Drug major Ranbaxy Laboratories on Tuesday posted a consolidated profit after tax (PAT) of Rs 304.4 crore for the first quarter ended March 31, 2011.
The company's PAT for the quarter is significantly lower from Rs 960.6 crore that it had posted in the same period previous year.
Ranbaxy Laboratories, however, said the figures were not comparable as it had witnessed a significant jump in sales in the same period last year through the launch of antiviral, Valacyclovir with 180 days of exclusive marketing rights in the US in the last quarter of 2009.
The US Food and Drug Administration (USFDA) grants FTF (First-to-file) status to a company for a product if it is the first to successfully apply and get approval to launch a generic copy of a patented drug.
"Revenue and profitability numbers for Q1 2010 and 2011 are not strictly comparable because of the varying FTF contributions to the overall results," it said.
The company's consolidated net sales stood at Rs 2,146.8 crore for the first quarter, while the same was Rs 2,484.7 crore in the same period last year.
Commenting on the results Ranbaxy Managing Director Arun Sawhney said: "We have started the year on a positive note and I am pleased with the sustained performance of key geographies as they continued to deliver superior sales".
He further added that leadership initiatives such as 'Viraat' in India, and a change in business models in some geographies, have also provided further impetus.
On a standalone basis, the company reported a net loss (from ordinary activities after tax) of Rs 52.9 crore for the first quarter ended March 31, 2011.
The company had a net profit of Rs 871.8 crore in the same period last year.
During the quarter, emerging markets contributed $237 million (nearly Rs 1,060 crore) in sales, while the developed markets recorded sales of $212 million (about Rs 950 crore).
In North America, the company registered sales of Rs 769.1 crore in the quarter due to higher contribution of FTF sales. The company had reported sales of 701.8 crore in the region in the same period previous fiscal.
The drug maker's domestic pharma business reported sales of Rs 435.7 crore for the first quarter, of which sales from the consumer healthcare business contributed Rs 59 crore
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