Consolidated revenue of the company fell 9.6 percent on yearly basis to Rs 2,426.2 crore due to lower exports (declined over 13 percent) while domestic revenue increased by 11.8 percent to Rs 621.6 crore in the quarter gone by.
Ranbaxy Laboratories , which will soon become a subsidiary of Sun Pharma , disappointed street with the first quarter (April-June) consolidated net loss at Rs 186 crore on account of further settlement provision but there was a reduction in loss compared to Rs 524 crore in the year-ago period due to forex gain, tax write back and lower finance cost.
According to CNBC-TV18 poll estimates, analysts had expected the drug maker to report net profit of Rs 27 crore on revenue of Rs 2,649 crore for the quarter.
Consolidated revenue of the company fell 9.6 percent on yearly basis to Rs 2,426.2 crore due to lower exports (declined over 13 percent) while domestic revenue increased by 11.8 percent to Rs 621.6 crore in the quarter gone by.
"We continue to work towards growing base business with focus on emerging markets, while at the same time, restoring the business on growth trajectory in traditional markets such as USA and Europe," said Arun Sawhney, CEO and MD.
Ranbaxy has made a provision of Rs 237.75 crore for on-going settlement discussions with certain government authorities in USA, said the company in its filing. It had received an import alert from the US Food and Drug Administration (USFDA) for its Mohali plant in September 2013 and USFDA also banned products from Toansa facility in January 2014; both plants are in Punjab.
Consolidated operating profit (EBITDA) grew 19 percent at Rs 238 crore and margin expanded by 230 basis points at 9.8 percent compared to corresponding quarter of last fiscal, which both were higher than analysts' forecast of Rs 188 crore and 7.1 percent, respectively.
The company earned foreign exchange gain of Rs 31.74 crore during the quarter as against Rs 367.1 crore in the year-ago period and there was a tax write back of Rs 5.59 crore as against tax cost of Rs 31.13 crore year-on-year.
Finance cost during the same period declined to Rs 142.35 crore from Rs 159.1 crore.
Meanwhile, in April, Sun Pharma acquired Ranbaxy Labs for USD 3.2 billion and said it would try to complete this acquisition by December-end. The scheme of merger has received no objection certificate from both exchanges BSE and NSE in July.
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