Ranbaxy Q3 profit jumps, beats forecast

Ranbaxy Q3 profit jumps, beats forecast

Mumbai: Ranbaxy Laboratories Ltd, India’s top drugmaker by sales, on Thursday reported a surge in quarterly net profit beating street expectations.

Ranbaxy, controlled by Japan’s Daiichi Sankyo, said consolidated net profit stood at 308 crore ($69.5 million) for the fiscal third-quarter ended September. This compared with 115 crore reported a year earlier.

A Reuters poll had forecast net profit of 140 crore for the firm, which is reporting its first quarter of results under a new chief executive who took over in August.

Last month, rival Dr Reddy’s Laboratories Ltd topped estimates with a 32% jump in quarterly profit boosted by strong sales in the domestic market.

Ranbaxy shares, which the market values at $5.7 billion, have risen about 17% so far this year, underperforming the 34% rise in the sector index and the main index’s 19.5% gain.