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Hit by forex loss, pharmaceutical company Ranbaxy on Thursday reported a net loss of Rs 586 crore for the second quarter ended June 30, compared with a net profit of Rs 243 crore in the corresponding period last year.
However, net sales rose by 54 per cent to Rs 3,174 crore during the quarter compared with Rs 2,054 crore in the same period a year ago.
“The launch of Synriam, the first new drug from India was one of the high points of the quarter. The strategy to build long term, differentiated value drivers was rewarded with two new drug application approvals in the dermatological space in the US,” said Arun Sawhney, Chief Executive Officer and Managing Director.
The company said depreciation of the rupee against the dollar, though favourable to Ranbaxy’s export business, had an adverse impact mainly on account of application of the accounting standards to marking to market the entire derivatives and foreign currency denominated loans outstanding.
It had a forex loss of Rs 599 crore during the quarter against a gain of Rs 112 crore in the same period last year.
Ranbaxy’s shares closed at Rs 501.80 on the Bombay Stock Exchange, down 2.7 per cent from the previous close.
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>ronendrasingh.s@thehindu.co.in
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