Aurobindo Pharma misses Q3 profit view on higher input costs
The company derives about 90 percent of its revenue from exports, with US and Europe being two of its major markets.
Bengaluru: India's Aurobindo Pharma Ltd reported third-quarter profit that missed analysts' estimates on Thursday, as higher input costs offset strong sales in its key United States market.
Net profit for the three months ended Dec. 31 fell to 4.91 billion rupees ($59.52 million) from 6.05 billion rupees a year earlier, the company said in a stock exchange filing.
Analysts, on average, had expected the company to report a profit of 5.21 billion rupees, according to Refinitiv IBES data.
Consolidated input costs surged 43 percent for the company, which makes anti-anxiety drug Alprazolam and antibiotic Amoxicillin, while consolidated net sales rose only 6.7 percent to 63.88 billion rupees.
The company derives about 90 percent of its revenue from exports, with U.S. and Europe being two of its major markets. Revenue from its US segment came in at 30 billion rupees, an increase of 9.3 percent, while revenue from Europe rose a modest 0.4 percent
From its growth markets, which includes the domestic region, revenue jumped 25.7 percent.
Rivals Sun Pharmaceutical Industries Ltd and Dr Reddy's Laboratories Ltd beat third-quarter profit estimates, while Cipla Ltd missed analysts' forecast.
Read also: Aurobindo Pharma subsidiary bags USFDA nod to manufacture, market Diclofenac Sodium Topical Solution
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