Ranbaxy shares grow by 6% as Q4 net loss narrows

The company's stock was up by 5.69% and 5.75% on BSE and NSE respectively.

Shares of Ranbaxy Laboratories today gained nearly 6% after the company's fourth quarter net loss narrowed to Rs 158.94 crore.

The company's stock ended at Rs 340.05, up 5.69% on the BSE. During the day, the scrip surged 7.84% to Rs 347. Ranbaxy's shares settled 5.75% higher at Rs 340.45 on NSE.
     
"Ranbaxy Lab posted results better-than-expected, on the operational front," said Sarabjit Kour Nangra, VP Research Pharma, Angel Broking.     Ranbaxy Laboratories's fourth-quarter net loss narrowed to Rs 158.94 crore, mainly on account of higher sales of its Absorica acne drug.

The company had posted a loss of Rs 492.44 crore a year earlier, according to a statement.

"Ranbaxy has been strengthening its base business in key markets, including India, Eastern Europe and the USA, which has helped us recover our margins," Arun Sawhney, Chief Executive Officer and Managing Director, said in a statement.

Ranbaxy also said it made a provision of Rs 257.4 crore towards the financial impact of a US ban on import of products made at its plant at Toansa.

Revenue rose 6.7% to Rs 2,894 crore in the quarter from Rs 2,711.2 crore in the year-ago period. North America sales were Rs 1,020 crore, Ranbaxy said.