Ranbaxy sees 43% rise in quarterly profits

Friday, 25 July 2003, 07:00 Hrs
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NEW DELHI: Indian pharmaceutical major Ranbaxy Laboratories Ltd. has registered a 43 percent rise in profits, totalling 1.97 billion, for the April-June quarter, mainly through increased exports of generic drugs.

In the corresponding quarter last year, Ranbaxy's profits were Rs 1.38 billion.

The net consolidated sales of Ranbaxy and its subsidiaries, spread out in several countries, witnessed a 24 percent increase to 11.35 billion.

During the first half of the year, the firm saw net consolidated sales of 22.45 billion, registering a growth of 36 percent over the same period last year.

The first half of the year yielded 5.18 billion in profit before tax, a growth of 41 percent over 3.68 billion in the corresponding period last year.

The net profit for the half yearly period registered a 42 percent rise at 3.8 billion, up from 2.69 billion in the first half of 2002.

D.S. Brar, the firm's CEO and managing director said: "Ranbaxy has a number of growth engines in place, especially in the U.S. and European Union markets, which will enable us to maintain balanced growth.

"The company is committing more investments to innovative research to prepare for the next phase."

Ranbaxy Laboratories' products are sold in 70 countries. The firm has ground operations in 25 countries and manufacturing operations in seven countries.
Source: IANS
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