Aurobindo Pharma Q4 Net Dips 14 Percent at 108 Crore

Wednesday, 30 May 2012, 11:02 Hrs
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New Delhi: Aurobindo Pharma today reported 13.6 percent fall in net profit at Rs 108 crore for the fourth quarter ended March 31 because of sharp drop in income from contract manufacturing and U.S. sales.

New Delhi: During Q4 of FY11, it had reported net profit of 125 crore, the company said in a statement.Aurobindo's income grew at 2.5 percent to 1,170 crore in the January-March quarter FY12, from 1,142 crore in the previous fiscal.

Dossier income or sales from contract manufacturing in Q4 dropped 89 percent to 3 crore from 27 crore in the same period last year.

The pharma major suffered a net loss of 123.5 crore for FY12, against net profit of 563 crore in FY11.

Consolidated net sales for the 2012 fiscal grew 10.7 percent to 4,568 crore from 4,126 crore in FY11.

The profitability during FY12 has been impacted mainly due to sharp decline in dossier income by Rs 195.8 crore which is non-recurring and subject to periodic variability, Aurobindo said in a statement.

The company also lost revenues to the extent of $36 million (about 201 crore) due the impact of USFDA alert on Unit VI in Hyderabad.

Aurobindo Pharma CEO N Govindarajan said the year has been challenging and they are trying to improve the situation by new product launches.

"We have concluded a challenging year highlighted by full impact of the USFDA alert on our Unit 6 Cephalosporin manufacturing facility, high cost of materials, inflation and notional loss on restatement of foreign currency borrowings,' Govindarajan said.

"We are looking at improving trends in our business and expect improving financials through planned launches of new products and increasing market shares of existing commercialised basket supported by our growing business of high value APIs on the regulated market thereby augmenting the capacities," he added.

The company said, meanwhile, that K Nithyananda Reddy will relinquish his responsibilities as Managing Director of Aurobindo and has been appointed as Wholetime Director designated as Vice Chairman from June 1.

Besides, Govindarajan has been appointed as a Director and Managing Director.
Source: PTI
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