To continue to look at increasing its footprint in Europe, Japan, India
Consolidated salesat Rs 1,446.4 crore, up 7 per cent.
12 per centrise in H1 net at Rs 192.5 crore
New Delhi, July 20
Ranbaxy Laboratories net profits went up by 19.5 per cent touching Rs 121.1 crore for the second quarter ended June 30 against Rs 101.3 crore in the corresponding period in the previous fiscal. The company's consolidated sales were at Rs 1,446.4 crore, up 7 per cent for the quarter, against Rs 1,347.9 crore in second quarter in the last financial year.
Ranbaxy would continue to look at increasing its footprint in Europe, Japan and India through "organic and inorganic" route.
"We see significant buying opportunities in Europe and emerging markets like India," said the Ranbaxy CEO and Managing Director, Mr Malvinder Mohan Singh."
In the US, driven by the launch of Symvastatin Tablets 80 mg with 180 days exclusivity, the company registered $89 million (about Rs 409 crore at Rs 46/$) sales for the quarter, which is an 8 per cent increase over the corresponding quarter.
"In June, we launched Simvastatin 80 mg in the US with 180 days exclusivity, which will last till the end of the year and we are expecting significant numbers from it," Mr Singh said adding that the product has garnered over 50 per cent share of the generics market.
He, however, also said, "pricing pressure is a reality in the US market".
Forecast for H2
Saying that he expects the results in the second half to be "stronger" than the first half, mainly driven by continued growth in its US operations, Mr Singh reiterated that the company would achieve its sales growth target of 18 per cent for this year.
For the six months ended June 30, the company's net profit witnessed a 12 per cent rise at Rs 192.5 crore against Rs 172.1 crore last year.
Consolidated sales of the group for the half-year rose to Rs 2,721.7 crore, up 9.5 per cent from Rs 2,486.2 crore during the same period last year.
The company said it would continue to control and reduce its costs.
The expenditure on research and development (R&D) is down 27 per cent in quarter ended June at Rs 81.9 crore against Rs 112 crore in the previous fiscal. Its selling, general and administrative costs were down 7 per cent at Rs 411.7 crore for the quarter.
However, when asked if the number of scientists in the company has declined, Mr Singh replied in negative. "I think the number has increased slightly," he said.Related Stories:
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