Ranbaxy Laboratories lost 3.68% to Rs 371.45 at 9:17 IST on BSE after the company reported consolidated net loss of Rs 454.16 crore in Q3 September 2013, compared with net profit of Rs 754.17 crore in Q3 September 2012.
The Q3 result was announced after market hours on Tuesday, 29 October 2013.
Meanwhile, the S&P BSE Sensex was up 70.41 points or 0.34% at 20,999.42.
On BSE, 99,000 shares were traded in the counter as against average daily volume of 4.34 lakh shares in the past two weeks.
The stock hit a high of Rs 377.40 and a low of Rs 363.90 so far during the day.
Ranbaxy Laboratories' total income increased 1.92% to Rs 2827.73 crore in Q3 September 2013 over Q3 September 2012.
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Ranbaxy Laboratories said that the depreciation of the rupee against the dollar, though favourable to Ranbaxy's export business had an adverse impact on the company mainly on account of application of the accounting standards that require marking to market the entire derivatives and foreign currency denominated loans outstanding. There was a charge of Rs 360 crore during Q3 September 2013 on account of foreign exchange fluctuations, Ranbaxy said. The company made a provision for Mohali stock write-off and other costs amounting to Rs 70 crore.
Ranbaxy said that its base business sales in Q3 September 2013 continued to grow over the corresponding period of the previous year. Ranbaxy's global sales rose 2.99% to Rs 2750 crore in Q3 September 2013 over Q3 September 2012. The growth in sales was impacted adversely by the new pricing policy and trade concerns in India and the absence of any post exclusivity sales during the quarter, Ranbaxy said.
Commenting on the business results for the quarter, Mr. Arun Sawhney, CEO & Managing Director, Ranbaxy, said: "The company continues to grow in its focus branded markets in Asia, East Europe, CIS and Africa. In India, however, the announcement of the pricing policy caused some uncertainty in the market, during which our sales in the home market faced some disruptions. We are confident that we will satisfactorily address the increasing standards of quality and manufacturing processes to uphold the high level of trust that our doctors, patients, regulators and other stakeholders expect from us".
The board of directors of the company have decided to change the financial year of the company as "April to March" effective 1 April 2014. In view of this, the current financial year will be for a period of 15 months i.e. January 2013 to March 2014.
Ranbaxy said it expects to achieve sales of Rs 13000 crore to Rs 13500 crore for 15 months period ending 31 March 2014. This does not consider any sales accruing from FTFs which shall be accounted for as they materialize.
Ranbaxy Laboratories is an integrated, research based, international pharmaceutical company producing a wide range of generic medicines. Ranbaxy serves its customers in over 150 countries and has an expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 43 countries and manufacturing operations in 8 countries. Ranbaxy is a member of the Daiichi Sankyo Group.
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