Aurobindo Pharma has reported results for the quarter ended September 30, 2003. The total income for the second quarter stood at Rs.353.78 crore, an increase of 15 per cent over the corresponding period in the previous year. The net profit stood at Rs.32.15 crore, an increase of 57 per cent over the corresponding year in the previous year. The total income for the first half stood at Rs.665.29 crore registering a growth of 19 per cent. The net profit for the first half stood at Rs.55.20 crore, representing a growth of 55 per cent over the corresponding period in the previous year.
In the quarter, the company has filed six more patents taking the total patents to 26. The company has filed 13 DMFs / COS in US and EU markets. The company expects to continue and augment the filings of DMFs / COS / ANDAs in the subsequent quarters. The company employs over 260 scientists dedicated to global generics business and has filed crucial non-infringing process patents.
The modern bio-equivalence center at Hyderabad, with over 60 beds for conducting bio-equivalence studies of formulations, has commenced its operations. The proposed additional R&D center at Mumbai is getting commissioned shortly. Three API hubs with several blocks and three formulation hubs with several modules have commenced their operations to create a large portfolio of DMFs / ANDAs in the coming quarters. Aurobindo’s second subsidiary in China, which is to manufacture raw materials for SSPs is on stream. The China operations are likely to enhance profits of API operations in the current year.
The company is approaching the shareholders on November 5, 2003 for the approval of proposed preferential equity placement. The proceeds of this placement will be utilized to repay debts and thereby reduce the interest cost and offer leverage for growth.