Aurobindo Pharma Q2 profit rises 29%, beats estimates

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Bengaluru: Aurobindo Pharma Ltd posted a better-than-expected 29% rise in quarterly profit, helped by higher sales at its formulations business in the United States.

Net profit after taxes and non-controlling interest was Rs781 crore ($120.22 million) in the second quarter ended 30 September, compared with Rs606 crore a year earlier, the Hyderabad-headquartered drugmaker said in a statement.

Analysts on average had expected a profit of Rs687 crore, Thomson Reuters data showed.

US formulations sales, which accounted for 47% of total revenue, rose 21% to Rs2,098 crore due to new product launches and higher sales of existing products, the company said.

Revenue from its Active Pharmaceuticals Ingredients (API) business edged 0.4% up.