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BUZZ-India's Aurobindo Pharma down after Q2 results
November 10, 2017 / 5:13 AM / 15 days ago

BUZZ-India's Aurobindo Pharma down after Q2 results

** Aurobindo Pharma Ltd falls as much as 3.5 pct to 762.20 rupees

** The drugmaker posted better-than-expected 29 pct rise in Sept-qtr profit on Thursday, helped by higher sales at its formulations business in the United States

** Company’s Q2 posted positive sales growth in the U.S., EU and emerging markets, but this did not translate into strong profit as gross margins and EBITDA margins were weaker than expected - Credit Suisse analysts

** As a result, EBITDA (pre R&D) was just in-line, Credit Suisse adds

** Q2 EBIDTA before forex and other income grew 20 pct at 11.17 bln rupees, while EBITDA margin was at 25.2 pct

** Stock up 17.9 pct this year as of Thursday’s close, compared with a 8.1 pct decline on the Nifty Pharma index

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