Results for the first quarter of fiscal 2023–24 at Aurobindo Pharma: On August 12, the company issued its results for the first quarter of fiscal 2023–24 (Q1FY24), which covered the months of April and June. The company reported a fall of 22.5% in net profit to 540 crores from the same period previous year, or a loss of 697.6 crores. In the first quarter of the current fiscal year, the pharmaceutical giant’s operating revenue totaled $6,850.5 crore, up 9.9% from the $6,236 crore in the same time last year.
Earnings before interest, taxes, depreciation, and amortisation (EBITDA), which are used to measure how profitable a company is, increased by about 23% to 1,151.4 crore in the June quarter from 936.5 crore in the same quarter the previous year, reflecting an improvement in the firm’s operational performance. In the current quarter under examination, EBITDA margin increased to 16.8% from the same quarter previous year’s EBITDA margin of 15%. Double-digit increase in the US, Europe, and Active Pharmaceutical Ingredients (APIs) areas, as well as the topline, helped to sustain the expansion. The US formulations market had an increase in revenue of 11.2% year over year (YoY) to $3,304 crore, while the European formulations market saw an increase of 18.6% YoY to $1,837 crore. The API’s annual income increased by 14% YoY to 1,033 crore.
During the quarter, the business also submitted 12 ANDAs (Abbreviated New Drug Applications), including one injectable medicine, with the US Food and Drug Administration. During the same quarter, Aurobindo Pharma gained final clearance for 19 ANDAs. In a regulatory filing to the stock exchanges, Aurobindo Pharma stated that the company’s board has ”reinitiated to explore the restructuring of the business of Eugia Pharma Specialities Limited, a wholly owned subsidiary company focused on sterile/injectables, oncology, and hormonal products, and constituted a committee of Independent Directors to carry on comprehensive evaluation of various alternatives/options, and recommend soon after the evaluation is complete, to the board.
The board of directors has accepted Dr. M. Sivakumaran’s retirement as the Company’s full-time Director, and the top official will be released of his duties on August 24, 2023.
“We are delighted to begin the new fiscal year on a high note, with strong top line growth and margin expansion aided by improved performance in our key markets.”
With our product pipeline progressing and growth drivers being implemented as planned, we are optimistic that our basic strengths position us to establish an upward trajectory,” stated K. Nithyananda Reddy, Vice-Chairman and Managing Director of Aurobindo Pharma. On the BSE, Aurobindo Pharma shares closed 1.09 percent down at 863.05 per share on August 11.
