Aurobindo Pharma Limited has bounced back into the black in the second quarter ending September 30 with a profit of Rs 222.4 crore, compared with the Rs 80.2-crore loss in the corresponding quarter last fiscal.

The turnaround was driven by growth in exports, formulations and foreign exchange gains.

The Hyderabad-based pharma major reported a forex gain of Rs 117.7 crore in the quarter, against a loss of Rs 185.4 crore in the comparable period.

Drug applications

As per the unaudited, consolidated results declared by the company today, the total operating income rose by 39.5 per cent in the quarter to Rs 1,500.4 crore (Rs 1,075.3 crore).

The basic and diluted EPS (not annualised) was 7.64.

During the quarter the company filed 17 abbreviated new drug applications taking the cumulative filings to 265.

The dossier filings in Europe rose to 1,316 with 27 fresh applications during the quarter, a press release said.

Aurobindo also incorporated a new step-down subsidiary, Auro Health, in the US and liquidated Aurobindo Pharma Hungary during the quarter.

Managing Director N. Govindarajan said: “Our continued efforts to introduce new formulation products, coupled with growing business of high-value APIs in advanced markets will help sustain our operational and financial performance going forward.”

The earnings before tax, interest and depreciation during the quarter improved by 600 basis points due to an improved business mix.

JMD resigns

The scrip hit the 52-week high of Rs 181.30 on the BSE before ending the day at Rs 170. Overall, the scrip was down 4.6 per cent from the previous day’s close of Rs 178.45.

Meanwhile Ravindra Y. Shenoy, Auro Pharma’s Joint Managing Director, tendered his resignation on grounds of unavoidable personal family reasons.

The Board of Directors accepted his resignation and consented to relieve Shenoy of his duties and responsibilities with effect from today.

(This article was published on November 9, 2012)
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