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Revenue
₹7,219 Cr
verified against source
Revenue YoY
25.8%
reported change
EBITDA
₹1,403 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Aurobindo Pharma delivered a strong Q2 FY24 with revenue of INR 7,219 crore (+25.8% YoY), EBITDA of INR 1,403 crore (+67.7% YoY), and PAT of INR 752 crore (+83.6% YoY). EBITDA margin expanded to 19.4% (+260 bps YoY), driven by volume gains, stable pricing, and cost efficiencies. US formulations grew 35.7% YoY (ex-Puerto Rico), supported by new launches and neutral price erosion. The company launched gRevlimid in October and targets 20%+ EBITDA margin for FY24. Key growth drivers include injectable scale-up, Pen-G plant commissioning by Q4, and biosimilar filings in Europe. Risks include potential price erosion in US generics and execution delays in new plant ramp-ups.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets full-year EBITDA margin above 20%, supported by gRevlimid launch and cost efficiencies.
- On track to achieve $560 million globally for Eugia Specialities in FY24, driven by injectable growth.
- Pen-G plant expected to be operational by end of Q4 FY24 or early Q1 FY25, with 15,000-ton capacity.
- Three biosimilars (pegfilgrastim, filgrastim, trastuzumab) to be filed in Europe by end of January 2024.
Risks flagged
- While current price erosion is neutral, increased competition could pressure margins in oral solids and injectables.
- Pen-G, China, and biosimilar plants face commissioning delays; revenue contribution may shift to FY26.
- Higher depreciation due to impairment provisions may persist, impacting reported profitability.
- Analyst questioned if 20% margin guidance includes gRevlimid; management confirmed, but any volume/pricing shortfall could miss target.
Key quotes
- We are on track to achieve the 20%+ EBITDA margin target set internally for the year.
- We need an anchor industry here, right? I mean, India needs a WuXi sort of a moment, to make sure that we have a contract manufacturing setup that can compete globally.
- We don't have a one-off in this. This is the actual demand, and this is actual sale.
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