In Monday’s intraday session on the BSE, shares of Aurobindo Pharma fell 7% to a more than two-year low of Rs 457.20 after the firm released dismal financial results for the September quarter (Q2FY23). The drug manufacturer’s shares fell to their lowest point since April 2020.
On a year-over-year (YoY) basis, the company’s consolidated net profit for the second quarter of FY23 was 41% lower at Rs 409 crore. The company’s operating revenue decreased 3.4% YoY to Rs 5,739 crore in Q2FY23 from Rs 5,942 crore in the same quarter last year. EBITDA margin decreased to 14.6% from 20%. Earnings before interest, taxes, depreciation, and amortization.
Following the arrest of P. Sarath Chandra Reddy, the drug business’s full-time director and promoter group, the shares of the company has fallen 16% in the last three trading days. The arrest of Reddy, according to Aurobindo Pharma, has nothing to do with the business affairs of the organization or any of its affiliates.
The business claimed to have learned that P. Sarath Chandra Reddy was detained by the Enforcement Directorate (ED) in connection with transactions carried out in his private firms and unrelated to the business affairs of Aurobindo Pharma.
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