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Aarti Drugs Ltd reports financial results for quarter ended Sep 30, 2018

Posted On: 2018-11-07 12:58:50

In September quarter, the Company recorded the quarterly revenue of Rs. 347.51 Crores with Y-o-Y growth of 8.82%. Exports of the API segment grew approximately by around 19.88% and domestic sales by around 7.4% . However, the formulation segment revenues declined by 13.07%.

Consolidated EBITDA for the quarter ended Sep'18 is Rs. 47.09 Crores, down by 10.5% and Consolidated Profit after tax for the quarter ended Sep'18 is Rs. 18.05 Crores, down by 23.52%. Formulation segment profit was lower this quarter due to lower capacity utilization and lack of execution of export orders as compared to last year Sep'17 quarter. Disruption in supply of few key raw materials and change of processes for existing products have led to production shortages in API segment. This resulted in under absorption of overheads thus increasing manufacturing expenses for this quarter. The Company was able to pass on the increased raw material prices to its customers in absolute terms, however it resulted in decreased gross margins temporarily due to base effect. Once the prices stabilize, we expect the operating margins to restore to original levels. The Company was able to maintain its Debt/Equity ratio to 1.11 as on Sep'18 despite of increased working capital requirement.

The Company has recently submitted the voluntary response for the EIR pertaining to Dec'17 inspection, which was received recently. Company would be contacting USFDA for further course of action. The Company continues to focus on different therapeutic categories related to lifestyle related diseases for diversification and currently antibiotic contributes to around 35% of its total API segment revenues. The Company recently completed the expansion of one its key anti-fungal molecule.

Shares of AARTI DRUGS LTD. was last trading in BSE at Rs.576 as compared to the previous close of Rs. 576.8. The total number of shares traded during the day was 453 in over 42 trades.

The stock hit an intraday high of Rs. 582 and intraday low of 574. The net turnover during the day was Rs. 261809.


Source: Equity Bulls

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