Indian pharmaceutical major, Ranbaxy Laboratories Ltd has reported a loss of Rs 2,983 crore for the quarter till December 2011 despite having over $2 billion worth of sale in the financial year 2011.

The company’s profitability was affected by a $500 million provision that was made to sort out its regulatory issues with the US department of justice investigations. The company also lost earnings due to losses in the foreign exchange market.

Ranbaxy had signed a consent decree with the US Food and Drugs Administration [FDA] in order to make it possible to sell drugs produced at its plans in India, which are facing a fan in the US.

The company’s foreign exchange losses were at Rs. 1,080 crore during the quarter. On the other hand, the sales of the company rose 79 per cent to Rs 3,743 crore from Rs 2,091 crore in the same period of the previous year. The huge growth in sales was mainly due to sales of generic Lipitor during the exclusivity period in US, and generic Nexium to Astra Zeneca.

CEO and MD Arun Sawhney said, “I am delighted to share with you that Ranbaxy is the first pharma company of Indian origin to have surpassed sales of $2 billion.”