MUMBAI: Ranbaxy recorded a net loss of Rs 524 crore in the second quarter ended June this year, dented by forex loss, rupee depreciation and goodwill impairment in its operations in France. The company trimmed its losses from Rs 585 crore recorded in the corresponding period previous year.
Net sales of the company declined to Rs 2,633 crore for the second quarter, as against Rs 3,205 crore in the same period of previous year. Year-on-year numbers are not comparable because revenues in Q2CY12 were boosted on account of generic Lipitor exclusivity in the US, the company said.
"The depreciation of the rupee against the dollar, though favourable to Ranbaxy's export business, had an adverse impact on the current quarter profitability. This was mainly on account of application of the accounting standards that require marking to market the entire derivatives and foreign currency denominated loans outstanding," a company statement said.
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