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Shares of Aurobindo Pharma, on Monday, fell nearly 7 per cent in early trade after the company reported a 41 per cent decline in its consolidated net profit for Q2 FY23.
The company's shares plunged 6.52 per cent to its 52-week low of ₹457.20 on the BSE after a weak beginning.
At the NSE, it declined 6.60 per cent to its 52-week low of ₹457.
The company's shares plunged 6.52 per cent to its 52-week low of ₹457.20 on the BSE after a weak beginning.
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NSE Nifty was up 0.1% to 18,366, while BSE Sensex rose 0.19% to 61,909The Hyderabad-based drug firm had posted a net profit of ₹697 crore in the July-September period of last fiscal.
Revenue from operations also declined to ₹5,739 crore in the September quarter as against ₹5,942 crore in the year-ago period.
Aurobindo Pharma, Vice-Chairman and Managing Director, K Nithyananda Reddy said, the company's Q2 performance was subdued, mainly due to macro-environment factors and higher competitive intensity for some products in the US.
"However, we are confident that our robust pipeline of new products will provide impetus to the future growth trajectory," he added.
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