Shares of pharma major Ranbaxy were down around 2 percent to Rs 435.20, after the company Wednesday reported first quarter numbers (January-March) below analyst estimates.
Quarterly net profit stood Rs 126 crore, down 90 percent year-on-year. It must be noted that the company's earnings in the year-ago quarter were boosted by the launch of its generic version of cholesterol lowering drug Lipitor.
Also read: Why SBI Caps is bullish on Ranbaxy despite weak Q1
Net sales of the company, which is owned by Japan's Daiichi Sankyo, also missed street expectations. They were down 34 percent in Jan-March to Rs 2,439.8 crore. Ranbaxy said on a like-to-like basis sales grew in double digits.
Analysts on average had expected Ranbaxy to report a net profit of Rs 173 crore, on revenue of Rs 2,630 crore.
Ranbaxy's sales in the Indian market gained 11 percent to Rs 543 crore. However, North America sales plunged to Rs 689. Last year, the company had launched its generic version of Pfizer's blockbuster cholesterol lowering drug Lipitor in the US market, which had driven sales.
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