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Auro Pharma Q4 PAT jumps 80% YoY to Rs 909 crore

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Aurobindo Pharma reported 79.5% jump in consolidated net profit to Rs 908.75 crore on a 17.1% rise in revenue from operations to Rs 7,580.15 crore in Q4 FY24 over Q4 FY23.
Profit before exceptional items and tax for fourth quarter of FY24 stood at Rs 1,352.01 crore, up by 85.19% from Rs 730.06 crore in Q4 FY23. The company recorded an exceptional item of Rs 122.11 crore during the period under review.
Total expenses increased by 8.16% YoY to Rs 6,351.10 crore in March 2024 quarter. Cost of materials consumed was at Rs 2,634.88 crore (down 1.34% YoY) while employee benefits expenses stood at Rs 1,026.32 crore (up 20.47% YoY) during the period under review.
EBITDA jumped 68.3% to Rs 1,687 crore in Q4 of FY24 from Rs 1,002 crore in same quarter last year. EBITDA margin improved 677 bps on YoY basis to 22.3% in the quarter ended March 2024.
In the fourth quarter, US formulation revenue increased by 21.6% YoY to Rs 3,588 crore and accounted for 47.3% of consolidated revenue. Europe formulation revenue increased by 10.4% YoY to Rs 1,832 crore and accounted for 24.2% of consolidated revenue.
Growth Markets formulations revenue grew by 49.5% YoY to Rs 852 crore and accounted for 11.2% of consolidated revenue, mainly driven by expansion into new growth markets.
Further, ARV revenue increased 31.5% YoY to Rs 238 crore in Q4FY24 and accounted for 3.1% of consolidated revenue. API business revenue remained flat YoY at Rs 1,019 crore and accounted for 13.4% of consolidated revenue.
Research & Development (R&D) spend during the quarter was Rs 392 crore, representing 5.2% of revenues. It represented 5.4% of revenues in Q3 FY24.
During the quarter, the pharma major received final approval for 17 ANDAs including 4 specialty & injectable products from the USFDA.
On full year basis, the pharma company recorded 64.62% surge in consolidated net profit to Rs 3,172.97 crore on a 16.68% increase in revenue from operations to Rs 29,001.87 crore in FY24 as compared with FY23.
K. Nithyananda Reddy, vice-chairman and managing director of the company, said, We are extremely delighted to report a strong performance for the quarter and the year, supported by the expansion into the new markets, product launches and stable pricing. Our improved capacity utilization has led to higher operating efficiencies. We are confident of continuing our growth in the upcoming year, while stabilizing the operations of the recently commercialized facilities.
Meanwhile, the board re-appointed K. Nithyananda Reddy as vice chairman & managing director (MD) of the company for a period of three years with effect from 1 June 2024.
Further, the company informed that the United States Food and Drug Administration (USFDA) had conducted an inspection at Unit III, a manufacturing facility, of Eugia Pharma Specialities, a wholly owned subsidiary of the company, situated at Sangareddy District, Telangana from 22 January 2024 to 2 February 2024.
Subsequently, the USFDA has determined the inspection classification status of this facility as official action indicated (OAI).
Aurobindo Pharma is principally engaged in manufacturing and marketing of active pharmaceutical ingredients, generic pharmaceuticals and related services.
The scrip fell 2.40% to trade at Rs 1,205.40 on the BSE.
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First Published: May 27 2024 | 12:34 PM IST

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