Aurobindo Pharma Ltd reported a 73.41 per cent decline in its net profit for the first quarter ended June 30, 2008, primarily on account of foreign currency convertible bonds (FCCB) losses.
The Hyderabad-based bulk drug maker posted a net profit of Rs 16.4 crore, as compared with Rs 61.7 crore in the corresponding quarter last year. Its total income grew 27.64 per cent to Rs 684.7 crore, as against Rs 536.4 crore.
Aurobindo has $225-million FCCB deposits, which it had to restate according to the prevailing prices. This resulted in a loss of Rs 56.6 crore during the quarter, a company spokesperson told Business Standard.
“Except for the FCCB losses, the company had fared exceptionally well on the financial performance front in the first quarter, with its formulations and active pharmaceutical ingredients (APIs) businesses registering 64.4 per cent and 8.4 per cent growth respectively,” he said.