Aurobindo Pharma, a Rs.8,000 crore plus pharma company from Hyderabad, has posted strong growth in top line during the second quarter ended September 2014 with the acquisition of select Western European business of Actavis. Its consolidated net sales went up sharply by 50.9 per cent to Rs.2,862 crore from Rs.1,897 crore in the similar period of last year on account of significant growth of 60.6 per cent in US sales to Rs.1,174 crore from Rs.731 crore.
Its European sales also improved to Rs.767 crore from Rs.171 crore and that in RoW went up to Rs.156 crore from Rs.94 crore. Formulation sales increased by 82.1 per cent to Rs.2,236 crore from Rs.1,228 crore and its API sales declined by 4.6 per cent to Rs.685 crore from Rs.718 crore.
The company consolidated net profit, however, improved by 15.7 per cent to Rs.372 crore from Rs.235 crore in the corresponding period of last year due to higher provision for taxation. Its provided Rs.140 crore from taxation as against Rs.40 crore. Its foreign exchange loss declined to Rs.42 crore from Rs.68 crore. Aurobindo's EBDITA jumped up by almost 50 per cent to Rs.665 crore from Rs 444 crore. Staff cost moved up sharply by 71.9 per cent to Rs.337 crore from Rs 196 crore. EPS worked out to Rs.12.77 as compared to Rs.8.07 crore.
N Govindarajan, managing director, said, “The quarterly performance has been satisfactory mainly on account of overall growth led by US generics. Our business deliveries in Europe as well as other markets have been in line with our expectation. We are confident of sustaining this performance as we continue to focus on complex molecules and differentiated technology platforms for advanced markets.”
The company filed 42 ANDAs during the first half ended September 2014 and its cumulative filings reached at 378 ANDAs. It also filed 2 DMFs during the second quarter and its total reached at 183 DMFs.
For the first half ended September 2014, Aurobindo's consolidated net sales increased by 60.1 per cent to Rs.5,757 crore from Rs.3,597 crore and its net profit went up sharply to Rs.788 crore from Rs.254 crore despite higher employees cost of Rs.645 crore as against Rs.385 crore in the last period. Foreign exchange loss declined to Rs.41 crore from Rs.241 crore. However, its taxation provision moved up to Rs.287 crore from Rs.65 crore.
Aurobindo scrip touched to its yearly high level at Rs.1048 on November 7, 2014 on account of strong growth in sales and profits. Aurobindo has changed the name of Actavis Spain SA to Aurovitas Spain SA during the quarter under review. Further, Aurex BV Netherlands has been incorporated as a step down subsidiary of the company in October 2014.
The company decided to transfer its injectable unit as on a going concern basis to its wholly owned subsidiary Curepro Parenterals Ltd with effect from April 1, 2014 after certain approvals.