Latest News | Aurobindo Pharma Net Profit Up 45 Pc to Rs 849 Cr in Mar Quarter

New Delhi, Jun 3 (PTI) Aurobindo Pharma on Wednesday reported a 45.07 per cent rise in its consolidated net profit to Rs 848.99 crore for the quarter ended March 31, mainly on account of robust formulation sales in all markets.

The company had posted a net profit of Rs 585.22 crore for the corresponding period of the previous financial year, Aurobindo Pharma said in a filing to the BSE.

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Its consolidated total revenue from operations stood at Rs 6,158.43 crore for the quarter under consideration as against Rs 5,292.20 crore for the corresponding period a year ago, it added.

For the fiscal year ended March this year, the net profit of the company stood at Rs 2,829.51 crore as against Rs 2,364.50 crore for the previous fiscal year, Aurobindo Pharma said.

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The company's consolidated revenue from the operations for the fiscal year ended March 2020 stood at Rs 23,098.50 crore. It was Rs 19,563.55 crore for the year ago fiscal, it added.

"We have closed 2019-20 with a healthy performance in fourth quarter. The growth was seen across all our geographies. Diversified product basket has helped us to maintain the growth momentum in our core geographies like USA and Europe," Aurobindo Pharma Managing Director N Govindarajan said.

The company remains focused on strengthening its existing businesses, developing a differentiated and specialty product basket and regulatory compliance, he added.

"The new fiscal year has begun with a lot of challenges that the globe and industry had never witnessed. We are committed in protecting the health and wellbeing of our employees, their families and other stakeholders," Govindarajan said.

The company is proud of its employees and other stakeholders for their commitment during the crisis for ensuring the business continuity, he added.

The board of the company also approved the transfer of business of biosimilars and its related research and development and manufacturing facilities located at the Sangareddy district of Telangana on a going-concern basis, to its wholly owned subsidiary, 'CuraTeQ Biologics Private Limited' through execution of a business transfer agreement, the filing said.

The transfer of the business undertaking will be done for a consideration of Rs 361.46 crore, subject to adjustments as prescribed in the business transfer agreement, which will be discharged by CuraTeQ in cash, it added.

Shares of Aurobindo Pharma closed at Rs 750.65 per scrip on the BSE, up 2.28 per cent from its previous close.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)