New Delhi, Aug 5 : Pharmaceutical major Ranbaxy Laboratories Friday reported a decline of 25 percent in its net profit of Rs. 243.2 crore for the quarter ended June 30 as against Rs. 325.7 crore in the like period of last year.
According to the company, the results were incomparable because of varying contributions of First to File' (FTF) in the overall results. FTF is a procedure used in the US for granting exclusive marketing rights for six months to companies that file for the patent of new generic drugs.
"We have consciously worked towards strengthening our base business on the one hand and are successfully delivering on multiple first to file opportunities on the other," said Ranbaxy managing director Arun Sawhney.
The company, whose financial year starts Jan 1, said that its second quarter consolidated net sales declined marginally by 1.71 percent at Rs. 2,059.3 crore as compared to Rs. 2,095.3 crore in the corresponding quarter of last fiscal.
For the first-half of the year, the company reported a decline of 57.42 percent in its net profit at Rs. 547.6 crore as against Rs. 1,286.3 crore in the like period of last year.
The consolidated sales in the first-half fell 8.15 percent at Rs. 4,205.6 crore as compared to Rs. 4,579.1 crore in the corresponding period of last year.(IANS)