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Aug 14, 2012, 10.46 AM IST
Pharmaceutical company Ranbaxy Laboratories has disappointed the street quite badly by reporting consolidated net loss at Rs 580 crore in the quarter ended June 2012 as against profit of Rs 243.2 crore in a year ago period due to huge forex loss.
Consolidated net sales rose by 54.55% year-on-year to Rs 3,174 crore during the same period, which was better than analysts' forecast of Rs 2,727 crore.
Consolidated forex loss in the first quarter stood at Rs 850 crore as against forex gain of Rs 111.79 crore in the corresponding quarter of last fiscal and gain of Rs 344.72 crore in the previous quarter.
Other income jumped 291.6% YoY to Rs 69.7 crore. However, finance cost went up sharply to Rs 164.87 crore from Rs 25.03 crore and tax expenses too increased significantly to Rs 68.28 crore from Rs 18.46 crore year-on-year.
Ranbaxy said they received two ANDA nods from US FDA in Dermatology segment in Q1. Progress on US FDA consent decree is satisfactory and is looking to consolidate operations in market with good customer base."
At 15:26 hours IST, the share dropped nearly 3% to Rs 500.65 amid large volumes.
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