Aurobindo Pharma Q2 profit jumps 26% to Rs 805.6 crore; US business grows 12.5%

Aurobindo Pharma on November 11 reported a 26 percent year-on-year growth in consolidated profit for the quarter ended September 2020, driven by better-than-expected performance in revenue and operating level.

Consolidated profit increased to Rs 805.6 crore during the quarter, from Rs 639.5 crore in the same period last year, meeting analysts' expectations.

Consolidated revenue from operations grew by 15.8 percent year-on-year to Rs 6,483.3 crore with the US formulation business showing a 12.5 percent growth YoY at Rs 3,189.8 crore in Q2.

"We continue to perform well across all our key geographies and segments to report a consistent set of earnings. We are happy to state that we have completed phase I clinical trials for our first biosimilar and started trials for three more products," the company's managing director N Govindarajan said.

The formulation business in Europe rose by 8.1 percent YoY to Rs 1,514.8 crore, while growth markets revenue increased by 39.9 percent YoY to Rs 446.5 crore.

Anti-retroviral (ARV) revenue at Rs 502.7 crore increased 111.4 percent YoY and API revenue at Rs 829 crore rose 2.9 percent YoY for the quarter ended September 2020, the company said in its BSE filing.

At the operating level, earnings before interest, tax, depreciation and amortisation (EBITDA) jumped 22.7 percent to Rs 1,432.8 crore and margin expanded 130 bps YoY to 22.1 percent in Q2FY21.