Mumbai, July 29: Ranbaxy Laboratories has suffered a net loss of Rs 185.92 crore for the quarter ended June 30 as it was bogged down by a “settlement provision’’ of nearly Rs 237.75 crore.
The company, which is dealing with an import ban at four of its facilities by the US Food and Drug Administration, today said Rs 237.75 crore was set aside for on-going settlement discussions with certain government authorities in the US.
The company said a joint inspection by multiple European agencies was completed at the Toansa API facility in March this year. “The inspection team concluded that there was no evidence that the products manufactured at Toansa have any product quality or patient safety issues,’’ Ranbaxy said.
The loss of Rs 185.92 crore is, however, much lower than Rs 524.24 crore in the corresponding period of last year. Analysts, however, said the results were disappointing and the stock could come under pressure when trading resumes tomorrow. Consolidated net sales came in at Rs 2,372.24 crore, lower than Rs 2,583.94 crore in the same period a year ago.
“We continue to work towards growing our base business with a focus on emerging markets,” Arun Sawhney, CEO & managing director of Ranbaxy, said.
, while at the same time, restoring the business on growth trajectory in our traditional markets such as the US and Europe
Of the consolidated sales, while nearly Rs 622 crore came from India, sales outside India were lower at Rs 1750.64 crore compared with Rs 2027.83 crore. Ranbaxy said that in the domestic market, while sales showed a growth of 12 per cent over the corresponding period, the OTC (over-the-counter) business contributed Rs 90 crore.
Branded and OTC category contributed Rs 1370 crore accounting for 58 per cent of its total global sales during the quarter. Generics and others category recorded Rs 1000 crore of sales during the quarter, it added.