Aurobindo Pharma, a Rs.4,375 crore plus Hyderabad based pharma major, has suffered a setback during first quarter ended June 2011 on account of redemption of outstanding FCCBs. The company incurred a consolidated net loss of Rs.122.80 crore as against a net profit of Rs.51.50 crore in the corresponding period of last year. The company's EBDITA also declined by 4.6 per cent to Rs.166.85 crore from Rs.174.84 crore. Aurobindo has redeemed all outstanding FCCBs worth US$ 139.20 million amounting to Rs.319.86 crore on May 17, 2011 and charged to profit & loss account as exceptional amount in the current quarter.
The company's net sales increased by 16.8 per cent to Rs.1100 crore from Rs.922 crore in the similar period of last year. Its formulation sales moved up by 26.2 per cent to Rs.622.6 crore from Rs.493.5 crore and these sales contributed 57.6 per cent to total sales as against 57.6 per cent in the last period. It filed 6 ANDAs and its cumulative filings reached at 215. Further, the company filed 84 dossier in Europe and cumulative filings increased to 1075.
Ramprasad Reddy, chairman, said, “We expect to deliver on better operational performance in the coming quarters. We have successfully redeemed and extinguished the entire FCCBs during the quarter along with redemption premium (Yield to Maturity). On the operational side, we have been taking all the steps necessary to address and resolve the regulatory challenges with US FDA around Unit VI cephalosporin manufacturing facility. We expect our recently commercialized formulations facility Unit VII located in SEZ in Hyderabad to contribute significantly to our growth during the year.”
The company's domestic sales increased smartly by 47.6 per cent to Rs.333 crore from Rs.226 crore and its exports moved up by 10.3 per cent to Rs.696 crore from Rs.631 crore. Its sales in USA went up by 26.7 per cent to Rs.274 crore from Rs.216 crore and that in Europe & Rest of World increased by 9.3 per cent to Rs.137 crore from Rs.125 crore. Its dossier income declined by 51 per cent to Rs.18.9 crore from Rs.38.6 crore.
The equity shares of the company with face value of Rs.5 per share were subdivided into 5 shares of Rs.1 each from February11, 2011. Its earnings per share for the quarter ended June 2011 worked out to negative Rs.4.20 as against Rs.1.83 in the same period of last year.