Aurobindo net up

Drug maker Aurobindo Pharma Limited reported a 916 per cent rise in consolidated net profit at Rs 166.6 crore during the first quarter of the current financial year, thanks largely to a foreign exchange gain of Rs 53 crore on account of the restatement of foreign currency convertible bonds as against a foreign exchange loss of Rs 56.6 crore reported in the corresponding period last year.

The company’s net profit in the corresponding quarter previous year stood at Rs 16.4 crore. Aurobindo’s consolidated income for the period grew 24.8 per cent to Rs 852.8 crore from Rs 683.2 crore. Aurobindo chairman, P V Ramprasad Reddy, said significant improvement in operating margins besides the foreign exchange gain contributed to the steep rise in the profit.