Aurobindo Pharma net profit falls by 32 percent to Rs 520.5 crore in Q1
Hyderabad: Pharmaceutical company Aurobindo Pharma on Thursday said its consolidated net profit for the quarter ended June 30 was down by 32.4 per cent to Rs 520.5 crore compared to Rs 770 in the first quarter of the last fiscal.
Revenues from operations were up by 9.4 per cent to Rs 6,236 crore during the quarter under discussion compared to Rs 5,702 crore a year ago.
K Nithyananda Reddy, Vice-Chairman and Managing Director of the company said, "We delivered a good performance amidst challenging environment, while reinforcing our growth pillars. Investments in product portfolio continued at a healthy pace as reflected in the filings and launches in the quarter."
The company's focus on the development of specialty products pipeline will establish new avenues to grow the business in future and along with that Aurobindo's aim to drive sustained improvement in profitability through newer avenues will enhance improved profitability over medium to long term, Reddy further said.
Read also: Aurobindo Pharma gets 3 USFDA observations for Andhra Pradesh facility
In the Q1 FY23, US revenue increased by 10.8 per cent YoY to Rs 2,971.1 crore and accounted for 47.7 per cent of consolidated revenues and in USD terms.
Europe revenue decreased by 2.2 per cent YoY at Rs 1,548.1 crore. Europe Formulations accounted for 24.8 per cent of consolidated revenues.
Read also: Aurobindo Pharma gets USFDA EIR for Hyderabad facility
