Ranbaxy net profit dips 32%; ABB profit zooms
ENS ECONOMIC BUREAU

MUMBAI, OCT 24: Pharma major Ranbaxy Laboratories today announced a 31.8% fall in net profit at Rs 53.1 crore for the quarter ended September 2000 compared to the corresponding period of previous year despite a 13.3% growth in sales.

The net profit last year was higher on account of technology licencing income of Rs 43.5 crore. However, operating profit was up by 28.3% at Rs 59 crore compared to Rs 46 crore during September 1999. Total sales of the company was up by 13.3% to Rs 464.1 crore as against Rs 409.7 crore a year ago manily due to a 17% growth in domestic sales at Rs 253 crore while exports grew by 9.2% to Rs 211.1 crore in the third quarter.

"The company's focus in key markets like US and Western Europe continued to show positive results exhibiting sales buoyancy and increased market penetration," the company said.

ABB profit rises 283 pc: Asea Brown Boveri Ltd (ABB) has reported a 283% spurt in net profit to Rs 13.4 crore for the third quarter ended September 2000, up from Rs 3.5 crore reported in the corresponding period of last year.

Turnover during July-September 2000 shot up to Rs 194.7 crore, thus showing a 24% rise in revenue over Rs 157.3 crore reported in the corresponding quarter of last year.

Increased orders resulting in higher contribution and lower VRS expenses have resulted in substantial improvement in the company's performance. ABB during the third quarter ended September received orders worth Rs 253.9 crore in the third quarter ended September 2000, an increase of 62% compared with the corresponding period of last year. Increased order backlog will be reflected in higher revenues in coming quarters, a company statement said.

"Continued encouraging trend in the order intake and profitability has reaffirmed our strategy to grow through services, marketing initiatives and exports backed by a continued quest for operational excellence," ABB said.