Malvinder Singh in New Delhi on Thursday. (PTI)

New Delhi, July 19: Ranbaxy Laboratories Limited has reported a 118 per cent jump in its consolidated net profit for the second quarter ended June 30 at Rs 266.2 crore against Rs 122.11 crore in the year-ago period.

The company attributed the good results to its generics business.

Consolidated net sales grew to Rs 1,623.8 crore from Rs 1,149.8 crore in the same quarter of the previous fiscal.

For the half year ended June 30, the company recorded sales of Rs 3,188.2 crore, up 17 per cent from Rs 2,721.7 crore in the year-ago period.

Net profit was Rs 394.9 crore, 104 per cent higher than Rs 194.1 crore in the same period of 2006. Earnings per share on a fully diluted basis is Rs 6.75 against Rs 5.15 for the same period in 2006.

Global sales registered an increase of 25 per cent to $395 million.

“This reaffirms our faith in our underlying strategy and gives us the confidence that the ensuing quarters will be progressively better,” said Malvinder Singh, CEO and managing director of Ranbaxy.

Ranbaxy was considering more acquisitions to spur growth after buying eight companies last year, Singh added.

The company’s business in emerging markets grew 44 per cent during the quarter, contributing 54 per cent to its global sales.

“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. The growth will be much stronger in the coming quarters,” said Singh.