Drug maker Aurobindo Pharma today said its consolidated net profit declined 69.08 per cent to Rs 51.50 crore for the first quarter ended June 30, compared to the same period previous fiscal.
Net sales of the company rose to Rs 922.25 crore for the quarter ended June 30, from Rs 852.75 crore in the same period corresponding fiscal, Aurobindo Pharma said in a statement.
The company commenced operations of its formulations facilities in Hyderabad and New Jersey, in the US during the quarter. The company's aggregate investment in these two facilities has been around Rs 475 crore.
"The overheads of these newly operationalised facilities have impacted profitability in the quarter. The company is confident that the commercial benefits of these investments will accrue in the coming quarters," Aurobindo Pharma Chairman Ramprasad Reddy said.
Shares of Aurobindo Pharma today closed at Rs 943.55 on the Bombay Stock Exchange, down 4.04 per cent from its previous close.
