India’s largest drug-maker, Ranbaxy Laboratories Ltd has recorded a disappointing 90 per cent fall in net profit during the first quarter of the year from January to March, 2013.

The company has said that its consolidated net profit fell 90 per cent to Rs. 126 crore during the first quarter compared to Rs. 1,247 crore recorded in the same quarter of the previous year when the company had exclusive rights to a generic version of cholesterol-lowering drug Lipitor in the US market.

The Indian pharmaceutical giant also said that its sales recorded a fall of 34.2 per cent to Rs. 2,440 crore. According to I/B/E/S, analysts were expecting a net profit of Rs. 141 crore and a net sales of 2,648 crore during the first quarter for the company. India’s leading drug-maker, which is controlled by Japan's Daiichi Sankyo, said in February its core business is expected to grow by 10 per cent during 2013.

The company had recorded a net loss of of Rs. 492 crore during the fourth quarter till December 31, 2012 mainly due to voluntary recall of atorvastatin and mark-to-market loss, after setting aside Rs. 186 crore towards recall costs.

Shares of the company fell 2.6 per cent and were trading at Rs. 444.60 thi9s afternoon at the Bombay Stock Exchange (BSE).