Aurobindo Pharma Q2 net down 41% to Rs 409 cr, revenue dips to Rs 5,739 cr

Aurobindo Pharma on Saturday reported a 41 per cent decline in its consolidated net profit at Rs 409 crore for the second quarter ended September 30, 2022.

The Hyderabad-based drug firm had posted a net profit of Rs 697 crore in the July-September period of last fiscal.

Revenue from operations also declined to Rs 5,739 crore in the September quarter as against Rs 5,942 crore in the year-ago period.

Aurobindo Pharma Vice-Chairman and Managing Director K Nithyananda Reddy said the company's second quarter performance was subdued, mainly due to macro-environment factors and higher competitive intensity for some products in the US.

"However, we are confident that our robust pipeline of new products will provide impetus to the future growth trajectory," he added.

Reddy noted that company's continued focus on biosimilars, 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 added.

The drug firm reported 11 per cent year-on-year dip in US formulations revenue to Rs 2,638 crore.