Ranbaxy Laboratories Ltd on Wednesday reported a net profit that was more than triple in the first quarter ended March 2012. The company's profit stood at Rs 1,246.8 crore, compared with Rs 304.4 crore in the same quarter last year.
The company follows the January-December calendar. The jump in the net profit was led by sales of similar drug as Pfizer Inc's cholesterol-lowering drug Lipitor in countries such as the US, West Europe and Australia.
Mr Arun Sawhney, Chief Executive Officer and Managing Director, said, “An important development has been the resumption of exports to the US from Indian facility.”
The company also recorded consolidated sales of Rs 3,700.2 crore, up 55 per cent against Rs 2,145.3 crore over corresponding quarter in 2011.
“The focus on key products and markets, while maintaining emphasis on further strengthening quality and compliance standards has had a positive impact on the performance of Ranbaxy during the Quarter,” he said.
Mr Sawhney said the company is working towards creating a sustainable, profitable, growing business in the long run with differentiated, branded generics business at its base.
The company said India region primary sales growth was over 10 per cent in rupee terms. Consumer Healthcare (CHC), Ranbaxy's over the counter division, continued its sales performance with primary sales growth of over 20 per cent. Strengthening of rupee against the dollar during the quarter has led to reversal of about Rs. 439.6 crore of the marked to market losses on derivative options outstanding and foreign currency loans, the company said.
The impact has been accounted for below the EBITDA line, it said.
In January 2012, Ranbaxy announced court approval of the Consent Decree (CD) filed with the US Food and Drug Administration (FDA). The CD is expected to address legacy issues and bring greater predictability to the company's business in the US.
Ranbaxy's stock price in Bombay Stock Exchange stood at Rs 512.45, up 3.80 percent from its previous close.