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INDIA'S largest drugmaker Ranbaxy Laboratories reported a consolidated net loss of Rs 951 crore for the financial year ended December 2008 compared with a net profit of Rs 774.58 crore the previous year, as per its audited results declared on Friday. The Gurgaon-based company's net sales grew 8.26% to Rs 7,295 crore in 2008, from Rs 6,692 crore in 2007.
The net loss for the year was 4% higher than the unaudited consolidated annual net loss of Rs 914 crore, announced in January. Hit by foreign exchange losses, ban on 30 drugs in the US and adoption of a new accounting standards, it had recorded one of its worst performances in 2008. Ranbaxy's scrip rose 4% to Rs 164.35 at the Bombay Stock Exchange (BSE). Under the audited figures, net sales was 6% higher at Rs 7,295 crore compared to the unaudited financials.
Ranbaxy has also appointed corporate lawyer Percy Shroff as an independent director on the board. "The board of directors of the company, at its meeting held on March 27, approved the appointment of Percy Shroff as a director (independent) of the company in the casual vacancy caused by the resignation of Harpal Singh," it informed the BSE on Friday.
Ranbaxy's CMD Malvinder Singh told ET: "We have appointed BSR & Co, the Indian affiliate of KPMG, as our auditor as KPMG is the global auditor of our parent company Daiichi Sankyo."
The net loss for the year was 4% higher than the unaudited consolidated annual net loss of Rs 914 crore, announced in January. Hit by foreign exchange losses, ban on 30 drugs in the US and adoption of a new accounting standards, it had recorded one of its worst performances in 2008. Ranbaxy's scrip rose 4% to Rs 164.35 at the Bombay Stock Exchange (BSE). Under the audited figures, net sales was 6% higher at Rs 7,295 crore compared to the unaudited financials.
Ranbaxy has also appointed corporate lawyer Percy Shroff as an independent director on the board. "The board of directors of the company, at its meeting held on March 27, approved the appointment of Percy Shroff as a director (independent) of the company in the casual vacancy caused by the resignation of Harpal Singh," it informed the BSE on Friday.
Ranbaxy's CMD Malvinder Singh told ET: "We have appointed BSR & Co, the Indian affiliate of KPMG, as our auditor as KPMG is the global auditor of our parent company Daiichi Sankyo."
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