Corporate Results
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Pharmaceuticals
Domestic sales drive Aurobindo Q2 net up 86%
Our Bureau
Hyderabad, Oct 31 Aurobindo Pharma Ltd’s net profit increased 86 per cent to Rs 101 crore in the second quarter ended September 30, 2007 as compared to Rs 54.6 crore in the corresponding period of previous fiscal.
Total income has increased 28.2 per cent to Rs 649.2 crore (Rs 467.3 crore). On a consolidated basis, the group has posted a net profit after minority interest of Rs 62 crore and a total income of Rs 655.3 crore, according to a release.
The growth in net profit and revenue was driven by robust growth in Active Pharmaceutical Ingredients (APIs), formulations and domestic sales.
As part of its strategy to penetrate into European and South African markets, Aurobindo set up a wholly owned subsidiary in Europe to focus on formulations vertical. Currently, it is engaged in identification of products, development of registration dossier by sub-contracting to Aurobindo India and third parties. All such registration dossier has been undertaken by the subsidiary to the extent of Rs 16.98 crore from Aurobindo India during the second quarter.
During the quarter, the Hyderabad-based company received approvals for 10 Abbreviated New Drug Applications (ANDAs) for the US market.
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