Bolstered by a rebounding profit growth of 651 per cent in the third quarter ending September, the country's largest drug manufacturer, Ranbaxy Laboratories Ltd, is aiming at big-ticket acquisitions in the overseas market, particularly in North America. It is looking at an aggressive growth is evaluating many acquisition opportunities in the overseas markets, Managing Director Malvinder Singh said on Thursday.
North America is one of the critical markets for Ranbaxy’s growth, Singh told Hindustan Times, but gave no time-frame. “We are looking at synergy where size is not important. It could be even more than a billion dollars provided it adds value to the company,” he said.
In the July-September third quarter, Ranbaxy registered a 651 per cent jump in net profit to Rs 140.40 crore from Rs 18.7 crore in the corresponding period of the previous year. In fact, profit before extraordinary items looked stronger at Rs 200.8 crore as against losses of Rs 15.4 crore a year ago. Both sales growth and cost control aided profits, Singh said.
Ranbaxy’s consolidated sales increased by 26 per cent to Rs 1640.4 crore in the quarter as compared to Rs 1303.9 crore in the corresponding quarter of last year. Among the major overseas markets, growth in the US and BRICS (Brazil, Russia, India and China) remains strong at 25 per cent and 38 per cent, respectively.
The company's board also approved the payment of an interim dividend of 50 per cent for the current year.
During the quarter, the company has made 9 ANDA (abbreviated new drug application) filings with the US administration and got the approval for three. Its cumulative ANDA filings in the US currently stand at 178, with 62 ANDAs pending approvals.