India Ranbaxy Q3 profit jumps, beats forecast
Ranbaxy, controlled by Japan's Daiichi Sankyo (4568.T), said consolidated net profit stood at 3.08 billion rupees ($69.5 million) for the fiscal third-quarter ended September. This compared with 1.15 billion rupees reported a year earlier.
A Reuters poll had forecast net profit of 1.4 billion rupees for the firm, which is reporting its first quarter of results under a new chief executive who took over in August. Last month, rival Dr Reddy's Laboratories Ltd (REDY.BO) topped estimates with a 32-percent jump in quarterly profit boosted by strong sales in the domestic market. [ID:nSGE69O02L].
Ranbaxy shares, which the market values at $5.7 billion, have risen about 17 percent so far this year, underperforming the 34-percent rise in the sector index .BSEHC and the main index's 19.5 percent gain. ($1= 44.3 rupees) (Reporting by Prashant Mehra; editing by Malini Menon)
Nov 15, 2010