Categories Research Summary, Research Tear sheet

Aurobindo Pharma Q3 FY 2022 Research Tear Sheet

Aurobindo Pharma Limited is an Indian pharmaceutical company. It is based in  HITEC City, Hyderabad, India. It was incorporated in 1986. The pharmaceutical products include generic drugs, over-the-counter drugs, vaccines, diagnostics, contact lenses and animal health. The company markets its products in more 125+ countries by Pfizer and AstraZeneca plc. The shares are traded both on BSE and NSE.

Key Financial Highlights

Amount (INR Cr)Q3FY22Q3FY21
Revenue from operations6,002.206,064.80
EBITDA before Forex and Other income1,016.301,280.70
Net Profit604.3777.3

Revenue from Operations at INR 6,002 Cr declined by 1% Y-O-Y.

Research & Development (R&D) spend is 6.6% of revenues i.e.  INR 393 Cr.

Net Profit stood at INR 604.3 Cr compared to INR 777.3 Cr.

Basic & Diluted EPS is INR 10.32 per share.

EBIDTA before Forex and Other income stood at INR 1,016.3 Cr.

The EBITDA margin for the quarter is  16.9%

Cash Position:

The company has generated a free cash flow of $ 201 in Q3 FY 2022. The working capital reduced with the reduction of inventory. However the strong cash position has helped the company to improve the investment.

US Formulations:

In Q3 FY22, US revenue decreased by 4.4% YoY to INR 2,745.2 Cr. The company has filed for  10 ANDAs including 3 Injectables with USFDA in Q3 FY22. Received final approval for 4 ANDAs including 1 injectable product in Q3 FY22. The company has launched 7 products during the quarter, including 4 Injectables. It is the largest generics Company in the US by Rx dispensed.

Europe Formulations

The revenue is INR 1,694.3 Cr, increased 1.4% YoY.  The total revenue consolidates 28% from Europe.

ARV Formulations

ARV business revenue declined by 64.9% YoY to INR 155.7 Cr. There has been an improvement 7.4% QoQ.

Growth Markets Formulations

Revenue from Growth Markets formulations are flat on a YoY basis and increased 2.8% QoQ to INR 397 Cr.

Active Pharmaceutical Ingredients (API)

API business posted revenue of INR 1,010.0 Cr. and contributed 16.8% of the consolidated revenues.

Conference Call Highlights

Management updates

The gross debt is $ 499 million reduced quarter-on-quarter basis.

Net working capital for the quarter has been reduced by $ 137 million.

Net organic CAPEX for the quarter is around $ 52 million.

Revenue of Auromedics, injectable business declined  by 7% year-on-year to 63.2 million for Q3 FY 2022.

For Q3 FY 2022 Growth Market witnessed a growth of 2.8% quarter on-quarter to Rs. 397 crores.

Business Updates

Aurobindo Pharma Managing Director N Govindarajan resigns from his position.

Aurobindo Pharma appoints  K Nithyananda Reddy as managing director.
Aurobindo Pharma, MSN Labs seek DGCI nod for Phase-III trials of Merck’s molnupiravir.

Aurobindo Pharma has appointed Chief Operating Officer for API vertical.

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