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Ranbaxy Q1 net down 63 per cent
EPP News Bureau - New Delhi
Ranbaxy Laboratories Ltd has reported a 62.8 per cent dip
in first quarter net profit to Rs 70.8 crore as the Vat regime, Quinapril litigatiion
in the US and phasing of European launches drove sales down 13 per cent to Rs
1,138.3 crore for the March 2005 ended period.
Adding to the company’s woes, pricing and market conditions
in the US market saw sales declining 23.8 per cent from $105 million in the
first quarter of 2004 to $80 million this year.
Meanwhile, the Ranbaxy board has recommended a final dividend
of Rs 12 per share for 2004. It also approved a 1:1 stock split. The Ranbaxy
scrip rose Rs 10.05 to Rs 917.6 on the Bombay Stock Exchange on Thursday. Earnings
were reported after trading hours.
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