Aurobindo Pharma reports strong growth in Q3FY24 with record sales and EBITDA

Aurobindo Pharma Limited, a leading player in the pharmaceutical sector, has announced its consolidated financial results for the quarter ended December 31, 2023. The company reported a robust 14.7% year-on-year increase in revenue from operations, amounting to INR 7,352 Cr, showcasing growth across multiple business segments.

The US formulations segment, excluding Puerto Rico, witnessed a remarkable 28.9% YoY growth, generating revenue of INR 3,756 Cr (USD 451 million). Similarly, the company’s presence in Europe and growth markets strengthened, with revenue up by 1.6% YoY to INR 1,728 Cr (EUR 193 million) and 25.6% YoY to INR 627 Cr (USD 75 million), respectively. However, ARV revenue saw a decrease of 28.6% YoY to INR 179 Cr (USD 22 million), while API revenue grew by 7.1% YoY to INR 1,022 Cr (USD 123 million).

Aurobindo Pharma’s EBITDA before Forex and Other income stood at INR 1,601 Cr, with an EBITDA margin of 21.8%. The company’s net profit after share of profit/loss of JV and minority interest soared to INR 936 Cr, versus INR 491 Cr in Q3FY23, marking a 91.4% YoY growth in basic and diluted EPS to INR 16.04 per share. Additionally, the Board approved an interim dividend of 150%, i.e., INR 1.5 per equity share of INR 1/- for the year FY23-24.

Aurobindo Pharma’s commitment to innovation is reflected in its R&D spend of INR 398 Cr, 5.4% of revenues. The company received final approval for 16 ANDAs, including 7 specialty and injectable products from the USFDA, highlighting its focus on developing a strong pipeline and driving the commercialization of key projects.

Vice-Chairman and Managing Director Mr. K. Nithyananda Reddy expressed satisfaction with the quarter’s performance, attributing it to operational progress and cost efficiencies. The company’s highest ever sales and EBITDA reflect its robust growth strategy and focus on innovation.