Ranbaxy 1st-qtr 2011 net profit plunges 68% and sales fall 12%
India’s largest drugmaker, Ranbaxy Laboratories RANB: BO), which is 64% owned by Japan’s Daiichi Sankyo, yesterday presented unaudited results for the quarter ended March 31, 2011, showing that sales were down 12.4% to $474 million, though still beating analysts’ forecasts. Profit after tax had plunged 68% to $67 million and EBITDA, at 20% of turnover, also slumped to $95 million compared to $214 million in the like 2010 quarter.
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