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Aurobindo Pharma Q1 profit jumps 23% to Rs 781 crore –

Driven by its US business, drug maker Aurobindo Pharma on August 12 reported a 22.8 percent year-on-year (YoY) rise in consolidated profit at Rs 780.7 crore in the June quarter.

Revenue from operations for the quarter under review at Rs 5,924.8 crore increased by 8.8 percent over the year-ago period, with US formulation business showing a 15.6 percent growth at Rs 3,107.1 crore YoY.

“Amidst challenging times, we have started the financial year by reporting a healthy performance,” said N Govindarajan, managing director of the company.

Revenue from antiretroviral (ARV) segment grew by 33.6 percent YoY to Rs 425.5 crore. Active pharmaceutical ingredient (API) revenue increased 6.5 percent to Rs 780.2 crore in Q1FY21.

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However, Europe formulation business registered a 5 percent YoY decline in revenue at Rs 1,322.2 crore, while growth markets revenue declined by 7.6 percent YoY to Rs 289.6 crore during the quarter ended June 30, 2020.

At operating level, its earnings before interest, tax, depreciation and amortisation (EBITDA) rose 9.7 percent YoY to Rs 1,257.4 crore, and margin expanded 10 bps to 21.2 percent in Q1FY21, compared to same period last year.

Earnings were above analysts’ estimates. Profit was estimated at Rs 731 crore and EBITDA was expected at Rs 1,217 crore with margin at 21.1 percent for the quarter, as per the average of estimates of analysts polled by CNBC-TV18.

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The company said it received final approval for 10 ANDAs from USFDA during the quarter.

Aurobindo Pharma approved an interim dividend of Rs 1.25 per share for the FY21.