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Forex losses drag down Aurobindo net by 73%
Our Bureau
Hyderabad, July 30
Aurobindo Pharma Ltd’s net profit decreased 73.3 per cent at Rs 16.4 crore in the first quarter ended June 30 compared with Rs 61.7 crore in the corresponding quarter of previous fiscal.
The dip in the profit was due to foreign exchange losses, the Hyderabad-based company said in a release.
This includes Rs 56.6 crore loss on account of the restatement of the Foreign Currency Convertible Bonds (net of deposits).
The total revenues increased 27.6 per cent to Rs 684.7 crore (Rs 536 crore) due to strong performance in formulations sales. The formulation sales grew by 64 per cent contributing Rs 287 crore revenue. The Anti-Retro Viral (ARV) segment too, registered 95.5 per cent and generated Rs 125 crore revenue. There was improvement in all other operating segments of the company as well. Aurobindo had done well on the export front. Its exports grew by 58 per cent netting Rs 438 crore revenue. The basic earnings per share (not annualised) stood at Rs 3.1 (Rs 11.6). During the quarter, Aurobindo had formed a new subsidiary, Aurobindo Pharma (Portugal) Ltd. It received approvals from the US Food and Drug Administration (USFDA) for its emtricitabine, benazepril hydrochloride tablets and zaleplon capsules. It filed eight Abbreviated New Drug Applciations (ANDAs) in the US which took the cumulative filings to 136, the release added.
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