Due to foreign exchange losses of Rs 193 crore, Indian pharma giant Ranbaxy Laboratories Ltd suffered a loss in its net profit for the quarter ended June 30, which fell more than 91% year-on-year to Rs 22.9 crore.
On Tuesday, Omesh Sethi, Ranbaxy’s chief financial officer said that the company’s net profit stood at Rs 266 crore in the same quarter last year, with foreign exchange gains of Rs 201 crore.
In April-June quarter, the compnay’s net profit was little changes at Rs 161 crore against Rs 160 crore in the same period last fiscal, if the one time forex loss was excluded.
Talking about the company’s operating margin, except for forex gain was improved marginally at 16.8% sales in the quarter from 16.4% in the same quarter last year.
Pharmaceuticals has been in the main headlines from quite some time now. Though the former is still very keen to takeover the latter, but the legal fight between the two could delay the process. The news was broken by the Mumbai based Sun Pharma’s chairman and managing director, Dilip Shanghvi, who ruled out an out-of-court settlement with Taro Pharma.
