Aurobindo Pharma, a Rs.13,650 crore plus pharma major from Hyderabad, has posted satisfactory financial performance during the third quarter ended December 2016. Its consolidated net profit went up by 6.4 per cent to Rs.579 crore from Rs.544 crore in the corresponding period of last year and EBDITA by 9.5 per cent to Rs.903 crore from Rs.825 crore. Its net sales increased by 11.7 per cent to Rs.3,844 crore from Rs.3,442 crore. EPS improved to Rs.9.88 from Rs.9.32 in the last period.
Aurobindo's international sales stood at Rs.3,439 crore and its The formulations business registered a growth of 11.4 per cent to Rs.3,130 crore and contributed 80 per cent to its gross sales and API business achieved 11.6 per cent growth and reached at Rs.776 crore.
R&D expenditure grew at Rs.130 crore. During the third quarter, it received final approval for 19 ANDAs and tentative approval for 3 ANDAs from US FDA. The company launched 11 new products in US market; 8 oral and 3 injectables. As at the end of December 2016, cumulative filing of ANDAs reached at 42. It received total final approval for 262 ANDAs and tentative approvals for 41 ANDAs from US FDA. Similarly, it filled total 2,428 dossiers/products in Europe and received approval for 1,574 dossiers.
N Govindarajan, managing director said, “In Q3FY17, we have recorded god overall growth on YoY basis. Despite pricing pressure in select products, we have registered a growth of 11.4 per cent YoY due to diversified product basket and markets. We remain focused on developing a differentiated and speciality product basket which will drive our future growth.
The company's USA formulations sales increased by 12 per cent to Rs.1,745 crore from Rs.1,558 core. US business contributed 45 per cent to its sales due to new product launches in both oral and injectable segments. European sales improved by 9.2 per cent to Rs.855 crore from Rs.784 crore. Emerging market sales grew by 15.8 per cent to Rs.188 crore from Rs.162 crore. Its ARV formulations business increased by 11.9 per cent to Rs.342 crore. Its betalactum API achieved strong growth of 16.9 per cent to Rs.525 crore from Rs.449 crore.
For the nine months ended December 2016, Aurobindo's consolidated net sales increased by 12.2 per cent to Rs.11,263 crore from Rs.10,036 crore in the similar period of last year. Its net profit went up by 20.3 per cent to Rs.1,766 crore from Rs.1,467 crore. EPS worked out to Rs.30.23 as against Rs.25.18 in the last period. The net profit growth was basically due to foreign exchange gains of Rs.43.02 crore as compared to loss of Rs.40.51 crore. Further, it cut down its interest cost by 22.4 per cent to Rs.52.44 crore from Rs.67.58 crore. Tax expenses went up by 25 per cent to Rs.643 crore from Rs.514 crore in the same period of last year.
Its US sales for the first nine months ended December 2016 grew by 16.6 per cent to Rs.5,184 crore from Rs.4,445 crore in the same period of last year. Its European sales improved by 9.2 per cent to Rs.2,500 crore and that in emerging market moved up by 15.6 per cent to Rs.559 crore.