Aurobindo Pharma has announced a robust financial performance for the fourth quarter ending March 31, 2024. The company reported a net profit of ₹909 crore, a substantial 79.6% increase from ₹506 crore in the same quarter last year.
The pharmaceutical giant also saw its revenue grow by 17.1% in the quarter, reaching ₹7,580 crore compared to ₹6,473 crore in the corresponding quarter last year. For the financial year 2023-24, Aurobindo Pharma reported a net profit of ₹3,173 crore, up from ₹1,927 crore the previous year, on a revenue of ₹29,002 crore, compared to ₹24,855 crore in FY23.
Key growth drivers included the US formulations (excluding Puerto Rico), which saw a revenue increase of 21.6% year-on-year to ₹3,588 crore. Europe formulations contributed ₹1,832 crore to the quarterly revenue. The company invested ₹392 crore, or 5.2% of its fourth-quarter revenue, in research and development.
Aurobindo Pharma achieved final approval for 17 Abbreviated New Drug Applications (ANDAs) from the US Food and Drug Administration (USFDA), including four specialty and injectable products.
![K. Nithyananda Reddy](https://themachinemaker.com/wp-content/uploads/2024/05/Niityananda-Reddy.jpg)
“We are delighted to report a strong performance for the quarter and the year, supported by expansion into new markets, product launches, and stable pricing. Our improved capacity utilization has led to higher operating efficiencies,” said K. Nithyananda Reddy, Vice-Chairman and Managing Director of Aurobindo Pharma. He added, “We are confident of continuing our growth in the upcoming year, while stabilizing the operations of the recently commercialized facilities.”
Aurobindo Pharma’s impressive results underscore its strategic focus on expanding market reach and enhancing product portfolios, positioning the company well for sustained growth in the competitive pharmaceutical industry.