Rising Markets Stimulate Ranbaxy’s Qauterly Income By 118%
New Delhi: Actuated by maturation in key emerging markets, India’s leading pharmaceutical company Ranbaxy Laboratories’ net profit for the quarter ended June 30 climbed up 118 percent to Rs 266.2 crore from Rs 122.11 crore in the corresponding period of the last year.
The company’s business in the rising market segments developed 44 per cent in the quarter, adding as much as 54 percent to its worldwide sales.
In Q2, Ranbaxy’s consolidated net sales sprang up 12 per cent to Rs 1,623.8 crore as against Rs 1,149.8 crore in the same period of the previous fiscal.
Malvinder Singh, Ranbaxy CEO and Managing Director told, “A focus on branded generics, accelerated generic substitution and the fundamental strength of our base business across key markets characterised the strong performance for the quarter. This re-affirms our faith in our underlying strategy and gives us the confidence that the ensuing quarters will be progressively better.”
During the quarter, the company’s sales in India stood at 79 million dollars, which showed an increase of 19 per cent year-on-year.
In the abroad market, Ranbaxy’s sales in the United States developed 7 percent to 95 million dollars whereas sales in Europe rose 55 pc quarter-on-quarter at 86 million dollars.
The company’s European business brought 22 per cent to its worldwide sales as against 17 per cent in the corresponding quarter.