Drug firm Aurobindo Pharma Ltd on Thursday (November 9) reported an 85% year-on-year (YoY) jump in net profit at ₹757.2 crore for the second quarter that ended September 30, 2023.

In the corresponding quarter last year, Aurobindo Pharma posted a net profit of ₹409.4 crore, the company said in a regulatory filing. The CNBC-TV18 poll had predicted a profit of ₹665 crore for the quarter under review.

The company's revenue from operations increased 25.8% to ₹7,219.4 crore against ₹5,739.3 crore YoY, beating the CNBC-TV18 poll's prediction of ₹6,915 crore for the quarter under review.

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At the operating level, EBITDA jumped 73.7% to ₹1,373.5 crore in the second quarter of this fiscal over ₹791 crore in the year-ago period. The was lower than the CNBC-TV18 poll's EBITDA forecast of ₹1,206.3 crore.

The EBITDA margin stood at 19% in the reporting quarter compared to 13.6% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation. The CNBC-TV18 poll had predicted a margin of 17.4% for the quarter under review.

The company's revenue from operations increased by 25.8% year-on-year to ₹7,219 crore with growth seen across key segments. US formulations (excluding Puerto Rico) revenue increased by 35.7% year-on-year to ₹3,385 crore ($409 million) and Europe formulation revenue increased by 16.7% year-on-year to ₹1,769 crore (EUR 197 million).

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The Research & Development (R&D) spend stood at ₹300 crore, 4.2% of revenues. Basic and Diluted EPS grew by 83.6% year-on-year to ₹12.83 per share. It also received final approval for 15 ANDAs including 3 injectable products from the USFDA.

K Nithyananda Reddy, vice-chairman, and managing director, said, "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.

With our strong product pipeline, focus on compliance, and key projects in advanced stages, we will continue our growth journey, while generating value for our stakeholders."

The results came after the close of the market hours. Shares of Aurobindo Pharma Ltd ended at ₹952.80, up by ₹16.40, or 1.75%, on the BSE.

(Edited by : Shoma Bhattacharjee)

First Published:Nov 9, 2023 8:46 PM IST