Companies

Ranbaxy posts Rs 2,983-crore loss in Q4 on forex hit, one-time provision

Our Bureau New Delhi | Updated on March 13, 2018

Mr Arun Sawhney, CEO and Managing Director, Ranbaxy (file photo)

Rantab

Ranbaxy Laboratories on Thursday reported a net loss of Rs 2,982.76 crore in the fourth quarter ended December 2011 over the year-ago period on forex losses and provisions made in connection with the consent decree it signed with the US authorities.

The company had posted a net loss of Rs 97.48 crore in the same period of the previous year, Ranbaxy Laboratories said in a filing to the Bombay Stock Exchange.

In December, the company had reached an agreement with the US health regulator to lift a ban on import of drugs from some of its factories in India, a move which could see the drug maker pay up to $500 million (nearly Rs 2,640 crore) in fines.

The USFDA had cited gross violation of approved manufacturing norms at Ranbaxy's factories at Dewas (Madhya Pradesh), and Paonta Sahib and Batamandi unit in Himachal Pradesh.

Net sales of the company rose to Rs 3,738 crore, up 79 per cent for the quarter under review, as against Rs 2,086.50 crore in the same period previous year.

Overseas markets robust

During the quarter, Ranbaxy's sale in Europe stood at Rs 380.70 crore, driven mainly by revenue growth from emerging markets of South and Central Europe. Ranbaxy's sales in North America were Rs 1,966.60 crore, aided by monetisation of first to file (FTF) exclusivities, the company said.

For 2012, the company expects to achieve base case sales of $2.2 billion, not taking into account any upside from FTF exclusivity launched during the year.

Shares of Ranbaxy Laboratories today closed at Rs 439.95 apiece on the BSE, up 0.25 per cent from its previous close.

>heena.k@thehindu.co.in

Published on February 23, 2012

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