India's Ranbaxy Q3 net beats estimates on higher sales, forex gain
MUMBAI Nov 8 (Reuters) - Ranbaxy Laboratories Ltd , India's top drugmaker by sales, beat estimates with a 7.5 billion rupee ($140 million) quarterly net profit as demand for its generic drugs stoked a sales surge in its key U.S. market while foreign exchange gains boosted profitability.
Ranbaxy, controlled by Japan's Daiichi Sankyo Co, said on Thursday sales grew to 26.5 billion rupees in the fiscal third quarter ended September from 20.2 billion rupees a year earlier. The company gained 3.93 billion rupees in forex gains.
Analysts, on average, estimated the net profit at 2.92 billion rupees on net sales of 26.91 billion rupees, according to Thomson Reuters I/B/E/S. Ranbaxy had posted a loss of 4.65 billion in the year-ago quarter.
($1 = 54.06 rupees)
(Reporting by Kaustubh Kulkarni; Editing by Matt Driskill)