HYDERABAD: Rising foreign exchange losses widened Ranbaxy Laboratories Ltd’s consolidated net loss to Rs 1,029.72 crore for the third quarter ended December 2014 as against Rs 158.94 crore during the same period a year ago.
Net sales of the company plunged to Rs 2,597.59 crore in Q3 of the current fiscal compared to Rs 2,858.96 crore the previous fiscal.
“Ranbaxy recorded good growth in India, Russia, APAC & LATAM during the quarter. However, overall sales were impacted by global currency depreciation in some markets,” said Arun Sawhney CEO & Managing Director, Ranbaxy.
During the current quarter, the company said it reviewed the carrying amount of an asset representing Minimum Alterate Tax (MAT) Credit of Rs 822.7 crore and has decided to provide for the same on grounds of conservation.
According to Ranbaxy, branded and over the counter category contributed Rs 1,420.2 crore accounting for 57 per cent of the total sales during the quarter.
Generics including first-to-file opportunities and others posted Rs 1,167.4 crore of sales during the quarter, it added.
Geographically, the company’s domestic sales stood at Rs 590.9 crore, a growth of 2 per cent the corresponding quarter. In North America, sales during the quarter stood at Rs 896.3 crore.