BackRanbaxy Q1 net profit plunges 90%, lags estimates
Ranbaxy’s consolidated net profit fell to `126 crore in the fiscal first quarter from `1,247 crore last year
Premium(Pradeep Gaur/Mint)
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 ₹ 126 crore in the fiscal first quarter ended March, from ₹ 1,247 crore last year. Sales fell 34.2% to ₹ 2,440 crore.
Analysts, on an average, had estimated a net profit of ₹ 141 crore on net sales of 2,648 crore, according to Thomas Reuters.
Shares in Ranbaxy were down 2.6% at ₹ 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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