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Ranbaxy Q1 Net Profit Plunges, Lags Estimates

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Ranbaxy Laboratories, India's largest drugmaker by sales, reported a 90 per cent drop in first quarter net profit compared to the same year-ago period, when it had exclusive rights to a generic version of cholesterol lowering drug Lipitor in the United States.

Ranbaxy said consolidated net profit fell to Rs 126 crore in the fiscal first quarter ended March, from Rs 1,247 crore last year. Sales fell 34.2 per cent to Rs 2,440 crore. Analysts, on an average, had estimated a net profit of Rs 141 crore on net sales of Rs 2,648 crore, according to I/B/E/S.

Shares in Ranbaxy were down 1 per cent at 2:02 p.m.. The stock is down nearly 11 per cent this year as compared to 2.4 per cent rise in Mumbai market.

(Reuters)