Ranbaxy quarterly profits surge

Ranbaxy has ambitious expansion plans

India's largest drugs firm, Ranbaxy, has seen net profits surge by nearly 80% during the first quarter of 2007.

Profits increased to 1.29bn rupees ($29m, £14m).

Ranbaxy chief executive Malvinder Singh said the profits, better than expected, were down to increased sales in Europe and the United States.

"I expect this growth to continue and accelerate through the year," he said. During 2006 Ranbaxy bought a string of firms in Europe and emerging markets.

The biggest was the Romanian pharmaceutical business Terapia, acquired in March of last year for $324m.