The Hindu : Business : Robust sales in Europe spur Ranbaxy Q1 net

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Saturday, Apr 28, 2007
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Robust sales in Europe spur Ranbaxy Q1 net

Company effects top-level changes

— PHOTO: SHANKER CHAKRAVARTY

STRATEGIC INVESTMENTS: Malvinder Mohan Singh (left), CEO and Managing Director, Ranbaxy Laboratories, with Atul Sobti, COO, addressing a press conference in Gurgaon, Haryana, on Friday.

NEW DELHI: Driven by robust growth momentum in Europe and other emerging markets, Ranbaxy Laboratories reported a 79 per cent jump in its net profit at Rs. 128.70 crore for the first quarter ended March 31, 2007, against Rs. 71.80 crore in the first quarter of 2006.

Ranbaxy's consolidated sales in the quarter grew by 22.6 per cent to Rs 1,564.40 crore from Rs. 1,275.30 crore in the same quarter last year. The company said it expects a 20 per cent jump in sales volume during the current fiscal.

"Robust growth across geographies driven by new product flows in most of our key markets has been the main theme this quarter," Ranbaxy CEO and Managing Director, Malvinder Singh, told reporters here on Friday.

The company reported a 26 per cent growth in sales in India during the quarter under review at $65 million. Mr. Singh said the growth was led by acute and chronic businesses, which grew in excess of 20 per cent during the quarter.

The company's business in Europe grew by 78 per cent to $93 million in the quarter. Romania, where the company had acquired generic manufacturer Terapia last year, alone contributed $37 million to its European sales.

The company is also focusing on strategic investments and partnerships to expand its product portfolio. As part of its strategy, Ranbaxy had recently picked up 14.9 per cent stake in Jupiter Bioscience, a manufacturer of specialised organic compounds.

Ranbaxy's board, at a meeting held on Friday, elected Harpal Singh as non-Executive Chairman. He has been a director since July 2000. The board also appointed Sunil Godhwani as a Director in the casual vacancy caused by the resignation of Tejendra Khanna. — PTI

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