Ranbaxy's profit rises 10 percent in first quarter

Friday, 23 April 2004, 07:00 Hrs
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NEW DELHI: India's pharma major Ranbaxy Laboratories Ltd. recorded a 10 percent rise in net profit during the January-March 2004 quarter with a significant contribution from its overseas sales.

The net profit after provision for deferred tax and minority interest was 1.91 billion as against 1.72 billion in the first quarter of the previous calendar year, Ranbaxy said in a statement issued Thursday.

"For the quarter ended March 31, 2004, net global sales at $290 million as against $232 million in the corresponding quarter in 2003, registered a healthy growth of 25 percent," the company said.

"The overseas markets with sales of $232 million accounted for 80 percent of global sales and grew by 22 percent. Dosage forms sales from overseas markets registered a growth of 26 percent at $201 million," Ranbaxy stated after a board of directors meeting Thursday.

"The company's all-round performance reflects an encouraging start to the year," said Brian W. Tempest, joint managing director and chief executive designate of Ranbaxy Laboratories Limited (RLL).

The board Thursday announced the appointment of Tempest as chief executive and managing director of RLL from July 5, 2004, for three-and-a-half year, till December 31, 2007.

The audited results of 2003 calendar year revealed that despite the appreciation of the rupee, Ranbaxy was able to record 17 percent growth in net profit of 7.59 billion after including deferred tax and minority interest as against 6.47 billion in the previous year.

The year saw Ranbaxy's successful acquisition of RPG Aventis in France and setting up of a subsidiary in Barcelona, Spain, as part of its European expansion strategy. With this, Ranbaxy will have a subsidiary in five of the top pharmaceutical markets in Europe- Britain, Germany, France, Spain and Poland.

Ranbaxy has continued its focus on innovative programmes in the areas of New Drug Discovery Research (NDDR) and Novel Drug Delivery Systems (NDDS).

The company has signed a research agreement with the Institute of Nuclear Medical and Allied Sciences (INMAS) for screening and evaluation of formulations and new drug delivery systems.

"Besides the increased regulatory filings in all key markets, the company also successfully filed its first product registration in Japan, which is the second largest pharmaceutical market in the world (after the US)," Ranbaxy said.

During the year, the Ranbaxy Global Consumer Healthcare (RGCH) business entered the herbal segment with the launch of three new brands.

Source: IANS
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