Comments
Shares of Aurobindo Pharma posted biggest intraday gain in over 3 years.
The stock jumped as much as 11 per cent to Rs. 568.80.
The company said it expects price erosion in the United States to continue for another four quarters at least, but it is not likely to impact the company too much as it has a wider product basket compared with its competitors.
The company also expects to file for more product approvals in the United States this fiscal.
The company had on Monday announced after closure of the trading hours that its consolidated net profit decreased 4 per cent at Rs 532 crore in the fourth quarter ended March 31, 2017 compared with Rs 554 crore in the corresponding quarter of the previous financial year.
Total revenue of the Hyderabad-based company too decreased 2.6 per cent to Rs 3,682 crore (Rs 3,782 crore).
For the year ended March 2017, the company’s net profit grew 13.7 per cent to Rs 2,301 crore on a 7.3 per cent increase in total revenue at Rs 15,206 crore over the year ended March 2016.
The board of directors of the company has approved second interim dividend of Rs 1.25 per equity share of Re 1 for the financial year 2016-17.
The board had also decided to roll back its previous decision to transfer its injectable unit to its wholly owned subsidiary, Curepro Parenterals which has not been implemented yet in view of the "expansion and growth plans of the company''.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.