November 9, 2017 / 2:46 PM / a year ago

Aurobindo Pharma Q2 profit rises 29 pct, beats estimates

Nov 9 (Reuters) - India’s Aurobindo Pharma Ltd posted a better-than-expected 29 percent rise in quarterly profit on Thursday, helped by higher sales at its formulations business in the United States.

Net profit after taxes and non-controlling interest was 7.81 billion rupees ($120.22 million) in the second quarter ended Sept. 30, compared with 6.06 billion rupees a year earlier, the Hyderabad-headquartered drugmaker said in a statement.

Analysts on average had expected a profit of 6.87 billion rupees, Thomson Reuters data showed.

U.S. formulations sales, which accounted for 47 percent of total revenue, rose 21 percent to 20.98 billion rupees due to new product launches and higher sales of existing products, the company said.

Revenue from its Active Pharmaceuticals Ingredients (API) business edged 0.4 percent up.

$1 = 64.9650 Indian rupees Reporting by Jessica Kuruthukulangara in Bengaluru, editing by David Evans

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