Aurobindo Q3 net rises 6% to Rs 578 cr

The total income of the company increased 11% to Rs 3,906 cr

Aurobindo Pharma has reported 6.3 per cent growth in net profit at Rs 578.59 crore in third quarter (Q3) of FY 2017, against Rs 544.31 crore during same period previous fiscal. The total income of the company increased 11.4 per cent to Rs 3,906.18 crore in the quarter under review from Rs 3,505.60 crore during the corresponding previous quarter.

"Despite pricing pressure in select products, we have recorded a good overall growth in Q3 of FY 17 due to diversified product basket and markets. We remain focused on developing a differentiated and speciality product basket which will drive our future growth," Aurobindo managing director N Govindarajan said in a statement.

The company has presence in over 150 countries with 88 per cent of its sales coming from global markets. The US business rose 12 per cent to Rs 1,745 crore in Q3 FY 17 from Rs 1,558 crore during the year-ago period. The formulation sales from Europe and Emerging markets surged up 9 per cent and 16 per cent respectively.

The US contributes more than 55 per cent of Aurobindo's overall formulation sales of Rs 3,130 crore during the quarter. The company has launched 11 new products in US market. It has received final approval for 19 abbreviated new drug applications (ANDAs) and tentative approval for three ANDAs from the US drug regulator. It has also filed nine ANDAs with the US Food and Drug Administration (USFDA).

The active pharmaceuticals ingredients (API) business contributed 20 per cent to the total revenue and registered a growth of 11.6 per cent in Q3 of FY17. The strong growth in Betalactum APIs led to overall API growth. The company sells API to domestic as well as the global market.