Drug firm Ranbaxy Laboratories on Tuesday reported consolidated net profit of Rs. 477.75 crore for the second quarter ended September 30, 2014-15, on account of exclusivity sales of Valsartan in the U.S. and robust sales in India and Western Europe.
The company had posted net loss after tax, minority interest and share in loss of associates of Rs. 454.16 crore for the July-September period of 2013-14, Ranbaxy Laboratories said in a statement.
Consolidated net sales of the company in Q2 2014-15 were Rs. 3,218 crore as against Rs. 2,750.17 crore in the year-ago period, it added. Ranbaxy CEO and managing director Arun Sawhney said, “During the quarter, growth in base business was driven by India and Western Europe. In the U.S. we successfully launched Valsartan with 180 days exclusivity.”
The company’s focus continues to be on creating brands and providing differentiated products as future growth drivers, he added. The company’s sales for the quarter in the U.S. stood at Rs. 1,354.8 crore. Sales were higher in comparison to the corresponding quarter largely due to large contribution to sales from Valsartan in the current quarter, Ranbaxy said.
In the domestic market, Q2 sales grew 12 per cent to Rs. 643.8 crore as against the year-ago period, it added.
Sales in the West European market also grew by 17 per cent from the same period of last fiscal to Rs. 233 crore for the quarter ended September 30, 2014. “Growth was driven by strong performance in UK, Germany, Spain and North Europe,” Ranbaxy said.
During the quarter, the company signed a licensing pact with Cipher Pharmaceuticals Inc to exclusively market, sell and distribute Cipher’s isotretinoin capsules in Brazil, it added.
Ranbaxy said: “The court convened meeting of equity shareholders of the company approved the Scheme of Arrangement inter-alia providing merger of Ranbaxy Laboratories Ltd with Sun Pharmaceutical Industries Ltd with requisite majority.”
Ranbaxy shares closed at Rs. 634.10, up 6.11 per cent, on the BSE.
