Aurobindo: The 'dossier income' spoiler - Views on News from Equitymaster

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Aurobindo: The 'dossier income' spoiler

Feb 29, 2012

Aurobindo Pharma has announced third quarter results of financial year 2011-2012 (3QFY12). The company has reported an 8% YoY growth in sales and net loss of Rs 286 m. Here is our analysis of the results.

Performance summary
  • Revenues grow by a mere 8% YoY largely on account of a steep fall in dossier income although both the formulations and API businesses do well.
  • EBDITA margins plunge 11.9% YoY during the quarter due to a surge in all cost heads (as percentage of sales).
  • Decline in operating profits, surge in interest costs and higher forex losses this quarter all combine to push the bottomline into the red.
Consolidated snapshot
(Rs m) 3QFY11 3QFY12 Change 9mFY11 9mFY12 Change
Net sales 11,922 12,845 7.7% 32,271 34,367 6.5%
Expenditure 8,727 10,934 25.3% 24,817 29,670 19.6%
Operating profit (EBDITA) 3,195 1,912 -40.2% 7,454 4,697 -37.0%
EBDITA margin (%) 26.8% 14.9%   23.1% 13.7%  
Other income 59 49 -16.0% 196 138 -29.3%
Interest (net) 115 274 138.7% 437 626 43.4%
Depreciation 434 552 27.4% 1,241 1,466 18.1%
Profit before tax 2,706 1,135 -58.0% 5,972 2,744 -54.1%
Exceptional items (77) -   (77) (3,199)  
Forex loss/(gain) (41) 1,445   (385) 3,267  
Tax 783 (24)   1,897 (1,407)  
Profit after tax/(loss) 1,887 (286)   4,383 (2,316)  
Net profit margin (%) 15.8% -2.2%   13.6% -6.7%  
No. of shares (m)       291.1 291.1  
Diluted earnings per share (Rs)*         14.8  
Price to earnings ratio (x)         6.3  

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