Ranbaxy Jan-Mar net profit plunges by 90%
- Breaking: Navy officer dies on board INS Kolkata off Mumbai
- Subrata Roy to remain in Tihar, Supreme Court calls Sahara's proposal "dishonourable"
- Arvind Kejriwal stopped on way to meet Narendra Modi
- Modi's next round of Chai pe charcha doesn't have police permission yet
- SC issues notice to Centre on Kiran Reddy's PIL against creation of Telangana
Ranbaxy Laboratories missed analysts' estimates for its January-March quarter, reporting a 90 per cent decline in net profit at Rs 126 crore.
The company, which follows a January-December financial year, said the fall was mainly on account of absence of contribution from exclusivities.
Analysts had estimated an average net profit of Rs 141 crore, according a poll by Thomson Reuters.
Net sales during the period fell 34 per cent at Rs 2,440 crore. The company had exclusivity rights on cholesterol lowering drug Lipitor in the US market during the corresponding quarter of previous fiscal.
A recent Citi Research report stated that revenues from exclusivity sales of Lipitor amounted to Rs 1,612 crore during the January-March 2012 quarter. During the January-March period this year the same has been estimated by analysts at Rs 110 crore.
"Lower sales in comparison to the corresponding quarter of previous fiscal were due to large contribution to sales from exclusivity opportunities in that quarter," the company said in a statement. Ranbaxy launched generic Lipitor in the US in December 2011, followed by European markets.
A fall in net sales impacted its Ebitda margins which showed a sharp 86 per cent fall to Rs 155 crore from Rs 1,091 crore in the corresponding quarter of previous fiscal. Ranbaxy shares closed down 2.78 per cent at Rs 443.80 on the BSE on Wednesday.
During the period, Ranbaxy's India sales grew 11 per cent at Rs 542 crore, outperforming the overall domestic pharma industry's growth of 8 per cent, the company said.