Total revenue from operations at ₹5,739.3 crore (₹5,941.9 crore) was 3.4% lower during the quarter
Total revenue from operations at ₹5,739.3 crore (₹5,941.9 crore) was 3.4% lower during the quarter
Drugmaker Aurobindo Pharma’s consolidated net profit declined more than 41% for the September quarter to ₹410.3 crore on the back of lower revenue from formulations in the key U.S. and Europe markets.
“Our performance was subdued, mainly due to the macro-environment factors and higher competitive intensity for some products in the U.S.,” vice-chairman and MD K. Nithyananda Reddy said. In the year earlier period, the company had reported a net profit of ₹696.7 crore.
Total revenue from operations at ₹5,739.3 crore (₹5,941.9 crore) was 3.4% lower during the quarter. The company said U.S. formulation revenue decreased by 11.1% to ₹2,637.6 crore, while Europe formulation revenue declined 8.8% to ₹1,516.2 crore mainly due to Euro depreciation. The revenue from Growth Markets at ₹451.9 crore was an increase of 17%. ARV revenue improved 13.3% to ₹164.3 crore and API revenue increased 24.2% to ₹969.4 crore.
“We are confident that our robust pipeline of new products will provide impetus to the future growth trajectory. Our continued focus on Biosimilar, research and development, innovation and increasing manufacturing capacity will enhance our product offerings in various markets,” Mr. Reddy said.
Meanwhile, in a separate filing to the stock exchange, Aurobindo Pharma said, “In view of temporary inability to perform executive functions of the company Mr. P. Sarath Chandra Reddy has been relieved from his executive responsibilities he was performing. However, he will continue to remain as director on the Board of the company.”
Whole-time director and part of the promoter group of Aurobindo Pharma, Mr. Reddy had been arrested by the Enforcement Directorate. The company on Thursday intimated the exchange about the arrest and said his arrest was not connected with Aurobindo’s or its subsidiaries’ operations.
