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Nirmal Bang Report
Aurobindo Pharma Ltd.'s Q4 FY22 net profit at Rs 5,765 million was 13%/8.3% below our/consensus estimate while revenue was in line with estimate.
The U.S. business continues to see price erosion pressure. According to the company, inventory level in the channel has normalised, but pricing pressure has not abated.
They are not yet guiding for a recovery, but would wait and watch the situation over the next two quarters.
Other expenses in Q4 FY22 were higher by 6% QoQ, which affected net profit.
Aurobindo's research and development spend for the quarter stood at 7.5% of sales, which potentially was the highest ever. Even on an absolute basis, Aurobindo's R&D spend now is quite comparable to peers.
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