Ranbaxy Q1 net loss narrows to Rs 185.92 cr
Jul 29 2014 , New Delhi
The company had posted a net loss of Rs 524.24 crore for the corresponding period of the previous fiscal, Ranbaxy Laboratories said in a statement.
Consolidated net sales of the company stood at Rs 2,372.24 crore for the quarter under consideration as against Rs 2,583.94 crore for the same period year ago.
Branded and OTC category accounted for 58 per cent of total sales during the quarter at Rs 1,370 crore. Generics and others category recorded Rs 1,000 crore of sales for the quarter, it added.
Commenting on the results, Ranbaxy CEO & Managing Director Arun Sawhney said: "We continue to work towards growing our base business with focus on emerging markets, while at the same time, restoring the business on growth trajectory in our traditional markets such as USA and Europe."
On June 26, 2014, the company received approval from the US Food and Drug Administration (USFDA) to manufacture and market Valsartan 40 mg, 80 mg, 160 mg, and 320 mg tablets indicated for the treatment of high blood pressure and heart failure on an exclusive basis, Ranbaxy said.
In the US, the company posted sales of Rs 700 crore for the quarter primarily driven by AbsoricaTM with a market share of 20 per cent, it added.
The India business of the company recorded 12 per cent growth as against the Indian Pharma Market (IPM) growth of 10 per cent. The company expects to continue the momentum in the months ahead, Ranabaxy said.
On the regulatory issue faced by the company over manufacturing norms violations at its Toansa plant, Ranbaxy said on June 5, 2014, EU authorities reinstated the EU GMP certificate for the Toansa facility after a joint inspection by multiple European Agencies, including UK, Ireland, Germany, Switzerland and TGA Australia completed during March 2014 with no critical observations.
Ranbaxy Laboratories has twenty one manufacturing units spread across eight countries. It has presence across both developed and emerging markets.