Aurobindo Pharma hits new 52-week high as Telangana unit gets USFDA approval

20 Nov 2023 , 11:12 AM

Shares of Aurobindo Pharma gained more than 1% in early trade on November 20 to a new 52-week high of Rs 1,024.95 per piece after the United States Food and Drug Administration (USFDA) completed an examination with zero observations.

The USFDA performed a Pre-Approval Inspection (PAI) at APL Healthcare Ltd, a wholly-owned subsidiary of the business, at TSIIC Green Industrial Park, Pollepally Village in Telangana, Unit-I, and III, formulation production plant.

The inspection took place from November 13 to 17 and ended with zero observations and a designation of ‘No Action Indicated’ (NAI), according to the business.

Injectables under Eugia are expected to increase by double digits and reach $500 million, driving growth in the core business. The business has stated that it intends to introduce 40 goods during the following 12 months.

For the July-September quarter of the current fiscal year, the business recorded an 85 percent year-on-year increase in consolidated net profit to Rs 757 crore. Revenue was Rs 7,219.4 crore, up 25.7 percent from Rs 5,739.3 crore in the previous quarter.

At around 10.46 AM, Aurobindo Pharma was trading 0.98% higher at Rs 1,017.25 per piece, against the previous close of Rs 1,007.35 on NSE.

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