Rupee appreciaton helps Ranbaxy liabilities

New Delhi, July 19 (UNI) Contrary to most export companies sounding warning bells, Ranbaxy Laboratories Ltd today said the rupee appreciation had actually helped the company post a net profit of Rs 263.5 crore in Q2FY07-08.

''If we rule out the foreign exchange gains/losses on translation, the figure turns out to be Rs 160 crore. The company's liabilities are majorly in the form of Foreign Currency Covertible Bonds (FCCBs) and the rupee appreciation has helped in reducing the payments,'' said company Executive Director and Chief Operation Officer Atul Sobti.

The FCCBs account for about Rs 440 million.

The company said it will strengthen its Research and Development (R&D) department and is open to offers for investments. It, however, refused to divulge any details on talks with potential investors.

''R&D is an integral part of our growth. We are always open to talks. And when such an opportunity comes up, we will look at it,'' Mr Sobti said.

He further added that the company would focus on India, Russia, Brazil, Malaysia and Romania since these are markets with huge potential and were showing maximum growth in terms of sales.

UNI