Drug maker Aurobindo Pharma reported a decline of 69.08 per cent in its quarterly net profit which stood at Rs 51.50 crore as on June 30,2010 as against Rs 1,665.7 million for the same quarter a year ago. On the other hand, company's net sales grew to Rs 922.25 crore for the quarter ended June 30, from Rs 852.75 crore in the corresponding period last fiscal. In the latest first quarter, it had a foreign exchange loss of Rs45 crore. During the quarter in review, company commenced operations of its formulations facilities in Hyderabad and New Jersey (US). The company's aggregate investment in these two facilities has been around Rs 475 crore. Aurobindo Pharma Chairman Ramprasad Reddy said, "The overheads of these newly operationalised facilities have impacted profitability in the quarter. The company is confident that the commercial benefits of these investments will accrue in the coming quarters". In the first quarter, Aurobindo received seven approvals for its copy versions of drugs from the US Food and Drug Administration, taking its total approvals for such medicines to 120. Aurobindo Pharma had outperformed the market over the past one month till Aug. 04, 2010, rising 7.32% compared with the Sensexs 4.33% rise. It underperformed the market in past one quarter, gaining 5.71% as against 6.30% rise in the Sensex. Shares of the company declined Rs 39.75, or 4.04%, to settle at Rs 943.55. The total volume of shares traded was 81,280 at the BSE (Thursday).
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