1. Aurobindo Pharma posts 24% increase in net profit

Aurobindo Pharma posts 24% increase in net profit

Aurobindo Pharma reported a 23.81% rise in consolidated net profit to R584.96 crore for the first quarter ended June 30, due to higher export volumes.

By: | Hyderabad | Published: August 25, 2016 6:35 AM

Aurobindo Pharma reported a 23.81% rise in consolidated net profit to R584.96 crore for the first quarter ended June 30, due to higher export volumes. The company had posted a net profit after tax of R472.45 crore for the corresponding period of the previous financial year. Consolidated total income from operations increased to R3,725.90 crore, against R3,298.93 crore for the same period a year ago.

Commenting on the results, Aurobindo Pharma MD N Govindarajan said: “The quarter started with a double-digit growth year-on-year on the back of overall business performance. With focus on execution and capability enhancements, we continue to progress on specialty generics for a sustained long-term growth.” The growth was largely driven by exports that constituted 90% of the total revenues. While the US business grew by 20.5%, Europe reported 12%, emerging markets posted 17.6% and formulations reporting 16% growth.

In an earnings call, Govindarajan said that the company is ready to launch 19 drugs, which have a market size of $6.8 billion, in the next three months, and also aimed for further debt reduction.

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