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Ranbaxy Q1 net profit trebles on strong US sales
By siliconindia
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Wednesday, 30 April 2003, 19:30 IST
MUMBAI: Ranbaxy Laboratories said on Tuesday its first-quarter net profit nearly tripled on booming exports of generic drugs to the United States.
Ranbaxy said January-March net profit was Rs 2.8 billion ($59.12 million), compared with a profit of Rs 949 million a year ago, whipping estimates. Sales rose 90 per cent to Rs 10.5 billion.
Ranbaxy said global sales rose 54 per cent to $233 million while global net profit rose 77 per cent to Rs 1.73 billion.
Ranbaxy and other Indian drug companies such as Dr Reddy's Laboratories and Cipla Ltd have been riding high on copycat versions of drugs going off patent.
Dr Reddy's by contrast is expected to report lower quarterly results as it lacked new blockbuster drugs in the past quarters.