AUROPHARMA · Healthcare
Aurobindo Pharma Ltd. reported revenue of ₹7,979 cr for October to December 2024, +8.5% on the year and +2.3% on the quarter. It is the highest quarterly revenue in the last 7 quarters on record.
Operating profit (EBITDA) was ₹1,578 cr, a margin of 19.8%, −197 bps on the year and −31 bps on the quarter. Over the last 7 quarters the margin has ranged from 16.8% to 21.9%, averaging 20.1%. Operating costs grew +11.3%, faster than revenue at +8.5%, so operating profit grew less than sales.
Net profit was ₹846 cr, −10.0% on the year and +3.5% on the quarter, with earnings per share of ₹14.56. Profit before other income, one-offs and tax grew faster, at −5.3%; other income, one-offs or tax held the headline back. The tax rate of 30% is in line with its recent average.
Pharma quarters swing with US generic launches and price erosion, while India formulations grow more steadily. Currency gains and other income can be material, so headline profit needs a check against operating profit. The quarterly statements do not carry the US and India split, R&D spend and any FDA observations; those come with the filing read.
On earnings per share of ₹59.83 over the last four quarters, the stock at ₹1,660.50 trades at 27.8 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Operating margin slipped on the year.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹7,352 cr | ₹7,580 cr | ₹7,567 cr | ₹7,796 cr | ₹7,979 cr | ₹8,382 cr | ₹7,868 cr | ₹8,286 cr | ₹8,646 cr | ₹8,853 cr | ₹9,150 cr | ₹10,263 cr |
| YoY | — | — | +10% | +8% | +9% | +11% | +4% | +6% | +8% | +6% | +16% | +24% |
| EBITDA margin | 21.7% | 21.9% | 21.4% | 20.1% | 19.8% | 21.0% | 20.4% | 20.3% | 20.5% | 19.8% | 20.6% | 21.0% |
| Other income, % of PBT | 13% | 1% | 17% | 11% | 13% | 10% | 9% | 9% | 9% | 9% | 17% | 10% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | −₹40.2 cr | — |
| Tax rate | 26% | 26% | 31% | 32% | 30% | 32% | 32% | 34% | 32% | 29% | 32% | 33% |
| Net profit | ₹940 cr | ₹907 cr | ₹918 cr | ₹817 cr | ₹846 cr | ₹903 cr | ₹824 cr | ₹848 cr | ₹910 cr | ₹921 cr | ₹1,032 cr | ₹1,124 cr |
| YoY | — | — | +61% | +9% | −10% | −0% | −10% | +4% | +8% | +2% | +25% | +33% |
| Core profit YoY | — | — | +44% | +21% | −5% | −1% | −0% | +8% | +17% | −2% | +17% | +32% |
| EPS | ₹15.98 | ₹15.51 | ₹15.69 | ₹14.07 | ₹14.56 | ₹15.56 | ₹14.20 | ₹14.61 | ₹15.67 | ₹15.86 | ₹17.86 | ₹19.57 |
| Flags | · | · | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Aurobindo Pharma Ltd. reported revenue of ₹7,979 cr (+8.5% on the year) and net profit of ₹846 cr (−10.0% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved −5.3% on the year, against −10.0% for reported profit.
None of the 7 checks that could run raised a question.
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