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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (8920)	10/25/1999 5:33:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 12475

CompanyWatch - Ranbaxy's Q3 net up 55% at $19 million on Bayer. ranbaxy.com (BS-Tuesday, October 26, 1999) Our Corporate Bureau in New Delhi Domestic pharma major Ranbaxy Laboratories yesterday announced a 54.6 per cent rise in its net profit in the third quarter ended september at Rs 77.9 crore, a major portion of which has come from the income from its technology licensing deal with the German pharma major Bayer. Income from technology licensing is to the tune of Rs 43.5 crore. Ranbaxy's net profit stood at Rs 50.4 crore during July-September 1998. Ranbaxy's turnover in the quarter, however, declined by 1.6 per cent to Rs 409.7 crore from rs 416.3 crore in the corresponding period of last year on account of a drastic fall in domestic sales, a company release said here. Singificantly, most of the pharma companies, including Dr Reddy's have reported decline in their net profits in the just concluded quarter mainly on account of declining domestic sales. Ranbaxy's domestic sales was down by 16.3 per cent to Rs 216.3 crore from Rs 258.3 crore last year. The company's exports during the period, however, rose by 22.4 per cent to Rs 158 crore from Rs 193.4 crore. The company's net profits during the first nine months of this year was up by 16.7 per cent to Rs 169.1 crore from Rs 144.9 crore during the same period of the previous year. Research and development expenditure of the pharma major shot up by 23.8 per cent during the quarter to Rs 13 crore from Rs 10.5 crore last year. Nine month sales was also up by 3.7 per cent to Rs 1141.4 crore from Rs 1101 crore. Exports during january-september rose by 11.2 per cent to Rs 525.8 crore as against Rs 472.7 crore in the same period last year. The company, in its official release, said it was confident of becoming Y2K compliant by November.