Aurobindo Q2 net nearly doubles; shares rise

Aurobindo Q2 net nearly doubles; shares rise
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First Published: Wed, Nov 03 2010. 03 05 PM IST
Mumbai: Drugmaker Aurobindo Pharma’s quarterly net profit nearly doubled, substantially surpassing street estimates, on robust formulation sales and forex gains, sending its shares to a 52-week high.
The Hyderabad-based drugmaker on Wednesday reported a consolidated net profit of Rs 198 crore for the September quarter on net sales of Rs 1,113 crore.
A Reuters’ poll of 23 brokerages had forecast a consolidated quartely net profit of Rs 114 crore on net sales of Rs 964 crore for Aurobindo.
Aurobindo Pharma’s board approved a five-for-one stock split, it said in a statement.
“The recent commercialisation of the large formulations units in special economic zone near Hyderabad and New Jersey (US) will further strengthen the operations of the company going forward,” Ramprasad Reddy, chairman, Aurobindo Pharma, said in a statement.
The firm’s formulations business rose 38.3% in July- September to Rs 616 crore, it said, while exports grew 33.2%to Rs 743 crore.
Aurobindo, on a consolidated basis, reported foreign exchange gains worth Rs 76.19 crore in September quarter versus a loss of Rs 3.56 crore a year ago.
At 3:26 p.m., shares of Aurobindo Pharma, after hitting a 52-week-high of Rs 1,311.95, eased to Rs 1,269.9, up 1.7%, in a firm Mumbai market.
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First Published: Wed, Nov 03 2010. 03 05 PM IST