Ranbaxy Jan-Mar net profit plunges by 90

Analysts had estimated an average net profit of Rs 141 crore,according a poll by Thomson Reuters.

Net sales during the period fell 34 per cent at Rs 2,440 crore. The company had exclusivity rights on cholesterol lowering drug Lipitor in the US market during the corresponding quarter of previous fiscal.

A recent Citi Research report stated that revenues from exclusivity sales of Lipitor amounted to Rs 1,612 crore during the January-March 2012 quarter. During the January-March period this year the same has been estimated by analysts at Rs 110 crore.

Lower sales in comparison to the corresponding quarter of previous fiscal were due to large contribution to sales from exclusivity opportunities in that quarter, the company said in a statement. Ranbaxy launched generic Lipitor in the US in December 2011,followed by European markets.

A fall in net sales impacted its Ebitda margins which showed a sharp 86 per cent fall to Rs 155 crore from Rs 1,091 crore in the corresponding quarter of previous fiscal. Ranbaxy shares closed down 2.78 per cent at Rs 443.80 on the BSE on Wednesday.

During the period,Ranbaxys India sales grew 11 per cent at Rs 542 crore,outperforming the overall domestic pharma industrys growth of 8 per cent,the company said.