Ranbaxy eyes US and European markets; Q3 net up 651%

New Delhi, Oct 19 (UNI) Embarking on the overseas acquisition opportunities in the US and in Europe, Ranbaxy Laboratories Ltd (RLL) today posted a whopping 651 per cent increase in its net profit for the third quarter ending September 30, 2006, at Rs 140.4 crore, as against Rs 18.7 crore for the corresponding period last year.

''We will add more new cusomers to our US business which will result in value increase,'' company's CEO and Managing Director Malvinder Mohan Singh told reporters here.

The company managed to register a high topline growth in Q3 due to successfully managing the costs and curtailing the expendiure on R&D in comparison to last year, Mr Singh said adding that Q4 performance is expected to be more stronger.

Capturing a 49 per cent of the Romanian market, the company further plans to consolidate the market by doubling the field force and price erosion in (cholesterol-lowering drug) Simvastatin to the tune of 70 per cent. It will also introduce more products in the next quarter there.

With Romania set to enter the EU early 2007, expansion and modification of the plants is on the cards, Mr Singh said.

The company's consolidated sales stood at Rs 1640.4 crore, up by 26 per cent, as compared to Rs 1330.9 crore during the same quarter a year ago.

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