Aurobindo Pharma's Q1 net profit down y-o-y by 32.4%

12 Aug 2022 , 08:39 AM

Aurobindo Pharma, a pharmaceutical business, reported on Thursday that its consolidated net profit for the three months ended June 30 was down 32.4% to Rs 520.5 crore from Rs 770 in the first three months of the previous fiscal year.

In the discussed quarter, operating revenue increased by 9.4% to Rs 6,236 crore from Rs 5,702 crore in the preceding quarter.

Vice-Chairman and Managing Director of the firm K Nithyananda Reddy remarked, “While strengthening our development pillars, we performed admirably in a difficult climate. The filings and launches in the quarter show that investments in the product portfolio were made at a solid pace.”

In addition, Aurobindo’s goal to drive sustained improvement in profitability through newer avenues will enhance improved profitability over the medium to long term, according to Reddy. The company’s focus on the development of a specialty products pipeline will establish new avenues to grow the business in the future.

US revenue, which made up 47.7% of total revenues and was expressed in USD during the first quarter of FY23, grew by 10.8% YoY to Rs 2,971.1 crore. Revenue from Europe fell by 2.2% YoY to Rs 1,548.1 crore. 24.8% of total sales were attributable to Europe Formulations.