Earnings Review
Aurobindo Pharma Jul-Sept consol PAT up 8% YoY; misses view
This story was originally published at 21:03 IST on 9 November 2024
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--Aurobindo Pharma Jul-Sept consol net profit INR 8.17 bln
--Analysts saw Aurobindo Pharma Jul-Sept consol net profit INR 9.75 bln
--Aurobindo Pharma Jul-Sept consol revenue INR 77.96 bln vs INR 72.19 bln
--Aurobindo Pharma Jul-Sept consol PAT INR 8.17 bln vs INR 7.57 bln year ago
--Aurobindo Pharma Apr-Sept consol revenue INR 153.63 bln vs INR 140.69 bln
--Aurobindo Pharma Apr-Sept consol PAT INR 17.36 bln vs INR 9.29 bln yr ago
--Aurobindo Pharma: Jul-Sept EBITDA margin 25.1%
By Narayana Krishna
HYDERABAD – Aurobindo Pharma Ltd. Saturday reported a consolidated net profit of INR 8.17 billion for Jul-Sept, up 7.95% on year, while its revenue rose 7.99% on year to INR 77.96 billion. Though the company reported year-on-year growth for the quarter, the net profit was below the Street's estimates, while revenue was mostly in line with the expectation.
Analysts had expected Aurobindo Pharma's Jul-Sept net profit at INR 9.7 billion on a revenue of INR 77.8 billion. Sequentially, the company's net profit fell 11%, while revenue rose 3%.
The company's US sales for the quarter rose 4.3% on year to INR 35.30 billion, mostly meeting the analysts' estimates. Analysts had pegged moderate growth in the US market due to regulatory issues in the company's injectables business arm. In dollar terms, the US sales were at $421 mln, Aurobindo Pharma said in a press release.
"We are pleased with the continued growth in revenues across our key business areas this quarter, reflecting the resilience of our diversified portfolio. While profitability saw a slight dip, primarily due to the transient nature of certain business activities, our underlying performance remains strong," the company said quoting K. Nithyananda Reddy, vice-chairman and managing director.
The company's sales in the Europe market for the quarter rose 19% on year to INR 21.05 billion, meeting expectations. In growth markets, sales rose 44% on year to INR 8.12 billion.
The anti-retroviral segment fell by 22.8% on year to INR 1.93 billion, mostly on account of price erosion and lower tender supplies.
Aurobindo Pharma’s bulk drug sales for September quarter remained flat at INR 11.56 billion.
The company's earnings before interest, tax, deprecation and amortisation or EBITDA for the quarter was at INR 19.54 billion, while EBITDA margin was 25.1%. Analysts estimated Aurobindo Pharma Jul-Sept EBITDA at INR 17 billion, while margin estimates ranged between 20.8% and 23%.
The company's research and development expenses for the quarter under review were INR 4.10 billion, 5.3% of the revenues. For Apr-Sept, Aurobindo Pharma reported a consolidated revenue of INR 153.63 bln against INR 140.69 bln a year ago, while net profit was at INR 17.36 bln against INR 9.29 bln a year ago.
The company has scheduled an investor call on Monday on the Jul-Sept performance.
On Friday, shares of Aurobindo Pharma ended at INR 1,327.55 on the National Stock Exchange, down 1.71% from the previous close. End
US$1 = INR 84.37
Edited by Vandana Hingorani
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