Driven by a surge in sales in the US market, country's largest drug make
r Ranbaxy, reported an over two-fold jump in its net profit to Rs 312.8 crore (Rs 3.13 billion), for the quarter ended September 30.
The news was welcomed by the investors, as the company's share rose to a 52-week high of Rs 624.90 on the Bombay Stock Exchange (BSE) in the morning trade. The company, which had reported a net profit of Rs 116.6 crore in the same period last fiscal, also benefited from favourable Forex movement in the third quarter.
"Our key markets continued to perform well, attributable in large measure to balanced sales across geographies. This has also been aided by favourable Forex movement," said, Arun Sawhney, managing director, Ranbaxy.
The company's major markets globally include North America, India, Romania, CIS and Latin America. The Gurgaon-based company's total operating income rose to Rs 1,934.6 crore (Rs 19.35 billion) for the third quarter, as against Rs 1,885.8 crore (Rs 18.86 billion) in the corresponding period previous fiscal.
During the July-September quarter, company posted sales of Rs 491.2 crore (Rs 4.91 billion) in the North American region, an increase of over 70 per cent, on the back of robust sales of Valacyclovir, which continued to enjoy a healthy market share of 36 per cent, even after losing exclusivity for the drug. Valacyclovir, an anti-herpes drug, was a first-to-file (has the right to the grant of a patent for the invention) product of the company in the US.
The company's domestic sales stood at Rs 493 crore (Rs 4.93 billion) for the third quarter, while CIS region's sales stood at Rs 120.9 crore (Rs 1.21 billion). The company's Africa sales stood at Rs 164.4 crore (Rs 1.64 billion) for the third quarter. The company's active pharmaceutical ingredient (API) business posted sales of Rs 108.2 crore (Rs 1.08 billion) in the quarter. In Europe, the company posted sales of Rs 276.9 crore (Rs 2.77 billion) in the third quarter.
In Romania, the firm continued to do well and posted an increase of 20 per cent in revenue. Further, the company made 37 filings and received 47 approvals in the quarter globally, it said. Commenting on the road ahead, the drug major said it will continue to maximise synergies with its parent, Daiichi Sankyo that holds 64 per cent in the company.
"As we move forward, our focus will be on improving operational performance, maximising synergies with Daiichi Sankyo and seeking a speedy resolution to the challenges in the USA," Sawhney added.
