Aurobindo Pharma's Profits Plunge By 41% YoY, Revenue At Rs 5,739 Cr In Q2FY23
Aurobindo Pharma registered a dip of 41 per cent in its net profits quarter on quarter, with the company's net profit for the second quarter, coming at Rs 410.3 crores against Rs 696.7 crores in the same quarter last year
The Indian pharma giant, Aurobindo Pharmaceuticals on Saturday announced its consolidated financial results for the second quarter that ended 30th September 2022, the pharmaceutical company registered a dip of 41 per cent in its net profits year on year, with the company's net profit for the second quarter, coming at Rs 410.3 crores against Rs 696.7 crores in the same quarter last year.
The company recorded a consolidated revenue of Rs 5,739.3 crores in quarter two of the financial year 2023(Q2FY23) against Rs 5,941.9 crores recorded in the corresponding quarter in the previous year, a drop of 3.5 per cent year on year.
EBITDA for Q2FY23 came in at Rs 836.9 crores against Rs 1,186.7 crores, a slump of 29.5 per cent quarter on quarter. EBITDA margin for the September quarter was 14.6 per cent against 20 per cent recorded in the same quarter last year.
The company in a statement said its US formulations revenue decreased by 11.1 per cent year on year to Rs 2,637.6 Cr and the Europe formulation revenue stood at Rs 1,516.2 Cr, with a decrease of 8.8 per cent year on year mainly due to Euro currency depreciation.
The pharma company's spending on Research & Development (R&D) came at Rs 276 Cr, amounting to 4.8 per cent of its revenues.
Commenting on the Company’s performance, K. Nithyananda Reddy, Vice-Chairman and Managing Director of the Company said: “Our Q2FY23 performance was subdued, mainly due to the macro-environment factors and higher competitive intensity for some products in the U.S. However, we are confident that our robust pipeline of new products will provide impetus to the future growth trajectory."
Reddy further said that the company's continued focus on Biosimilar, R&D, innovation and increasing manufacturing capacity will enhance its product offerings, in various markets. "We are confident that, the right measures and growth-led strategies will help improve our profitability and margins over the medium to long term,” he said.