Ranbaxy's Net Slips by 63 Percent in Q1

Ranbaxy Laboratories, the leading Indian pharmaceutical giant, suffered heavy setback during the first quarter ended March 2005 basically due to implementation of VAT, USA Quinapril litigation and the phasing of European first day launches. Further, in the USA market and pricing conditions remained soft. The company's consolidated net profit declined sharply by 62.9 percent to Rs 70.8 crore from Rs 190.6 crore in the corresponding period of last year.

Pharmabiz (http://www.pharmabiz.com/article/detnews.asp?articleid=27361§ionid=)