Date:02/11/2008 URL: http://www.thehindu.com/2008/11/02/stories/2008110255761300.htm

Business

Aurobindo Pharma posts loss

Special Correspondent

HYDERABAD: Pharmaceutical major Aurobindo Pharma posted a loss of Rs. 38.50 crore in the second quarter of the current financial year against Rs. 100-crore net profit in the corresponding quarter last fiscal.

The company incurred foreign exchange losses of Rs. 105.10 crore, including loss due to restatement of foreign currency convertible bonds (FCCBs) of Rs. 85.30 crore.

Total income went up from Rs. 630.40 crore to Rs. 635.71 crore.

The company incurred a loss of Rs. 21.31 crore before tax in the quarter under review compared to a profit before tax of Rs. 122.49 crore a year ago. The consolidated net loss was Rs. 38.22 crore in the quarter under review against a profit of Rs. 62.06 crore. The company’s formulation sales went up by 33.3 per cent to Rs. 319.09 crore against Rs. 239.70 crore. It filed five abbreviated new drug applications (ANDAs), and three drug master files in the U.S., in the second quarter.Expanded capacity utilisation and larger product portfolio were expected to give robust growth in the sales and margins in the second half of the year.