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Hurt by foreign exchange transactions, Ranbaxy Laboratories has reported a consolidated loss of Rs 464 crore in the third quarter ended September 2011 compared to a profit of Rs 307 crore in the corresponding quarter last year.
The company said its profitability was impacted adversely owing largely to the requirement to mark-to-market (MTM) the long-dated derivative transactions entered into by the company in earlier years and which remain currently outstanding as well as on the forex-denominated loan.
Consolidated sales were Rs 2,028 crore (Rs 1,880 crore). Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) was 11 per cent of sales at Rs 233 crore (Rs 138 crore).
Commenting on the business results for the quarter, Mr Arun Sawhney, CEO and Managing Director, Ranbaxy, said, “Ranbaxy's focus on long term improvement of its base business and margins has begun to reflect in the company's performance. This is resulting from an increased focus on strengthening manufacturing processes while realigning our products and markets for value creation.”
The Ranbaxy stock closed down 4.31 per cent at Rs 475.40 on the BSE on Wednesday.
India and US
In India, Ranbaxy's growth was 18 per cent compared to 15 per cent for the Indian pharma market. Market share of the company also improved to 4.76 per cent compared with 4.61 per cent. In India, Ranbaxy sales were Rs 515 crore up from Rs 484 crore. Consumer Healthcare, or the OTC business contributed Rs 86 crore, while the acute therapy part of business was impacted by industry-wide slowdown in the anti-infective space.
In North America, sales were Rs 472 crore. The US recorded total sales of Rs 385 crore in the quarter. The company said that it continues to co-operate and negotiate with the USFDA and the Department of Justice for a comprehensive settlement to address its regulatory issues.
The company made 55 dosage form (DF) filings and received 32 approvals. For APIs, Ranbaxy made 38 Drug Master Filings during the quarter.
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