India's largest drugmaker by sales, Ranbaxy Laboratories, on Thursday reported a consolidated net loss of Rs. 580.1 crore for the quarter ended June, from last year.
The company had posted a net profit of Rs. 245.5 crore during the same period of 2011-12.
The company, controlled by Japan's Daiichi Sankyo, reported a loss of Rs. 599 crore on foreign currency derivatives compared to a gain of Rs. 112 crore last year.
The depreciation of the rupee against the dollar, though favourable to Ranbaxy's export business, had an adverse impact on the company, it said.
However, the net sales rose to Rs. 3,174 crore from Rs. 2,054 crore during the corresponding quarter last year, marking 55% growth.
"Sales and profitability grew in the quarter with overall improvement across major regions, aided further by exclusivity sales in some of the key markets," said Arun Sawhney, chief executive, Ranbaxy.
The company's sales grew in major markets including USA, India, East Europe, West Europe and Africa due to constant foreign exchange rates.