Thrust on formulations perks up Aurobindo Q2

BS 200 SCORECARD

Hyderabad-based Aurobindo Pharma saw a quantum jump in net profit at Rs 54.64 crore for the second quarter (ended September 2006) of FY07 from Rs 3.64 crore in the corresponding period last year, indicating a growth of 1401 per cent.

The company's revenues grew 55 per cent to Rs 506.7 crore during the quarter, as against Rs 327.1 crore in the same period previous year.

Aurobindo's thrust on regulated markets and formulations business has contributed to the improved performance. Formulations sales zoomed 258 per cent during the quarter, constituting 28 per cent of total sales.

The contribution of SSPs (semi-synthetic penicillins), cephalosporins and antivirals and other APIs (active pharmaceutical ingredients) to total sales now stands at 23 per cent, 30 per cent and 19 per cent, respectively, reflecting a decisive improvement in the dosage formulations business, the company today stated in a press release.

On the exports front, the company's sales jumped 86 per cent, constituting 58 per cent of its total sales. "The exports have shown significant improvement across all markets. The contribution of Americas, Europe and Africa, and CIS and Asia to the total exports now stands at 27 per cent, 27 per cent and 46 per cent, respectively," the release added.

During the quarter, the company allotted 24,661 equity shares of Rs 5 each at Rs 362.60 per share under its Employees Stock Option Plan-2004 and, therefore, its paid-up equity capital increased to Rs 26.64 crore. Its basic EPS (not annualised) stood at Rs 10.25, against Rs 0.69 in the corresponding period last year.

Aurobindo acquired a USFDA-compliant cGMP facility in Dayton, New Jersey, and filed nine ANDAs (abbreviated new drug applications) and DMFs (drug master files) in the US alone during the quarter under consideration.

In addition, it has entered into a licensing agreement with Gilead Sciences, which has a fully-integrated state-of-the-art R&D, formulation manufacturing and distribution facilities with potential for further expansion, to manufacture and sell their latest ARV Tenofovir.

Besides, the company has converted its formulation manufacturing facility at Bachupally village in Ranga Reddy district into a 100 per cent export-oriented undertaking with effect from July 1, 2006.