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Aurobindo Pharma plans its first equity share buyback, considering both tender and open market routes. With an 80% stock rise in 12 months, it expects Q1 FY25 net profit to grow 63.6% YoY to ₹970.40 crore.
Aurobindo Pharma Ltd., the Hyderabad-based pharmaceutical giant, announced a board meeting on July 18, 2024, to consider its first-ever equity share buyback. This strategic move marks a significant milestone in the company's history, potentially through the tender offer route or the open market route.
Explore: Aurobindo Pharma Ltd Share Price
Aurobindo Pharma's last notable corporate action was in 2011 when it split its shares from a face value of ₹5 to ₹1. In 2015, the company issued bonus shares in a 1:1 ratio. Since then, the company has not issued any additional bonus shares. Instead, it has provided interim dividends ranging from ₹1 to ₹4.5 per share, with the highest dividend recorded in 2022.
Aurobindo Pharma share price on Friday closed at ₹1,326.85, reflecting a 0.7% increase. The stock has risen by 22% in 2024, mirroring the performance of the Nifty Pharma Index. Over the past 12 months, Aurobindo Pharma share price has significantly outperformed the index, climbing 80% compared to the index's 47% gain.
The board meeting on July 18 will not only discuss the buyback proposal but also ensure compliance with the Companies Act, 2013, and the SEBI Buy-back of Securities Regulations, 2018. The trading window for dealing in the company's securities has been closed since July 1, 2024, and will remain shut until 48 hours after the declaration of the Q1 FY25 unaudited financial results.
The company’s operational focus includes optimising the yield of the PenG plant and reducing operational costs. The progress in biosimilar product filings and approvals in key markets will be crucial for future growth. Aurobindo's US business is expected to grow to $452 million in Q1 FY25, marking a $20 million QoQ increase following the temporary plant shutdown.
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