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Aurobindo outperforms Dr Reddy’s in pharma biz
In a significant development, Aurobindo Pharma Ltd (APL) has outpaced Dr Reddy’s Laboratories Limited in pharmaceutical business and for the first time emerged as the largest drug maker from Hyderabad, a city popular as the pharma capital of India.
Hyderabad: In a significant development, Aurobindo Pharma Ltd (APL) has outpaced Dr Reddy’s Laboratories Limited in pharmaceutical business and for the first time emerged as the largest drug maker from Hyderabad, a city popular as the pharma capital of India.
Aurobindo Pharma posted a consolidated total income of Rs 3,725.90 crore for the first quarter ended on June 30, 2016, registering a growth of 13 per cent from Rs 3,298.93 crore total revenues it reported in the same quarter a year ago.
In comparison, Dr Reddy’s Laboratories generated a total income of Rs 3,234.5 crore in the first quarter of the current financial year, down 14 per cent from Rs 3,757.8 crore a year ago.
In terms of net profit too, Aurobindo Pharma has done exceedingly well when compared with its hometown rival. APL posted a 23.81 per cent upswing in consolidated net profit to Rs 584.96 crore in the first quarter, mainly on account of robust sales.
The company posted a net profit of Rs 472.45 crore for the corresponding period of the previous fiscal. In the case of Dr Reddy’s, the net profit during the first quarter stood at Rs 126.3 crore, down 80 per cent from Rs 625.7 crore in the same quarter a year ago.
"The quarter started with a double digit growth year on year on the back of overall business performance. With focus on execution and capability enhancements we continue to progress on specialty generics for a sustained long term growth,” said N Govindarajan, MD, Aurobindo Pharma.
The company’s formulations business contributed 80.5 per cent to the total revenues and witnessed 15.9 per cent growth year-on-year during the quarter. “The broad base growth across all the markets led to an increase in the formulations revenue.
The US formulations business contributed 45 per cent to the gross sales and witnessed 20.5 per cent in the first quarter. This is due to the new launches in the oral and injectable segment,” the company said.
APL’s Active Pharmaceuticals Ingredients (API) business contributed 19.5 per cent to the gross sales. The company sells APIs in domestic as well as the global market. During the quarter, the sales to the international markets stood at Rs 3,372.3 crore and the domestic sales were at Rs 394.3, representing 90 per cent and 10 per cent respectively.
During the April-June, 2016 period, the company filed five abbreviated new drug applications (ANDAs) with USFDA including three in the oral category and two in the injectable category. The company during the period received 20 ANDA approvals from for the US regulator. Aurobindo Pharma Limited’s scrip ended the trade at Rs 736.30 on the BSE on Tuesday, down 1.84 per cent, over the previous close of 750.10 per share.
