Aurobindo Pharma gains after Q3 PAT soars to Rs 936 cr

Aurobindo Pharma rose 2.69% to Rs 1029 after the company's consolidated net profit surged 90.6% to Rs 936 crore in Q3 FY24 as compared with Rs 491 crore in Q3 FY23.

Revenue from operations jumped 14.7% YoY to Rs 7,352 crore in Q3 FY24.

Profit before tax jumped 86% to Rs 1265.01 crore in Q3 FY24 as against Rs 680.11 crore posted in same quarter last year.

EBITDA stood at Rs 1,601 crore in Q3 FY24, registering the growth of 67.8% as compared with Rs 954 crore in Q3 FY23. EBITDA margin improved by 689 bps to 21.8% in Q3 FY24 as against 14.9% in Q3 FY23.

During the quarter formulation business jumped 17.2% to Rs 6,291 crore in Q3 FY24 from Rs 5,366 crore in Q3 FY23.

In Q3 FY24, US Formulation revenue increased by 28.9% stood at Rs 3,756 crore and accounted for 51.1% of consolidated revenue.

In dollar terms, revenue increased by 27.1% YoY to $451 million in Q3 FY24.

Europe revenue increased by 1.6% YoY to Rs 1,728 crore and accounted for 23.5% of consolidated revenue. In Euro terms, revenue stood at EUR 193 million; revenues were impacted due to one-time claw back tax of EUR 13.5 million.

Revenue from growth markets formulations increased by 25.6% YoY to Rs 627 crore while domestic formulation sales was Rs 60 crore in Q3 FY24.

During the quarter revenue from Anti-Retrovirals (ARV) fell 28.6% YoY to Rs 179 crore due to sales deferment, and accounted for 2.4% of consolidated revenue while API business increased by 7.1% YoY to Rs 1,022 crore

Research & Development (R&D) spend stood at Rs 398 crore, 5.4% of revenues.

As on 31st December 2023, on a cumulative basis, the company has filed 820 ANDAs with USFDA and received 641 final approvals and 31 tentative approvals. The company has launched 21 products including 4 specialty & injectables products during the quarter.

K. Nithyananda Reddy, vice-chairman and managing director of the company said: We are very pleased with the considerable progress we have made in our operations, and the cost efficiencies we have achieved, this quarters highest ever sales and EBITDA reflect the same. With our continued focus on developing a strong pipeline and driving the commercialization of our key projects, we are confident of our growth trajectory in the months ahead.

Meanwhile, the companys board has declared an interim dividend of Rs 1 per share. The company has fixed 20 February 2024 as record date for the payment of interim dividend for FY24. The dividend will be paid on or before 4 March 2024.

Aurobindo Pharma develops, manufactures and distributes generic pharmaceuticals, branded specialty pharmaceuticals and active pharmaceutical ingredients.

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