Ranbaxy lowers its net loss to Rs 158.5 crores in Q4

Pharma major Ranbaxy Laboratories Ltd today reported a drastic drop in net loss at Rs 158.48 crore during the fourth quarter ended December 31, 2013.

Total income from operations of the company rose to Rs 2,893.99 crore from Rs 2,711.21 crore during the same period last year.

"Ranbaxy maintains strong market share in Absorica, isotretenoin NDA in the USA. As of December 27, 2013, Ranbaxy's market share was at 17.2 per cent. The Company had earlier in Sep 2013 received a Paragraph IV Certification Notice of filing from Watson Laboratories of an ANDA to the USFDA for a generic version of Absorica," the company said in a release.

The company continues to grapple with USFDA related issues.

The Toansa facility was issued a Form 483 containing certain observations in Jan 2014 and was subsequently included under certain provisions of the Consent Decree (CD) by USFDA. Subsequent to issuance of Form 483, the Company had voluntarily and proactively suspended shipments of API to the USA market from the facility out of abundant caution.

"Impact of the above-mentioned development was Rs.2.6 Bn on account of stock write-offs and other related costs that have been included below the EBITDA. Remediation plan for Dewas and Paonta Sahib progresses in line with the Consent Decree." the company said in a release.

Mohali plant was placed under the cGMP provisions of the CD in Sep 2013.

With inputs from PTI