Aurobindo Pharma Ltd's Q1FY19 consolidated net profit declines 12.08% yoy to Rs455.70cr: Misses Estimates

The company’s consolidated revenue stood at Rs4,250.27cr, up 15.54% yoy and 4.97% qoq.

Aug 13, 2018 08:08 IST India Infoline Research Team

Aurobindo Pharma Ltd Q1FY19

Consolidated Results Q1FY19: (Rs. in cr)

Q1FY19 YoY (%)
Revenue 4,250.27 15.5
EBITDA 711.06 [14.7]
EBITDA Margin (%) 16.7 [594]
Net Profit (adjusted) 455.70 [12.1]
***EBITDA margin change is bps

Aurobindo Pharma’s revenue in the Q1FY19 grew by 15.5% yoy to Rs4250.3cr. EBITDA declined by 14.7% yoy to Rs711.1cr in Q1FY19 vs. Rs834cr in Q1FY18. EBITDA margins in Q1FY19 stood at 16.7% vs. 19.5% in Q4FY18 and 22.7% in Q1FY18. PAT declined 12.1% yoy to Rs455.7cr in Q1FY19 vs. Rs518.5cr in Q1FY18.
  • While revenue was ahead of estimates, EBITDA and PAT were below estimates.
  • US formulation revenue grew by 11.5% yoy to Rs1,889.6cr in Q1FY19. The growth was driven by launch of new products.
  • On a constant currency basis, US sales grew by 7% yoy.
  • European formulation revenue grew by 30.7% yoy to Rs 1,199.1cr. Company has transferred manufacturing of 94 products from Europe to India.
  • Growth Markets sales grew 32.3% yoy to Rs256.5cr in Q1FY19.
  • ARV sales declined to Rs155.6cr in Q1FY19 vs. Rs244.6cr in Q1FY18, while API sales grew 19.7% yoy to Rs748cr in Q1FY19.
  • The growth in API business was on the back of increase in both Betalactum and NonBetalactum segments.
  • Company has said that its profitability was impacted in Q1FY19 largely due to certain one-off product related provisions.
  • Company has started filing dermatology ANDAs and is on track in other specialty segments

Technical View:

Aurobindo Pharma Ltd ended at Rs. 600.90, down by 10.5 points or 1.72% from its previous closing of Rs. 611.40 on the BSE.
The scrip opened at Rs. 616.50 and touched a high and low of Rs. 616.50 and Rs. 595 respectively. A total of 36,43,701 (NSE+BSE) shares were traded on the counter. The stock traded below its 200 DMA.

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