Aurobindo Pharma Q3 Results: Profit Nearly Doubles, Beats Estimates
The Hyderabad-based bulk and generic drug maker's net profit jumped 91% year-on-year to Rs 940 crore in the quarter ended December, beating Bloomberg's estimate of Rs 878 crore.
Aurobindo Pharma Ltd.'s third-quarter profit nearly doubled, beating analysts' estimates.
The Hyderabad-based bulk and generic drug maker's net profit jumped 91% year-on-year to Rs 940 crore in the quarter ended December, according to an exchange filing. That compares with the Rs 878 crore consensus estimate of analysts tracked by Bloomberg.
Sequentially, net profit rose 25%.
The company declared a second interim dividend of Rs 1.5 per share.
Aurobindo Pharma Q3 Highlights (Year-on-Year)
Revenue rose 15% to Rs 7,352 crore. (Bloomberg estimate: Rs 7,379 crore).
Ebitda rose by 68% to Rs 1,601 crore. (Bloomberg estimate: Rs 1,512 crore).
Margin rose to 21.8% against 14,9% a year ago. (Bloomberg estimate: 20.5%).
"We are very pleased with the considerable progress we have made in our operations and the cost efficiencies we have achieved; this quarter’s highest ever sales and Ebitda reflect the same," K Nithyananda Reddy, vice chairperson and managing director, said in the filing.
"With our continued focus on developing a strong pipeline and driving the commercialization of our key projects, we are confident of our growth trajectory in the months ahead."
Other Highlights (YoY)
US formulations (excluding Puerto Rico) revenue increased by 29% to Rs 3,756 crore, contributing to 51% of the total revenues.
Europe formulation revenue stood at Rs 1,728 crore, with an increase of 2%. It accounted for 24% of the revenues.
Growth markets, which contributed to 9% of the revenue, grew by 26% to Rs 627 crore.
Anti-retroviral revenue declined 29% to Rs 179 crore "due to sales deferment, and accounted for 2.4% of consolidated revenue".
Active pharmaceutical ingredient revenue grew by 7% to Rs 1,022 crore, contributing 14%.
Research and development spends Rs 398 crore, or 5.4% of revenues.
Received final approval for 16 abbreviated new drug applications, including seven specialty and injectable products, from the U.S. Food and Drug Administration.
The company has launched 21 products, including four specialty and injectable products, in the U.S. this quarter.
Shares of Aurobindo Pharma closed 0.08% lower on Friday a day before the results were announced, compared to a 0.23% rise in the benchmark S&P BSE Sensex.
