Business

Aurobindo Pharma net up 45%

Formulations business growth boosts performance

A 23.5% revenue growth in its core formulations business helped Aurobindo Pharma overcome a decline in API (active pharmaceutical ingredients) revenue and post an over 45% increase in consolidated net profit for the quarter ended March.

The net profit, after JV share and minority interest, stood at ₹849.8 crore, a growth of 45.2% compared to ₹585.4 crore the drugmaker had posted in the corresponding period of previous fiscal.

Revenue from operations during the fourth quarter was ₹6,158.4 crore (₹5,292.20 crore) or an increase of 16.4% year-on-year. Formulations sales at ₹5,401.2 crore (₹4,373.6 crore) were 23.5% higher. API sales declined 17.6% to ₹755.6 crore (₹916.8 crore).

For 2019-20, the company reported a consolidated net profit, after JV share, minority interest, of ₹2,831 crore, which was 19.7% higher compared to the previous fiscal’s ₹2,364.7 crore. At ₹23,098.5 crore, revenue from operations increased 18.1% from ₹19,563.55 crore of 2018-19.

Revenue from formulations during the fiscal was ₹20,011.9 crore (₹16,157 crore), an increase of 23.9, while revenue from API were lower by 9.4% at ₹3,083.4 crore (₹3,403 crore).

Managing Director N. Govindarajan said, “We have closed FY-20 with a healthy performance in Q4. The growth was seen across all our geographies. Diversified product basket has helped us maintain the growth momentum in our core geographies like USA and Europe.We remain focused on strengthening our existing businesses, developing a differentiated and specialty product basket and regulatory compliance.”

On 2020-21, he said the fiscal has begun with lot of challenges that the globe and industry had never witnessed. “We are proud of our employees and other stakeholders for their commitment during the crisis for ensuring the business continuity,” he said in a statement.

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Printable version | Jul 10, 2020 3:25:33 AM | https://www.thehindu.com/business/aurobindo-pharma-net-up-45/article31742130.ece

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