Ranbaxy Laboratories after trading hours on Wednesday, 7 August 2013, reported consolidated net loss of Rs 524.24 crore for Q2 June 2013, lower than net loss of Rs 585.72 crore in Q2 June 2012. Sales declined 17.83% to Rs 2633.20 crore in Q2 June 2013 over Q2 June 2012. Ranbaxy said that base business sales registered double digit growth and base business margins continued to improve in Q2 June 2013.
Ranbaxy said that bottom line in Q2 June 2013 was adversely impacted by the depreciation of rupee against the dollar. Though favourable to Ranbaxy's export business, the rupee depreciation had an adverse impact on the company's profitability 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 net charge of Rs 540.30 crore on this account in Q2 June 2013, Ranbaxy said.
Ranbaxy said that the macroeconomic environment continued to be challenging in certain countries in Western Europe. Specifically in France, the generic pharma industry has been impacted adversely by continuing pricing and trade challenges. Ranbaxy has accordingly taken an impairment of goodwill of Rs 119.20 crore in Q2 June 2013 pertaining to its operations in France in line with the accounting standards.
Ranbaxy said the company registered profit after tax of Rs 135.20 crore in Q2 June 2013 if one excludes the impact of forex losses and other exceptional items.
Ranbaxy said sales declined on year on year basis in Q2 June 2013 due to base effect. The company said sales in Q2 June 2012 was boosted by contribution from exclusivities. On a like-to-like basis, sales grew in double digits over the corresponding quarter, Ranbaxy said.
Mr. Arun Sawhney, CEO & Managing Director, Ranbaxy said that the company's focus on branded markets and business continues and this will help navigate the growth of Ranbaxy in the coming years. He also said that the management is consciously working on efficiency improvement across the organization.
On a consolidated basis, Apollo Hospitals Enterprise's net profit rose 2.7% to Rs 78.30 crore on 15.9% increase in revenues to Rs 1021.80 crore in Q1 June 2013 over Q1 June 2012.
Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) grew by 8.6% to Rs 160.80 crore aided by expansion in Healthcare services EBITDA, improved EBITDA contribution by SAPs and positive EBITDA in Apollo Munich Health Insurance.
EBITDA margins fell by 106 basis points to 15.7% in Q1 June 2013 compared with 16.8% Q1 June 2012.
On a consolidated basis, as on 30 June 2013, Apollo Hospitals' total debt stood at Rs 1261 crore. The company's cash & cash equivalents (includes investment in liquid funds) were at Rs 628.50 crore.
BGR Energy, Bharat Forge, Deepak Fertilizers and Petrochemicals Coporation, Fortis Healthcare, Fresenius Kabi Oncology, Great Eastern Shipping Company, HMT, IL&FS Transportation Networks, IRB Infrastructure Developers, Page Industries and Rural Electrification Corporation, among others, will declare their April-June 2013 quarter results today, 8 August 2013.
The Reserve Bank of India on Wednesday, 8 August 2013, lifted restrictions placed on foreign institutional investors buying shares in Maruti Suzuki India (MSIL) after their holdings fell below the prescribed limit. FII stakes in Maruti Suzuki India under the portfolio investment scheme have gone below the prescribed threshold limit stipulated under the extant FDI Policy, the RBI said in a statement. FIIs held 22.03% in MSIL as of 30 June 2013.
GlaxoSmithKline Pharmaceuticals said that the Government of India revised the Drug Policy and enunciated the National Pharmaceutical Pricing Policy 2012 (NPPP 2012), the government has adopted the list of medicines that had been revised by the Ministry of Health and Family Welfare and which formed part of the National List of Essential Medicines (NLEM).
As per the above under the NPPP 2012, the span of price control of drugs has been enhanced from 74 to 348 drugs and the pricing mechanism has been amended from cost based pricing to market based pricing. The government in order to implement the above, promulgated the new Drug Price Control Order 2013 (DPCO 2013) and the same has come into effect in May 2013. In line with the said DPCO 2013, the Government of India has periodically notified the new price of essential drugs.
In view of the above, a number of products of the company have come under the DPCO 2013 resulting in reduction of prices of companies drugs. The new reduced notified price is to be implemented within a period of 45 days from the date of notification of the price control order. GlaxoSmithKline Pharmaceuticals said it estimates 5% impact on an annualized basis on its sales and turnover.
State Bank of India (SBI) said Arundhati Bhattacharya has been appointed as managing director (MD) and chief financial officer (CFO) of the bank, succeeding Diwakar Gupta, who has retired.
Steel stocks will be in focus after the government said on Wednesday some steel products can be imported for certain critical applications without local quality certification, a move that could further hit domestic suppliers after imports rose 15% last fiscal year. The government said imports for projects in sectors such as infrastructure, petroleum, nuclear reactors and defence would be exempted from applicable local quality standards if at least Rs 1000 crore is invested in such a project. The exporters will, however, have to obtain quality certificates from their country of origin, a notification from the commerce and industry ministry said.
Unity Infraprojects secured two contracts worth an aggregate Rs 493.20 crore.
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