Mumbai: : Ranbaxy Laboratories, India’s largest pharma company, has announced a net profit of Rs 153 crore for the its first quarter ended March 31, 2008, a 7.21 per cent growth over the corresponding period a year ago. The company had a net profit of Rs 142.7 crore in the first quarter ended March 31, 2007.

Sales of the company rose to Rs 1,623.1 crore for the quarter, from Rs 1,564.4 crore in the year-ago period. The profits were boosted by sales of generic drugs, and the company forecast improved performance over the rest of the year. “Following a good start to the year, we expect business to ramp up even further as we move through the successive quarters,” Ranbaxy CEO & MD Malvinder Singh said, maintaining guidance for a 20-25 per cent profit growth and 18-20 per cent revenue growth for 2008.