Aurobindo Pharma jumped 5.08% to Rs 852.25 after the drug maker's consolidated net profit rose 26% to Rs 805.65 crore on 15.77% rise in revenue from operations to Rs 6,483.44 crore in Q2 September 2020 over Q2 September 2019.
Consolidated profit before tax grew by 38.09% to Rs 1192.98 crore in Q2 September 2020 as against Rs 863.90 crore in Q2 September 2019. Total tax expense spiked 72.63% year on year to Rs 387.33 crore in Q2 September 2020 over Q2 September 2019.EBITDA before Forex and Other Income grew by 22.7% to Rs 1,432.8 crore in Q2 September 2020 from Rs 1,167.5 crore in Q2 September 2019. EBITDA margin improved to 22.1% in Q2 September 2020 from 20.8% in Q2 September 2019.
US formulation revenue rose 12.5% to Rs 3,189.8 crore in Q2 September 2020 from Rs 2,835.5 crore in Q2 September 2019. Europe formulation revenue grew by 8.1% year on year to Rs 1,514.8 crore in Q2 September 2020. Growth markets revenue increased by 39.9% YoY to Rs 446.5 crore in Q2 September 2020 over Q2 September 2019. API revenue for the quarter was at Rs 829 crore, up by 2.9% over corresponding previous period last year. Research & Development (R&D) spend in Q2 September 2020 were at Rs 407.5 crore (6.3% of revenue).
Commenting on the company's performance, Govindarajan, MD of the company said, We continue to perform well across all our key geographies and segments to report consistent set of earnings. Our revenue and profit for the quarter increased by 16% and 26%, respectively. On our endeavor towards our differentiated products basket, we are happy to state that we have completed phase I clinical trials for our first biosimilar and started trials for three more products. We reiterate that we are committed to resolving all pending regulatory issues
Meanwhile, the board of the company has approved an interim dividend of Rs 1.25 per equity share. The company said it has fixed 24 November 2020 as record date for the dividend.
Aurobindo Pharma is engaged in producing oral and injectable generic formulations and active pharmaceutical ingredients (APIs).
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