MUMBAI: India’s Ranbaxy Laboratories narrowed its net loss in the April-June quarter from a gaping deficit a year ago as lower currency losses helped offset a dip in sales, the firm reported.

The New Delhi-based pharmaceutical major reported a net loss of 1.86 billion rupees ($31 million) against a loss of 5.24 billion rupees ($87.33 million) in the same period a year ago.

“We continue to work toward growing our base business with focus on emerging markets while at the same time restoring the business on growth trajectory in our traditional markets such as US,” Arun Sawhney, CEO and managing director, said in a statement.

Net sales in the April-June quarter fell to 23.72 billion rupees ($395.33 million) from 25.83 billion rupees ($430.5 million) a year ago, Ranbaxy said in a statement to the Bombay Stock Exchange.