Aurobindo Pharma is currently the top gainer on the BSE, up almost 10% at Rs.261.70 and this is after having hit a new 52-week high at Rs.463.25. Volumes are up almost 11.5 times.

The stock is high on the back of better-than-expected numbers for Q2FY14. Its consolidated net profit was up 6% (YoY) at Rs.235 crore and this was on a very healthy 28% jump in net revenue at Rs.1014 crore.  Formulation sales rose 36%  and this constitutes 63% of gross sales, up from 59% year ago. API sales contribution was 37%, down from 41%.

The EBITDA during the quarter improved 620bps due to Improved business mix resulting in 2.4% decrease in materials  consumption,  0.9% reduction in staff cost and 2.9% fall in other expenses. In terms of geographical break-up, sales from USA has the biggest share of the pie, up 72%, Europe was up 17% and ARV was down 8%. 

Following approvals in USA (184 cumulative approvals including 27 tentative by USFDA, net of 8FA and 2TA ANDA filings  withdrawn in 2QFY14), South Africa (64 cumulative approvals by MCC-SA), Australia (46 cumulative approvals by TGA) and  Canada (39 cumulative approvals by Health Canada), the company had 3 final approvals from USA, 3 from South Africa, 3 each from Australia and Canada.