Shares of Aurobindo Pharma gained five percent in morning trade on Friday even as the company’s net profit dropped 19 percent to Rs 491 crore in the December quarter year-on-year from Rs 604 crore in the corresponding period a year ago. The pharma major missed the CNBC-TV18 poll estimates of Rs 532.9 crore profit in Q3FY23.

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The consolidated revenue from operations grew 6 percent YoY to Rs 6,407 crore in the quarter under review from Rs 6,002 crore in the October-December period of FY22. Aurobindo Pharma beat the Street estimates of Rs 5,944 crore on the revenue front.

The pharmaceutical company's earnings, before interest, taxes, depreciation and amortization (EBITDA) dropped 6 percent YoY to Rs 954.4 crore in the quarter under review, and margin dipped to 14.9 percent in the quarter under review from 16.9 percent in Q3FY22.

Aurobindo's revenue from the US operations stood at Rs 2,745 crore in Q3FY23, an increase of 9.3 percent YoY and a jump of 13.8 percent on quarter-on-quarter basis.

Europe, which contributes more than 26 percent of overall sales, saw its December quarter revenues rising by 12.2 percent QoQ to Rs 1,701 crore, mainly due to increase in sales in France and Germany.

The board of directors of the company, on Thursday, also approved an interim dividend of Rs 3 per equity share of Re 1 each. The interim dividend will be paid on or before March 3, 2023, with the record date being February 17, the company informed the bourses.

Shares of Aurobindo Pharma were trading at Rs 464.10 apiece, up 5.25 percent, on BSE at 11.46 AM.