Earnings | Aurobindo Pharma Ltd. (NSE:AUROPHARMA): Q3FY23 Results Out; Total Income rise 7% YoY

Aurobindo Pharma Ltd. (NSE:AUROPHARMA) is a global pharmaceutical company headquartered in India. The company produces and sells a wide range of generic pharmaceutical products and active pharmaceutical ingredients (APIs) in over 150 countries. Aurobindo Pharma’s portfolio includes antibiotics, anti-retrovirals, anti-inflammatory drugs, cardiovascular drugs, and more. The company operates manufacturing facilities in India, the United States, Europe, and other countries and has a robust research and development program that focuses on developing and commercializing complex generic formulations, biosimilars, and specialty pharmaceuticals.

Aurobindo Pharma Ltd., reported its Q3FY23 results. The company’s revenue from operations for the quarter was Rs 6,407.1 crore, an increase of 6.7% YoY. The company’s US formulations revenue increased by 9.3% YoY to Rs 3,001.2 crore, while Europe formulation revenue stood at Rs 1,701.2 crore, with an increase of 0.4% YoY. The growth markets revenue grew by 25.7% YoY to Rs 498.9 crore, and the ARV revenue improved by 61.3% YoY to Rs 251.2 crore. The API revenue stood at Rs 954.6 crore. Aurobindo Pharma’s EBITDA before forex and other income stood at Rs 954.4 crore, and the EBITDA margin for the quarter was 14.9%.

The quarter witnessed accelerated spending on research and development (R&D), with R&D spend at Rs 415.2 crore, which was 6.5% of revenues, as compared to 4.8% in Q2FY23. The EBITDA before R&D stood at Rs 1,369.6 crore, and the EBITDA margin was at 21.4%. The company received final approval for 15 ANDAs, including four injectable products, from the USFDA during the quarter. The net profit for the quarter stood at Rs 491.2 crore, as against Rs 409.4 crore in the previous quarter, and the basic and diluted EPS was Rs 8.38 per share.

Commenting on the Company’s performance, Mr. K. Nithyananda Reddy, Vice-Chairman and Managing Director of the Company said: “We witnessed an improved momentum backed by recovery across our business verticals and our endeavour is to continuously innovate and differentiate. In line with our commitment to innovate, we increased the investments in Biosimilars. We aim to sustain the momentum with new launches, improved cost efficiencies and adherence to the highest standards of compliance, supported by our strong execution.”