Aurobindo Pharma posts net profit of Rs 393.40 cr in Q1

Aurobindo Pharma today reported a consolidated net profit of Rs 393.40 crore in the first quarter ended June 30, 2014 on good performance of US generics, injectibles and anti-retro viral drugs.
The Hyderabad-based pharmaceuticals major had reported a net profit of Rs 143.63 crore in the year ago period.
Total income during the April-June 2014 quarter stood at Rs 1,951 crore as against Rs 1,611.74 crore in the year-ago period, the company said in a BSE filing.
It said that the figures are not comparable as during the reported quarter, Agile Pharma BV-Netherlands, a step-down subsidiary of Aurobindo Pharma, has acquired select European business of Actavis. The result for the June, 2014 quarter includes the results of the operation of the above business from April 1, 2014.

Commenting on the results, Aurobindo Pharma MD N Govindarajan said: "...The company delivered yet another strong quarter on US generics, injectibles, ARVs and Rest of World formulations and has built strong foundation for sustained growth in each of these segments. The net debt has also reduced considerably during the quarter."
On acquiring select European business of Actavis, he said: "We have started integrating the acquired western European business of Actavis, included in the reported numbers. We believe that this acquisition will augur well for the company in terms of market access and scale of operations for Europe."
The company's Board has approved an interim dividend at the rate of 150 per cent or Rs 1.5 per equity share of Re 1.

Shares of Aurobindo Pharma closed lower by 1.12 per cent at Rs 713.65 apiece on the BSE today. The results were announced post market hours.