New Delhi: Driven by consistent sales in
emerging markets and cost cutting measures, drug firm Ranbaxy
Laboratories on Monday reported a consolidated profit after tax
(PAT) of Rs 116.6 crore in the third quarter ended September,
against a loss of Rs 394.5 crore in the same period last year.
The company, however, said its consolidated net sales
during the quarter fell by 18 percent at Rs 1,720.5 crore,
against Rs 18,88.4 crore in the same period a year ago.
"Revenue growth in some strategic geographical markets
and a sharp focus on cost efficiency have been the underlying
themes this quarter. With good achievements in these fronts,
we are confident that we are on the path to recovery," Ranbaxy
Laboratories CEO and Managing Director Atul Sobti told
reporters through a teleconference from Tokyo.
The company's sales in the emerging markets, including
Asia, CIS countries, Latin America and Africa, which account
for 62 per cent of its overall revenues, were at Rs 1,067.8
crore, similar to that of the corresponding period last
fiscal.
Sales in developed markets had declined by 30 percent
during the quarter at Rs 525.7 crore primarily on account of
sales in the US slumping by 53 percent at Rs 213.8 crore.
Sobti said the company is co-operating with the US Food
and Drug Administration (USFDA) to remove the ban imposed on
export of drugs manufactured at its two plants at Poanta Sahib
(in Himachal Pradesh) and Dewas (in Madhya Pradesh).
"For the Poanta Sahib plant we are taking corrective
measures and a third party audit is being undertaken after the
USFDA had imposed import alert and Application Integrity
Policy (AIP)," he said.
For the Dewas plant, Ranbaxy has invited the USFDA for a
re-inspection and is awaiting a response, he added.
"It depends on the USFDA," he said when asked by when
the firm expects the issues at the two plants to be sorted and
the company can resume exporting products made there to the US
again.
Last year the USFDA had banned 30 generic drug produced
at the two plants citing violation of good manufacturing
practice and subsequently AIP on the Poanta Sahib was imposed,
which meant that the company's drug applications are not
reviewed.
He said Ranbaxy had filed the first abbreviated new drug
application from its new plant at Mohali SEZ in October.
Sobti said the company along with its Japanese parent
Daiichi Sankyo will come out with a three-year plan to focus
on branded drugs and its back-end support, which includes
research and development and marketing.
During the third quarter Ranbaxy had filed 72 applications
with different regulators worldwide and received 177 approvals
taking the total number of filing to 244 and approvals to 310
during the year.
Bureau Report
First Published: Monday, October 26, 2009, 12:03