Chief Executive Officer and MD Atul Sobti told reporters in New Delhi.

In the US, the largest pharmaceutical market in the world, Valacyclovir -- a first-to-file product launched in last quarter of 2009 -- achieved a market share of 60 per cent. The company reported over two-fold jump in sales at $264 million (Rs 1,210 crore) in the North American market as a result of market exclusivity.

In the quarter under consideration, the Indian pharmaceutical business of the company recorded sales of $75 million (Rs 345.2 crore), a growth of 6 per cent.

"Ranbaxy continued to be the second largest company with 4.9 per cent market share in the Indian pharmaceutical market," the company said.

In Europe, the company recorded sales of $67 million, a 10 per cent growth, driven by strong recovery in Romania.

However, the company recorded a decline of 38 per cent in sales in the Asia-Pacific region at $14 million due to divestment of certain businesses in Vietnam and China.

The total sales in Latin America during the quarter stood at $19 million, a jump of 40 per cent.

In CIS countries, the company recorded sales of $24 million, while the African region contributed sales of $39 million.