Ranbaxy Laboratories has widened its loss during the quarter ended December 31, 2014, at Rs.1,029.72 crore. In the same quarter of the previous fiscal, the company had posted net loss of Rs. 158.94 crore.
The company’s total income has also spiralled toRs. 2,618. 8 crore during the December quarter of this fiscal against Rs. 2,893.9 crore in the year-ago quarter.
Chief Executive Officer Arun Sawhney attributed the loss, despite “good growth in India, Russia, Asia-Pacific and Latin America during the quarter” to global currency depreciation in some markets.
The company suffered foreign exchange loss of Rs. 132.6 crore during the third quarter. A high tax expense of Rs. 888.1 crore was also responsible for the staggering losses recorded by the company.
The company, which is set to merge with Sun Pharma, noted a growth of 12 per cent in India.
The company’s scrip on the BSE took a massive hit on Wednesday on the back of the disappointing number. The Ranbaxy stock closed down 1.01 per cent at Rs. 699.75.
