Aurobindo Pharma shares tumble nearly 7 pc in early trade; hit 52-week low after Q2 earnings

New Delhi: Shares of Aurobindo Pharma on Monday fell nearly 7 per cent in early trade after the company reported a 41 per cent decline in its consolidated net profit for the second quarter ended September 30, 2022.

The company's shares plunged 6.52 per cent to its 52-week low of Rs 457.20 on the BSE after a weak beginning.

At the NSE, it declined 6.60 per cent to its 52-week low of Rs 457.

Later, it recovered most of the early lost ground and traded nearly 2 per cent lower.

Aurobindo Pharma on Saturday reported a 41 per cent decline in its consolidated net profit at Rs 409 crore for the second quarter ended September 30, 2022.

The Hyderabad-based drug firm had posted a net profit of Rs 697 crore in the July-September period of last fiscal.

Revenue from operations also declined to Rs 5,739 crore in the September quarter as against Rs 5,942 crore in the year-ago period.

Aurobindo Pharma Vice-Chairman and Managing Director K Nithyananda Reddy said the company's second quarter performance was subdued, mainly due to macro-environment factors and higher competitive intensity for some products in the US.

"However, we are confident that our robust pipeline of new products will provide impetus to the future growth trajectory," he added.