Ranbaxy Laboratories, the country's largest pharmaceutical company, has reported an over 410 per cent increase in its fiscal fourth quarter net profit, helped by a 55 per cent increase in sales.
Net (after-tax) profit of the drugmaker rose to Rs1,247 crore ($248 million) in January-March 2012 from Rs304 crore ($67 million) a year earlier. This includes Rs345 crore in foreign exchange earnings, according to a filing with the Bombay Stock Exchange (BSE).
Ranbaxy, majority owned by Japan's Daiichi Sankyo Co, said most of the sales volume came from its cholesterol drug, which is a generic equivalent of Pfizer's Liptor, especially in the US market.
Consolidated sales of the company during the January-March 2012 quarter jumped 55 per cent to Rs3,700 crore ($736 million) from Rs2,145 crore ($474 million) in the corresponding quarter of the previous year.
Earnings before interest, tax, depreciation and amortisation (EBITDA) was 27 per cent of sales at Rs1,015.2 crore ($202 million) during the quarter, against an EBITDA of Rs426.1 crore ($94 million) in the previous year quarter.
"The focus on key products and markets, while maintaining emphasis on further strengthening quality and compliance standards has had a positive impact on the performance of Ranbaxy during the quarter,'' Arun Sawhney, CEO and managing director of Ranbaxy, said, adding, ''The company is working towards creating a sustainable, profitable, growing business in the long run with differentiated, branded generics business at its base.''