Ranbaxy Laboratories Ltd, India's top drugmaker by sales, beat estimates with a Rs 750 crore quarterly net profit as demand for its generic drugs stoked a sales surge in its key US market while foreign exchange gains boosted profitability.
Ranbaxy, controlled by Japan's Daiichi Sankyo Co, said on Thursday sales grew to Rs 2,650 crore in the fiscal third quarter ended September from Rs 2,020 crore a year earlier. The company gained Rs 393 crore in forex gains.
Analysts, on average, estimated the net profit at Rs 292 crore on net sales of Rs 2.691 crore, according to Thomson Reuters I/B/E/S. Ranbaxy had posted a loss of 465 crore in the year-ago quarter.
