Shares of Aurobindo Pharma fell almost eight percent during intra-day trade on Friday to Rs 763.60 on the BSE after the firm reported a weak Q1FY22 operational performance on Thursday, owing to a drop in the US market and antiretroviral drug prices (ARVs).
The company's profit after tax (PAT) was Rs 770 crore in Q1FY22, down 1.7 percent year on year (YoY) and four percent quarter on quarter (QoQ). However, it was in line with analysts' expectations, owing to higher-than-expected other income and a reduced tax rate.
Revenue fell 3.8 percent year on year and five percent QoQ to Rs 5,702 crore.
In Q1FY22, the US revenue tumbled by 1.5 per cent YoY to Rs 2,681 crore, accounting for 47 per cent of consolidated revenue. Similarly, ARV business revenue in the quarter stood at Rs 296 crore, down 30.3 per cent YoY, which accounted for 5.1 per cent of revenue.
At 1:20 pm, the shares of Aurobindo Pharma were trading 7.77 percent lower at Rs 762 apiece on the BSE.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Lok Sabha Election 2024: What rural Delhi wants
May 16, 2024 10:10 PM
Over 50 onion farmers detained in Nashik ahead of PM Modi's visit
May 16, 2024 11:14 AM
Why Google CEO is cautiously optimistic about the election year
May 16, 2024 9:51 AM
Mark Mobius reveals how markets will react if NDA wins 400+ Lok Sabha seats
May 15, 2024 8:09 PM