Aurobindo Pharma shares gain even as Q3 profit sinks; board declares 300% dividend

Aurobindo Pharma: Aurobindo Pharma Q3 profit plunges 19% YoY to Rs 491 crore on lower operating margin. Revenue grows 7%. The pharma company has recorded a 18.7% year-on-year fall in consolidated profit at Rs 491 crore for quarter ended December FY23, dented by weak operating margin performance. Consolidated revenue for the quarter at Rs 6,407 crore increased by 6.7% over a year-ago period with US formulations business growing 9.3%, Europe formulation segment showing 0.4% increase and growth markets business rising 25.7% YoY. On the operating front, EBITDA fell 6% YoY to Rs 954.4 crore for the quarter with margin declining 204 bps YoY to 14.89% due to higher spend on R&D.

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Aurobindo Pharma share price gained over 3 percent in the morning session on February 10, a day after the company declared its December quarter earnings.

Aurobindo Pharma on February 9 said its consolidated net profit declined by 19 percent to Rs 491 crore for the third quarter ended December 31, 2022. The company had reported a net profit of Rs 604 crore in the same quarter of last fiscal.

Revenue from operations rose to Rs 6,407 crore as against Rs 6,002 crore in the October-December quarter of last fiscal, the Hyderabad-based drug firm said in a statement.

Aurobindo Pharma declared an interim dividend of Rs 3 per equity share for shares of Re 1 each. The interim dividend will be paid on or before March 3 with the record date being February 17, the company said.

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At 09:26 hrs Aurobindo Pharma was quoting at Rs 450.25, up Rs 9.55, or 2.17 percent on BSE. It has touched an intraday high of Rs 459.15 and an intraday low of Rs 445.10.

Aurobindo Pharma vice-chairman & managing director K Nithyananda Reddy said the company witnessed an improved momentum backed by recovery across its business verticals. "Our endeavor is to continuously innovate and differentiate. We increased investments in biosimilars in line with commitment to innovate."

The company said its board of directors has approved the sale and transfer of units of the company's API non-antibiotic division to its wholly-owned subsidiary Auro Pharma India Pvt Ltd by way of a slump sale, which is subject to the approval of shareholders.