Aurobindo Pharma consolidated Q4 net profit up 79% – Times of India

HYDERABAD: Pharma major Aurobindo Pharma on Saturday said it has posted a 79% jump in consolidated net profit for the fourth quarter ended March 31, 2024, at Rs 907 crore as against Rs 506 crore in the corresponding period of financial year 2022-23.
This was on a 17% rise in revenue from operations for Q4FY24 at Rs 7580 crore as compared to Rs 6473 crore in Q4FY23.
For the entire FY24, the company registered a 64% increase in consolidated net profit at Rs 3169 crore as against Rs 1927 crore in FY23 on a nearly 17% rise in total revenue from operations at Rs 29,002 crore in FY24 from Rs 24,855 crore in FY23.
Revenues from formulations in FY24 grew nearly 19% year-on-year to Rs 24,419 crore from Rs 20,579 crore in FY23 led by a 24% jump in revenues from US market (excluding Puerto Rico) to Rs 13,867 crore from Rs 11,227 crore, while those from Europe grew nearly 12% to Rs 7166 crore in FY24 from Rs 6426 crore and that from growth markets (including India formulations sales) rose 29% to Rs 2517 crore from Rs 1951 crore.
The only exception was ARV (anti-retroviral) sales that fell 11% to Rs 868 crore in FY24 from Rs 976 crore in FY23. On the other hand, total API (active pharmaceutical ingredients) sales jumped 21% to Rs 4241 crore from Rs 3848 crore in FY23.
Commenting on the performance, Aurobindo Pharma vice-chairman and managing director K Nithyananda Reddy said the performance for the quarter and year was strong, supported by expansion into new markets, product launches and stable pricing. “Our improved capacity utilisation has led to higher operating efficiencies. We are confident of continuing our growth in the upcoming year while stabilising the operations of the recently commercialised facilities,” he said.
Meanwhile the company informed the bourses that the US Food and Drug Administration (USFDA) has classified the inspection status of Unit III of its wholly owned subsidiary Eugia Pharma Specialties Ltd as official action indicated (OAI).
The US drug watchdog had inspected the formulations facility at Pashamylaram in Patancheru mandal of Sangareddy district of Telangana from January 22 to February 2, 2024.
“The company remains committed to work closely with the USFDA and continues to enhance its compliance on an ongoing basis,” the company said in a regulatory filing.