Hyderabad- based Aurobindo Pharma, a bulk drugs and formulations maker posted a net profit Rs.35.62 crore in the third quarter of 2003-04, an increase by 68 per cent over the Rs.21.15 crore in the corresponding period of the previous year. Total income during the quarter was Rs.326.39 crore compared to the Rs.301.72 crore in the third quarter of 2002-03. The total income for the nine-month period stood at Rs.991.68 crore, against the Rs.860.46 crore in the corresponding period of previous year.
Exports constituted Rs.164.54 crore in the third quarter of the financial year (FY). Exports during the nine-month period of FY stood at Rs.469.29 crore against the Rs.398.92 crore in the corresponding period of previous year.
The company’s restructuring programme to penetrate into the regulated markets of the US and Europe is progressing. The company has filed five DMFs and two ANDAs with the USFDA and 22 DMFs and COS for the European market. Aurobindo has received its first COS approval from the European Director of Quality Medicine for its product in the therapeutic segment of gastroenterology, which would enable the company to enter into EU market.
The operating efficiencies and the results from vertical integration are encouraging in terms of reduction in material costs. The revenue expenditure for R&D stood at Rs.8.14 crore in the third quarter as compared to the Rs.5.87 crore in Q2 and Rs.4.34 crore in Q1. The total R&D expenditure in the nine months stood at Rs.32.43 crore.
Aurobindo’s Chinese subsidiary, Aurobindo Datong Bio Pharma had started generating cash profits recently.