 "Aurobindo Pharma hits 52-week high, jumps nearly 4% in a weak market")
Shares of Aurobindo Pharma hit a fresh 52-week high at Rs 1,015 in intra-day deals Monday on the back of strong Q2 performance.
At 09:45 AM, the stock traded with a gain of 2 per cent at Rs 999 on volumes of around 39,000 shares on the BSE. Meanwhile, the S&P BSE Sensex was down 0.4 per cent or 255 points at 65,005.
Aurobindo Pharma has been one of the top out-performers so far this month, and gained a whopping 18.5 per cent. In comparison, the Sensex has gained 1.8 per cent.
For the quarter ended September 2023, Aurobindo Pharma reported better-than-expected 84.9 per cent growth in consolidated net profit at Rs 752 crore when compared with Rs 409 crore in the corresponding quarter a year ago.
The strong profit growth was aided by strong sales in core markets Europe and the United States amid stablising drug prices. Revenue from operations rose 25.7 per cent year-on-year (YoY) to Rs 7,219 crore from Rs 5,739 crore in Q2FY23.
"This is yet another quarter with highest-ever sales, driven by robust performance across the markets, and continued margin expansion, aided by operational leverage and efficiencies," Vice-Chairman Nithyananda Reddy said.
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EBITDA margin improved by 486 bps from 14.6 per cent to 19.4 per cent. The company's board also approved a dividend of Rs 3 per share.
Earlier in October 2023, the drugmakers wholly-owned subsidiary, Eugia Pharma Specialities Limited, received final approval from the US Food and Drug Administration (FDA) to manufacture and market Testosterone Cypionate injection at concentrations of 100 mg/mL and 200 mg/mL in multi-dose vials and 200 mg/mL in single-dose vials.
According to research firm IQVIA, the approved product has an estimated market size of $226.8 million for the 12 months ending August 2023. This is the 169th abbreviated new drug application (ANDA) approval received from Eugia Pharma Speciality Group (EPSG) facilities.