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Ranbaxy Q1 net profit plunges 90%, lags estimates

Ranbaxy’s consolidated net profit fell to Rs.126 crore in the fiscal first quarter from Rs.1,247 crore last year
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First Published: Wed, May 08 2013. 02 12 PM IST
Ranbaxy had exclusive rights to a generic version of cholesterol-lowering drug Lipitor in the US during the year-ago March quarter. Photo: Pradeep Gaur/Mint
Ranbaxy had exclusive rights to a generic version of cholesterol-lowering drug Lipitor in the US during the year-ago March quarter. Photo: Pradeep Gaur/Mint
Updated: Wed, May 08 2013. 09 53 PM IST
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.
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First Published: Wed, May 08 2013. 02 12 PM IST
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