Aurobindo Pharma Share Price Impresses Market

Aurobindo Pharma share price rose over 7% towards the

closing of trade today, on Wednesday 24th August 2016; a
day after it reported a 23.81% increase in consolidated net
profit at Rs 584.96 crore for the first quarter ended June 30,
2016. The profit was on the back of the robust sales.
The company had declared a net profit after taxes, minority
interest and share of profit of joint ventures at Rs 472.45
crore for the equivalent period of the preceding financial
year.
Consolidated total income from operations increased to Rs
3,725.90 crore for the June quarter under against Rs 3,298.93 crore reported for the same
period a year ago.
Aurobindo Pharma share price soared and was currently trading at Rs. 789.30 because the
company had surpassed markets expectations.
The market had expected that the revenue growth might be on account of constant traction
in the US which is approximately 58% of formulation sales. The US business was also
expected to grow around 30% Y-o-Y on the back of 30 new drug launches over past one
year. Although the companys Europe sales bounced back in Q4FY16 to 9% growth, yet the
depreciation of pound & euro could have weighed in June quarter. Since the Antiretroviral
drugs sales have been lumpy hence analysts were expecting around 5-6 percent growth at
least Y-o-Y. The Company got 13 approvals from drugs in Q1FY17 itself -Generic versions of
Tricor, Valcyte, Vimpat, Vfend & injectable Eptifitabine may drive US growth.
Aurobindo Pharma share price opened at Rs. 759.30 and the stock is the top 500
performers for the quarter picked by Dynamic Levels. For details on the stock, visit
Aurobindo Pharma share price history page of the website. Alternately, check Aurobindo
Pharma share price forecast page for knowing the resistance and support level of the stock.