Aurobindo posts Rs 28.54 cr net loss

Hyderabad-based generic formulations and bulk drugs manufacturer Aurobindo Pharma Limited reported a consolidated net loss of Rs 28.54 crore for the quarter ended December 31, 2011, as it had to incur a foreign exchange loss of Rs 144.5 crore. The company had reported a net profit of Rs 188.83 crore in the corresponding quarter last year.

Net sales grew 7.74 per cent in the quarter under review to Rs 1,284.51 crore as compared with Rs 1,192.20 crore in the corresponding previous quarter.

The profit before tax (PBT) before forex losses also declined 58.1 per cent to Rs 113.5 crore as compared with Rs 270.6 crore in the same quarter last fiscal. Decline in dossier income by Rs 97.6 crore, increase in material consumption, staff cost among other factors impacted its profitability during the quarter, the company said.

“The current fiscal year has been challenging on account of full impact of the US FDA alert on our unit 6 Cephalosphrin manufacturing facility and mark-to-market loss on foreign currency borrowings.” said Ramprasad Reddy, chairman of Aurobindo in a press release here on Monday.

On income-tax
Aurobindo Pharma Limited has said the implication, if any, of the Income Tax authorities survey/search and seizure operations on the company at certain locations last week was being assessed. The company stated in a release that it had fully cooperated with the authorities and various statements were recorded during the course of these operations. The reports appearing about undisclosed cash found during their operations "is malicious and misleading".