Mumbai: Ranbaxy Laboratories Ltd, India’s largest drugmaker by sales, reported a 90% drop in first quarter net profit compared with the year-ago period, when it had exclusive rights to a generic version of cholesterol-lowering drug Lipitor in the US.
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% to Rs.2,440 crore.
Analysts, on an average, had estimated a net profit of Rs.141 crore on net sales of 2,648 crore, according to Thomas Reuters.
Shares in Ranbaxy were down 2.6% at Rs.444.6 by 1:49pm. The stock is down nearly 11% this year as compared with 2.4% rise in the benchmark Sensex.