Aurobindo Pharma Q3 Net Down 8% at Rs 384 Crore

New Delhi: Aurobindo Pharma on Wednesday reported a 7.93 per cent decline in consolidated net profit at Rs 384.35 crore for the third quarter that ended on December 31, 2014. The company had posted a net profit of Rs 417.49 crore for the corresponding period a year ago, it said in a statement. Net sales during the period under review stood at Rs 3,142.46 crore as against Rs 2,135.52 crore in the corresponding period last fiscal year. The company said its board has considered and approved a second interim dividend of 200 per cent at Rs 2 per equity share of the face value of Rs 1 in addition to the interim dividend of 150 per cent, aggregating to Rs 3.5 per equity share of the face value of Rs 1 each for the year 2014-15. The company said its formulation sales were up by 76.2 per cent to Rs 2,529.7 crore during the quarter but active pharmaceutical ingredients (API) sales were down by 9.4 per cent Rs 674.4 crore. "We continue to grow our revenues and maintain profitability despite the absence of any exceptional upside," Aurobindo Pharma managing director N Govindarajan said. "We have been investing our efforts to further differentiate our product portfolio through initiation of developmental research in highly complex molecules and novel technology platforms, for a sustainable future," he added. Aurobindo Pharma also said that its board has approved the proposal to form a joint venture (JV) with Tergene Biotech, a vaccine development firm based in India. "The Board of Directors of the company at its meeting held on February 4, inter alia, has approved the proposal for setting up a JV with Tergene Biotech Pvt Ltd," the company said in a separate statement. Aurobindo will hold a majority stake in the JV and will fund the product development in a phased manner spanning over three years, the statement said adding, the financial terms are subject to entering into definitive agreements. Tergene works on development of the pneumococcal conjugate vaccine (PCV) through use of cutting edge vaccine technology compressing time and cost, it said.

Aurobindo Pharma Q3 Net Down 8% at Rs 384 Crore

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