Pharma major Ranbaxy reported a fourth quarter consolidated net loss of Rs 492 crore, lower than the Rs 2,983 crore loss it reported a year ago.
Pharma major Ranbaxy reported a fourth quarter consolidated net loss of Rs 492 crore, lower than the Rs 2,983 crore loss it reported a year ago. It must be noted that the company is negotiating a settlement with US Department of Justice for resolution of potential civil and criminal cases and had made a provision of Rs 2,648 crore for the same in the year ago quarter.
It also had foreign exchange loss of Rs 838 crore a year ago. Last quarter, the company had foreign exchange loss of about Rs 180 crore and it also set aside Rs 186 crore as costs related to the recall of select batches of its cholesterol lowering drug Atorvastatin Calcium from the US market.
Ranbaxy incurred a loss from operations of near Rs 28 crore in Oct-Dec, versus a year ago profit of Rs 630 crore, excluding other income, finance costs and exceptional items.
The Japan's Daiichi Sankyo owned company's consolidated net sales in the fourth quarter declined 29 percent to Rs 2,671 crore.
While Ranbaxy's domestic sales rose 9 percent to Rs 548 crore, sales outside India slumped 35 percent year-on-year to Rs 2,123 crore. Its sales in the year-ago quarter were boosted by its exclusive launch of Atorvastatin, a generic version of Pfizer's Lipitor in the US market.
Ranbaxy shares closed down 4 percent at Rs 416.70 on NSE on Tuesday.