Ranbaxy Laboratories Ltd's global net profit dipped 68 per cent at Rs 304.4 crore in the first quarter ending March 31, despite healthy growth in sales from India. During the same period last year, net profit was Rs 960.6 crore.
The company, controlled by Japan's Daiichi Sankyo, reported a fall in consolidated global sales by 13.5 per cent at Rs 2,146.8 crore (Rs 2,484.7 crore).
In India, Ranbaxy continued to perform well, with a 14 per cent increase in sales at Rs 435.7 crore. Of this, the consumer healthcare business grew by 35 per cent at Rs 59 crore.
The sales and profits of the quarter are not comparable to the previous year because of varying first-to-file contributions to the overall business, the company said in an official release.
“I am pleased with the sustained performance of key geographies as they continued to deliver superior sales. Leadership initiatives such as Viraat in India and a change in business models in some geographies, have also provided further impetus,” said Mr Arun Sawhney, Managing Director, Ranbaxy.
A dividend of Rs 2 per equity share of Rs 5 each amounting to Rs 98.1 crore was approved.