Ranbaxy Laboratories, India's top drug maker by sales, reported a 7
per cent rise in consolidated quarterly net profit, beating forecasts
on strong sales of generic drugs in Western markets.
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Ranbaxy, which aims to be among the world's top five generic drug
makers with $5 billion in annual sales by 2012, said on Tuesday
consolidated net profit rose to Rs 153 crore ($39 million) in the
March quarter from Rs 143 crore a year ago.
A Reuters poll of 11 brokerages had forecast Ranbaxy's earnings to
rise 2.3 per cent to Rs 132 crore.
New Delhi-based Ranbaxy has grown globally by selling generics --
cheap copies of branded drugs off-patent, or by successfully
challenging the patents held by Western firms.
Shares in Ranbaxy, valued at $4.7 billion, rose 3 per cent during the
March quarter, outperforming a 23 per cent fall in the broader market
index.
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