Ranbaxy Q3 net profit up 48% on forex gains

• Ranbaxy continued to reap benefits of foreign exchange gains in the July-September 2007 quarter and registered a 48 per cent growth in consolidated net profit at Rs 207.4 crore (year-on-year).
• Without the foreign exchange gains of Rs 45.5 crore, the company’s net profit for the third quarter grew 13 per cent touching Rs 161.9 crore. Ranbaxy has $440 million of foreign currency convertible bonds, which are to be repaid in 2011.
• In rupee terms, because of hardening of rupee against the dollar, Ranbaxy’s global sales remained almost flat at Rs 1,652 crore for the quarter (Rs 1,640.4 crore).
• However, in dollar terms, the company registered 15 per cent growth in global sales touching $406 million for Q3, driven by higher sales growth in emerging markets like India, Ukraine belt, South Africa and Brazil.
• Ranbaxy reported net profit of Rs 168.1 crore, up 21 per cent and net sales of Rs 1,038 crore (Rs 1,090 crore) for the quarter. Ranbaxy shares closed at Rs 421.85 against previous day’s close of Rs 420.15 on the Bombay stock exchange.