Rattled with compliance issues in the US, drug major Ranbaxy posted a net loss of Rs 524.24 crore for the quarter ended June 30, compared with a net loss of Rs 585.72 crore in the same period last year.
The company attributed the fall in rupee value against the dollar for some of the loss.
While a company statement said this had helped Ranbaxy in garnering more exports revenues, it had also adversely affected the drug maker in the first quarter because it had to value its outstanding derivatives and foreign currency loans at the current dollar rate.
Arun Sawhney, Chief Executive Officer and Managing Director, said the company was consciously working on areas where efficiency improvement was required in the organisation.
He said Ranbaxy was focussing on branded markets and business, which would help it navigate growth.
Sawhney further added, “In the interest of all stakeholders we successfully concluded the previously disclosed investigation by the US Department of Justice (DOJ). With the payment of $500 million, we have settled civil and criminal settlements with the DOJ. This should allow us to focus our resources and energies to drive future growth.”