Drug major Ranbaxy Laboratories on Tuesday posted a consolidated net loss of Rs 454.16 crore for the third quarter ended September 30, 2013 due to foreign exchange charges and one-time provision made for the Mohali plant which has come under the USFDA scanner.
The Gurgaon-based company had posted net profit of Rs 754.17 crore during the same period of the previous year.
The depreciation of rupee against the dollar, though favourable to Ranbaxy’s export business, had an adverse impact on the company mainly due to applying of accounting standards that require marking-to-market the entire derivatives and foreign currency denominated loans outstanding, Ranbaxy Laboratories said in a statement.
“There was a charge of Rs 360 crore during Q3, 2013 and Rs 760 crore during YTD (September 13) on account of these forex items mentioned above,” it added.
Keywords: Ranbaxy Q3 result