Shares of Aurobindo Pharma surged as much as 7% today after the company reported a 26% increase in consolidated net profit in the second quarter ended September. After opening in the green, the stock further jumped to ?863.60 on the BSE. Aurobindo Pharma on Wednesday reported a 26% increase in consolidated net profit at ?805.65 crore in the second quarter ended September.
The company had posted a consolidated net profit of ?639.53 crore in the same quarter last fiscal, Aurobindo Pharma said in a regulatory filing.
Consolidated total revenue from operations during the period under review stood at ?6,483.44 crore as against ?5,600.47 crore in the corresponding quarter last fiscal, it added.
Aurobindo Pharma Managing Director N Govindarajan said: “We continue to perform well across all our key geographies and segments to report a consistent set of earnings.”
Yes Securities said Aurobindo Pharma’s earnings were better than expected on revenues and margin fronts. “Revenues at +16% yoy ahead of estimate coupled with margin beat at 22% (Vs estimated 21.5%). Improved product mix drove gross and EBIDTA margin,” the brokerage said.
Aurobindo Pharm said US revenue in Q2FY21 witnessed a growth of 12.5% YoY to ?3,189.8 crore, accounting 49.2% of consolidated revenue. On constant currency basis, revenue grew by 6.6% YoY to $430 million.
In Q2, the company said it filed 24 ANDAs with USFDA including 10 injectables and received final approval for 10 ANDAs in Q2FY21. The company has launched 17 products during the quarter including 6 injectables.
At 12:30 pm, Aurobindo Pharma shares were trading 5% higher as compared to 1% gain in Nifty pharma index
News Source: livemint