Ranbaxy Laboratories has dipped 3% to Rs 443, in otherwise firm market, on reporting a sharp 90% year-on-year decline in its consolidated net profit at Rs 126 crore for the first quarter ended March 31, 2013 (Q1) due to the base effect. The company had posted a net profit of Rs 1,247 crore in the same period of previous year.
Net sales too, declined 35% to Rs 2,440 crore for the January-March quarter, compared to Rs 3,709 crore in the same period of 2012.
“The profitability for the recently concluded quarter lower when compared to corresponding quarter primarily due to absence of contribution from exclusivities present in the corresponding quarter last year,” Ranbaxy Laboratories said in a statement.
Analyst on an average had expected profit of Rs 144 crore and net sales of Rs 2,637 crore from the pharmaceutical company.
The stock opened at Rs 458 and touched low of Rs 442 on BSE. A combined 2.16 million shares have changed hands on the counter so far on NSE and BSE.
Net sales too, declined 35% to Rs 2,440 crore for the January-March quarter, compared to Rs 3,709 crore in the same period of 2012.
“The profitability for the recently concluded quarter lower when compared to corresponding quarter primarily due to absence of contribution from exclusivities present in the corresponding quarter last year,” Ranbaxy Laboratories said in a statement.
Analyst on an average had expected profit of Rs 144 crore and net sales of Rs 2,637 crore from the pharmaceutical company.
The stock opened at Rs 458 and touched low of Rs 442 on BSE. A combined 2.16 million shares have changed hands on the counter so far on NSE and BSE.
