Drugmaker Aurobindo Pharma Ltd.'s net profit declined more than estimated in the April-June quarter but losses were curtailed to an extent by higher other income.
The pharmaceutical company reported a net profit of Rs 518 crore in the first quarter of financial year 2017-18, compared to Rs 585 crore figures in the corresponding quarter. The consensus estimate of analysts tracked by Bloomberg had pegged the bottomline at Rs 567 crore.
Revenue declined 2.3 percent to Rs 3,678 crore on a year-on-year basis, the company said in an exchange filing on Wednesday.
Operating income of the Telengana-based drugmaker was down 5 percent to Rs 840.8 crore year-on-year while the margin contracted to 22.8 percent from 23. 6 percent in the same period.
Segmental Performance
U.S. formulation sales declined in the quarter to Rs 1,694.9 crore. However, in constant terms, however, U.S sales grew 3.2 percent.
The active pharmaceutical ingredients (API) business, which contributed 17 percent to the total revenue, decline nearly 15 percent year-on-year. The sale of this segment was impacted due to GST implementation and deferment of the sale of certain products, it said in a media statement.
The company filed 13 ANDAs (Abbreviated New Drug Application) with U.S. drug regulator including nine in oral and four in injectables. It also launched 15 products including three injectables during the quarter.
Ahead of its earnings, shares of Aurobindo Pharma closed 5.84 percent lower, in the benchmark BSE Sensex.
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