Aurobindo Pharma Q1 Results: Net profit drops 22% to ₹540 crore, revenue up 10% YoY

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Aurobindo Pharma Q1 Results: Aurobindo Pharma released its April-June quarter results for fiscal 2023-24 (Q1FY24) on August 12, reporting a decline of 22.5 per cent in net profit at ₹540 crore, compared to ₹697.6 crore in the corresponding period last year. The pharma major's revenue from operations during the first quarter of current fiscal stood at ₹6,850.5 crore, registering a rise of 9.9 per cent, compared to ₹6,236 crore in the year-ago period.

Aurobindo Pharma said in a regulaory filing to the stock exchanges that the company's board has ‘’reinitiated to explore the restructuring of the business of Eugia Pharma Specialities Limited, a wholly owned subsidiary company focused on sterile/injectables, oncology and hormonal products and constituted a committee of Independent Directors to carry on comprehensive evaluation of various alternatives/options, and recommend soon after the evaluation is complete, to the board for further discussion and decision.'' The board has accepted the resignation of Dr. M.

Sivakumaran as the whole-time Director of the Company, and the top official will be relieved from his duties from August 24, 2023. “We are pleased to start the new financial year on a good note with strong top-line growth and margin expansion aided by improved performance across our key markets.

With our product pipeline continuing to advance, and execution of growth drivers proceeding as planned, we are confident that our fundamental strengths position us to create an upward trajectory,'' said K. Nithyananda Reddy, Vice-Chairman and Managing Director of Aurobindo Pharma.