New Delhi: India's top pharmaceutical company, Ranbaxy Laboratories Ltd, said on Thursday that net profit in the most recent quarter rose 15 per cent from the previous quarter, but the numbers fell below expectations and disappointed investors.
Ranbaxy shares fell 2.8 per cent to Rs 412 after the company reported its net profit rose to Rs 1.39 billion ($30 million, 24 million) in the July-September period from Rs 1.21 billion in the preceding quarter.
Quarterly profit was 7 1/2 times the Rs 184 million ($4 million, 3.2 million) profit posted by Ranbaxy in the same period a year ago, when the company faced severe pricing pressure on its generic drugs in the US market.
But analysts had expected Ranbaxy to do even better and post a net profit of about RS 1.8 billion ($39 million, 31.1 million) in the July-September period, the third quarter of the company's financial year.
Ranbaxy, one of the world's top 10 generic drug producers, operates in 25 countries across the world, but the US accounts for a bulk of its global sales.
The company said its July-September revenues rose to Rs 16.15 billion ($351 million) from Rs 14.46 billion ($314million) in the April-June period and Rs 13.63 billion in the third quarter last year.
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