Ranbaxy Laboratories has posted its unaudited results for the quarter and year-to-date (YTD) ended December 31, 2013. The consolidated sales were at Rs 28.6 billion, earnings before interest, tax, depreciation and amortization (EBITDA) was Rs 2.7 billion, for the quarter ended December 31, 2013. The company recorded a net loss before taxes of Rs 0.6 billion after providing for stock write-off and other costs of Rs 2.6 billion pursuant to the inclusion of the Toansa plant under certain provisions of the Consent Decree (CD) by US FDA.
The financial performance for YTD ended December 31, 2013 are as follows. The consolidated sales were at Rs 106.0 billion. Base business sales growth was led by India, East Europe and CIS and the US. EBITDA was Rs 8.2 billion. Base business margins improved over the corresponding period.
Arun Sawhney, Chief Executive Officer and Managing Director, Ranbaxy, said, “Ranbaxy has been strengthening its base business in key markets including India, Eastern Europe and CIS and the US which has helped us recover our margins. We are facing some major regulatory challenges and are disappointed with the developments. I would like to assure all our stakeholders that we will do whatever is necessary to address all concerns of the US FDA and are committed to resolve them as early as possible.”
EP News Bureau – Mumbai
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