Drug major
Ranbaxy Laboratories on Thursday reported a consolidated net loss of Rs 580.14 crore for the second quarter ended June 30, 2012, primarily due to foreign exchange loss.
The Gurgaon-based firm had posted a net profit of Rs 245.53 crore during the same period of previous year, Ranbaxy Laboratories said in a filing to the BSE.
The net sales of the company rose to Rs 3,174.06 crore during the quarter under review compared to Rs 2,053.74 crore in the year-ago period.
"The depreciation of the rupee against the dollar, though favourable to Ranbaxy's export business, had an adverse impact on the company mainly on account of application of accounting standards to marking to market the entire derivatives and foreign currency denominated loans," Ranbaxy said.
During the quarter under review, the firm had forex loss of Rs 599.35 crore as against a gain of Rs 111.79 crore in the same period of previous year.
Commenting on the quarterly performance, Ranbaxy CEO and Managing Director Arun Sawhney said: "We capitalised on our product focus approach with the successful monetisation of the Atorvastatin and Atorvastatin + Amlodipine opportunities."
The launch of anti-malarial drug
Synriam was one of the high points of the quarter, he added.
"The strategy to build long-term, differentiated value drivers was rewarded with two NDA approvals in the dermatological space in the USA," he said.
On a standalone basis, the company posted a net loss of Rs 925.66 crore for the second quarter ended June 30, 2012.
The company had posted a net profit of Rs 150.37 crore during the same period of previous year.
During the second quarter, the company's sales from North America jumped 140 per cent to Rs 1,471.1 crore, as compared to same period of previous year.
Sales from the US market stood at Rs 1,377.1 crore in second quarter, the company said.
Ranbaxy said its sales from India and Sri Lanka stood at Rs 554 crore for the second quarter, a growth of 13 per cent, compared to the same period of previous year.
The company's sales also grew in Europe and CIS region during the second quarter.
"Emerging market sales were impacted adversely in US dollar terms due to the strengthening of the dollar against such currencies," the company said.
Ranbaxy became a part of the Daiichi Sankyo Group in 2008 after Japan's third largest drug-maker bought a majority stake for Rs 22,000 crore.
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