The board of directors, which met here on Thursday, also approved the audited accounts for the nine-month period ended December 1998. The company has changed its financial year to January-December from April-March with effect from January 1, 1999. Turnover during the nine-month period ended December 1998 was Rs 1064 crore with a net profit of Rs 117 crore. Profit before interest and depreciation was Rs 173.60 crore.

Brar said the company was performing well in its core markets of India, USA and China. Ranbaxy launched six new products during the first quarter in the anti-infective, cardiovascular, central nervous system and orthopaedic segments. Brar said the the full impact of the launches, which include products introduced under the co-marketing alliances with Cipla and Glaxo, will be felt in thelater part of the year.

Brar said the company has also formalised an agreement under which Ranbaxy will transfer select brands with annual turnover of Rs 56 crore to Galderma SA of France during the year.

The company also rationalised its product portfolio in both the domestic and overseas markets whereby sale of product yielding low margins was discontinued. Export market for bulk drugs also yielded lower realisation.