Ranbaxy posts loss of Rs 524 cr on forex loss, weak sales

Ranbaxy Laboratories, India's top drugmaker by sales, reported a net loss of Rs 524 crore for the June quarter on foreign exchange transactions and loss of goodwill booked at its overseas subsidiaries.

Ranbaxy, controlled by Japan's Daiichi Sankyo Co, had reported a net loss of Rs 586 crore for the same period last year.

Ranbaxy, controlled by Japan's Daiichi Sankyo Co, had reported a net loss of 5.86 billion rupees for the same period last year. Reuters[/caption]

Sales fell 17.84 percent to Rs 2,633 crore during fiscal second quarter ended June, the drugmaker said on Wednesday.

The company recorded foreign exchange losses of Rs 367 crore while it booked a loss of goodwill worth Rs 119 crore at its overseas subsidiaries, it said in a filing to the Bombay Stock Exchange.

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Analysts, on an average, had estimated net profit of 335.56 million rupees, according to Thomson Reuters I/B/E/S.

Shares in Ranbaxy ended up 4.32 percent at Rs 281.50 on Wednesday when the BSE Sensex fell 0.36 percent.

Reuters