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Revenue
₹7,796 Cr
verified against source
Revenue YoY
8%
reported change
EBITDA
₹1,566 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 steady Q2 FY25 with revenue of INR 7,796 crore (+8% YoY) and EBITDA margin of 20.1%, despite higher R&D costs and penicillin G ramp-up losses. PAT grew 8.6% YoY to INR 817 crore. Growth was driven by strong volume expansion in US oral generics (+9% YoY to $289M) and robust Europe performance (+19% YoY in INR terms). The injectable business faced supply chain headwinds at Unit 3, but management expects normalization by Q4. Penicillin G is on track for breakeven by Q4 FY25. Management reiterated FY25 EBITDA margin guidance of 21%-22%, implying a stronger H2. Key risks include sustained high R&D spend for biosimilar trials and potential freight cost volatility from Red Sea disruptions.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated internal target for full-year EBITDA margin, implying H2 margins will be higher than H1.
- Expect to achieve breakeven at the penicillin G facility by Q4 FY25, with positive contribution from FY26.
- Despite Q1/Q2 slowdown, management expects full-year injectable sales to be around $600M, with a possible 5% variance.
- Phase III recruitment completed; filing expected in 2025 with commercialization in Europe in 2026.
Risks flagged
- R&D costs jumped ~INR 70 crore in Q2 due to phase III biosimilar trials; management expects elevated spend for at least four more quarters.
- Higher freight costs (~INR 30 crore impact) due to Red Sea issues; management expects normalization but uncertainty remains.
- Injectable sales declined 11% YoY due to voluntary production slowdown at Unit 3; full recovery expected only by Q4, with FDA reinspection likely in FY26 Q3.
- Phase III recruitment for omalizumab is 3-4 months behind schedule, potentially pushing back filing timelines.
Key quotes
- We are on track to achieve our internal target of 21%-22% for the full year, which means effectively the second half should be better compared to the first half.
- The worst is over with respect to Unit 3 is concerned. We expect the production level should come back to normalcy by Q4.
- We have a fairly large base, and adding substantially to this base requires new product, new form of presentation. We are working on it.
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