Comments
Ranbaxy Laboratories has widened its loss during the quarter ended December 31, 2014, at ₹1,029.72 crore. In the same quarter of the previous fiscal, the company had posted net loss of ₹158.94 crore.
The company’s total income has also spiralled to ₹2,618. 8 crore during the December quarter of this fiscal against ₹ 2,893.9 crore in the year-ago quarter.
Chief Executive Officer Arun Sawhney attributed the loss, despite “good growth in India, Russia, Asia-Pacific and Latin America during the quarter” to global currency depreciation in some markets.
The company suffered foreign exchange loss of ₹132.6 crore during the third quarter. A high tax expense of ₹888.1 crore was also responsible for the staggering losses recorded by the company.
The company, which is set to merge with Sun Pharma, noted a growth of 12 per cent in India.
The company’s scrip on the BSE took a massive hit on Wednesday on the back of the disappointing number. The Ranbaxy stock closed down 1.01 per cent at ₹699.75.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.