Ranbaxy net drops

MUMBAI, APRIL 29: Drug firm Ranbaxy Ltd said on Saturday its net profit in the January-March quarter had shrunk by 19.4 per cent to Rs 39.1 crore 8.97 million. It recorded a net profit of Rs 48.5 crore in January-March, 1999.

Ranbaxy said in a statement that the lower profit was because of higher expenses on new product launches and an increase in business development spending in overseas markets. During the first quarter of 2000 January-December, it regisered sales of Rs 376 crore compared with Rs 362 crore in the year-ago period.