Aurobindo Pharma, a Rs.8,000 crore pharma giant from Hyderabad, has posted impressive performance during the first quarter ended June 2014 due to acquisition of Western European business of Actavis, higher sales, foreign exchange gains against loss in the corresponding period of last year. Its consolidated net profit touched to Rs.415 crore as against Rs.19 crore in the last period. Its net sales also moved up by 70.3 per cent to Rs.2,895 crore from Rs.1,700 crore. With sharp jump in profits, EPS improved to Rs.14.25 from Rs.0.64 in the previous period. The company management declared interim dividend of 150 per cent i.e. Rs.1.50 per share of Rs.1 each.
The company's EBDITA improved by 114.7 per cent to Rs.668.96 crore from Rs.311.63 crore. Its employees cost increased significantly to Rs.308.37 crore from Rs.188.91 crore. However, it reduced its interest burden to Rs.18.85 crore from Rs.25.39 crore. The foreign exchange gain amounted to Rs.1.42 crore as compared to foreign exchange loss of Rs.172.41 crore.
The company's step down subsidiary, Agile Pharma B V Netherlands has acquired select Western European business of Actavis.
N Govindarajan, managing director, said, “We have started integrating the acquired western European business of Actavis, included in the reported numbers. We believe that this acquisition will augur well for the company in terms of market access and sale of operations for Europe. The company delivered yet another strong quarter on US-generics, injectables, ARVs and Rest of World formulations and has built a strong foundation for sustained growth in each of these segments. The net debt has also reduced considerably during the quarter.”
Aurobindo's formulations sales increased by 107 per cent to Rs.2,275 crore during the quarter ended June 2014 from Rs.1,101 crore in the same period of last year. Its sales in US increased sharply by 79 per cent to Rs.1,116 crore from Rs.625 crore and that in Europe jumped by 359 per cent to Rs.798 crore from Rs.174 crore. The sales in Rest of World increased by 24.5 per cent to Rs.137 crore from Rs.110 crore.
Its APIs sales moved up by 3.6 per cent to Rs.670 crore from Rs.647 crore. Formulation sales constitute 77.2 per cent of total sales as against 63 per cent in the last year and APIs sales 22.8 per cent as compared to 37 per cent in the last period. The company filed 40 ANDAs in US during the quarter under review and its cumulative filings reached at 376 ANDAs Similarly it filed 45 DMF/COS and the cumulative filings reached at 2,282 as at the end of June 2014.
Its standalone net sales increased by 21.2 per cent to Rs.1,935 crore from Rs.1,596 crore and it earned standalone net profit of Rs.393 crore as compared to Rs.144 crore in the same quarter of last year.