Ranbaxy Labs Q3 net loss at Rs 352.93 cr

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Ranbaxy Labs Q3 net loss at Rs 352.93 cr

Ranbaxy Labs has announced its third quarter numbers. It has reported net loss of Rs 352.93 crore in Q3CY08 as against profit of Rs 168.16 crore in same quarter of last year.

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Ranbaxy Labs has announced its third quarter numbers. It has reported standalone net loss of Rs 352.93 crore in Q3CY08 as against profit of Rs 168.16 crore in same quarter of last year.

Its consolidated net sales rose 14% to Rs 1888.4 crore versus Rs 1641.40 crore.

The company's standalone net sales went up at Rs 1,146.30 crore versus Rs 1,038.12 crore (YoY).

Its operating profit was down at Rs 144 crore versus Rs 283.10 crore. Ranbaxy's OPM went down to 8% versus 17.25%.

Its consolidated net loss of Rs 394 crore versus net profit of  Rs 207.40 crore.

Q3 Highlights

Forex loss of $73 million

Write off on US inventory of $59 million (US has stopped imports from the 2 plants under scrutiny contrary to what management said earlier that The US FDA  had said the consumers can continue using the drugs)

US Business de-grew 7% on account of the US FDA ban

Looking at switching products to other locations, so that the business is not impacted

Expanding existing manufacturing units in US

Also looking at acquiring manufacturing facilities in the US.

Closely working with US FDA to resolve the issue