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Ranbaxy to transfer select brands worth Rs 560 million to Galderma

Ranbaxy Laboratories Limited is selling off its select brands with an aggregate annual turnover of Rs 560 million to Galderma SA, France.

Ranbaxy has already formalised an agreement to transfer the brands to Galberma.

Meanwhile, the board of directors of Ranbaxy today approved the audited accounts for the nine months ended December 31, 1998 and approved a final dividend of Rs. 2.75 per share bringing the total dividend for the year to Rs 5 per share on the expanded post bonus equity capital of Rs 1.15 billion.

The dividend payout ratio is 47.9 per cent (1997-98 28.4 per cent).

However, the previous year's (1997-98) figures are for 12 months and are not comparable with those for the accounting period of nine months ended December 1998.

The company recorded sales of Rs 10.64 billion (1997-98 Rs. 13.33 billion with export sales at Rs 4.41 billion (1997-98 Rs 5.95 billion), accounting for 41.5 per cent of total sales (1997-98, 44.7 per cent).

Profit before interest and depreciation is Rs 1.73 billion (1997-98 Rs 24.03 billion). After net interest expense of Rs 184 million (1997-98 Rs 150 million), depreciation charge of Rs 312 million (1997-98 Rs 376 million) and provision for tax of Rs 70 million (1997-98 Rs 145 million), the net profit is Rs 1.17 billion (1997-98 Rs 1.86 billion).

Company president D S Brar said, "The first quarter results reflect a small aberration, which will get corrected soon.''

During the first quarter of 1999, the company recorded sales of Rs 3.62 billion, a decline of 6.6 per cent over the corresponding period last year (1997-98 Rs 3.87 billion), with export sales at Rs 1.62 billion (1997-98 Rs 1.86 billion) accounting for 44.8 per cent of total sales (1997-98, 48.2 per cent).

Profit before interest and depreciation was Rs 643 million (1997-98 Rs 709 million), while net profit was Rs 485 million (1997-98 Rs 578 million).

UNI

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