Ranbaxy net profit down 63

Ranbaxy Laboratories Ltd has reported a 62.8 per cent dip in first quarter net profit to Rs 70.8 crore as the Vat regime, Quinapril litigation in the US and phasing of European launches drove sales down 13 per cent to Rs 1,138.3 crore for the March 2005 ended period.

Adding to the company8217;s woes, pricing and market conditions in the US market saw sales declining 23.8 per cent from 105 million in the first quarter of 2004 to 80 million this year.

Meanwhile, the Ranbaxy board has recommended a final dividend of Rs 12 per share for 2004. It also approved a 1:1 stock split.

The Ranbaxy scrip rose Rs 10.05 to Rs 917.6 on the Bombay Stock Exchange on Thursday. Earnings were reported after trading hours.