Drug maker Aurobindo Pharma Ltd reported an 11 per cent fall in quarterly profit, hurt by lower sales from its formulations business in the US and pre-launch disruptions of a pan-India tax reform.
Profit for the three months ended June 30 fell to Rs 519 crore ($81.15 million) from 5.85 billion rupees a year earlier, the company, which is engaged in producing oral and injectable generic formulations, said on Wednesday.
Analysts on average expected Aurobindo to post a profit of Rs 567 crore, Thomson Reuters data showed.
US formulations sales, which accounted for 46 per cent of total revenue, fell 0.5 percent to Rs 1,695 crore Revenue from Active Pharmaceuticals Ingredients (API) business was down about 15 per cent, impacted by tax reforms in India and deferment of certain products sale, India's third largest drugmaker by sales said in a statement.
Shares of the company closed 5.9 per cent lower at 683.60 rupees ahead of the results.