HYDERABAD: Hit by higher tax outgo, pharma major Aurobindo Pharma reported a 12% decline in consolidated net profit for the fourth quarter ended March 31, 2023, at Rs 506 crore as compared to Rs 576 crore in the corresponding quarter of FY21. It was Rs. 22. This despite a growth of over 11% in revenue from operations to Rs 6473 crore from Rs 5809 crore in Q4 of FY20, it informed the exchanges on Saturday.
For FY 2022-23 as well, the company reported a 27% decline in consolidated net profit at Rs 1928 crore as against Rs 2647 crore in FY 22, despite a 6% increase in consolidated revenue from operations in FY 23 24,855 crore for Rs. 23,456 crore in FY22.
“During the quarter ended March 31, 2022, the holding company elected to exercise the option permitted under section 11SBAA of the Income-tax Act, 1961, introduced by the Taxation Laws (Amendment) Ordinance, 2019. Accordingly, the Holding Company has recognized provision for income tax for the year ended 31st March, 2022 and re-measured its deferred tax assets and liabilities based on the rate prescribed in the said section. The effect of this change has been recognized in the statement of profit and loss during the year ended March 31, 2022,” it told the stock exchanges.
The company’s revenue from formulations grew 5.4% during FY2023, largely driven by the US (4.8%), growth markets (31.2%) and ARV (14.6%). However, there was a slight decline (-0.8%) in revenue from the European market. On the API (active pharmaceutical ingredients) front, revenue grew by 9.4%, with a 17.6% increase in revenue. betalactam And despite a 2.3% drop in revenue non-betalactam Business
For FY 2022-23 as well, the company reported a 27% decline in consolidated net profit at Rs 1928 crore as against Rs 2647 crore in FY 22, despite a 6% increase in consolidated revenue from operations in FY 23 24,855 crore for Rs. 23,456 crore in FY22.
“During the quarter ended March 31, 2022, the holding company elected to exercise the option permitted under section 11SBAA of the Income-tax Act, 1961, introduced by the Taxation Laws (Amendment) Ordinance, 2019. Accordingly, the Holding Company has recognized provision for income tax for the year ended 31st March, 2022 and re-measured its deferred tax assets and liabilities based on the rate prescribed in the said section. The effect of this change has been recognized in the statement of profit and loss during the year ended March 31, 2022,” it told the stock exchanges.
The company’s revenue from formulations grew 5.4% during FY2023, largely driven by the US (4.8%), growth markets (31.2%) and ARV (14.6%). However, there was a slight decline (-0.8%) in revenue from the European market. On the API (active pharmaceutical ingredients) front, revenue grew by 9.4%, with a 17.6% increase in revenue. betalactam And despite a 2.3% drop in revenue non-betalactam Business