Ranbaxy Q4 net loss narrows to Rs 158.9 cr
Drug major Ranbaxy Laboratories' fourth-quarter net loss narrowed to Rs 158.94 crore, mainly on account of higher sales of its Absorica acne drug.Updated: Feb 05, 2014, 19:01 IST
Drug major Ranbaxy Laboratories' fourth-quarter net loss narrowed to Rs 158.94 crore, mainly on account of higher sales of its Absorica acne drug.
The company had posted a loss of Rs 492.44 crore a year earlier, according to a statement.
"Ranbaxy has been strengthening its base business in key markets, including India, Eastern Europe and the USA, which has helped us recover our margins," Arun Sawhney, chief executive officer and managing director, said in a statement.
Ranbaxy also said it made a provision of Rs 257.4 crore towards the financial impact of a US ban on import of products made at its plant at Toansa. Revenue rose 6.7% to Rs 2,894 crore in the quarter from Rs 2,711.2 crore in the year-ago period. North America sales were Rs 1,020 crore, with the US accounting for Rs 910 crore, Ranbaxy said.
"Growth in sales has been propelled by India, USA and East Europe and Absorica is the reason," president and chief financial officer Indrajit Banerjee said on a conference call.
In January, the US Food and Drug Administration banned the import of Ranbaxy products from its Toansa plant in Punjab due to deviations from good manufacturing practices. The Toansa plant was the company's fourth in the country to be slapped with a ban by the USFDA.
Ranbaxy said it has since advanced investigation of the findings of the USFDA and submitted its response to the US health regulator on February 3.