Drug firm Strides Shasun today reported multi-fold jump in consolidated net profit to Rs 131.90 crore for the January-March quarter on account of lower expenses.
The company had posted a profit of Rs 4.43 crore during the same period of last fiscal mainly due to a Rs 19.08-crore loss from discontinued operations and higher expenses of about Rs 76 crore.
Total revenue during the quarter under review stood at Rs 961.46 crore as against Rs 952.16 crore in the January-March quarter of last fiscal, Strides Shasun said in a BSE filing.
Commenting on the results, Strides Shasun Group CEO Shashank Sinha said: "Key products continue to gain market share driving growth in the base business. New product filing momentum picked up as we nearly doubled R&D investments.
For the fiscal ended March 31, the company reported a net profit of Rs 250.11 crore against Rs 118.14 crore in 2015-16 fiscal.
Total revenue for the fiscal stood at Rs 3,652 crore as against Rs 2,954.29 crore in the previous fiscal.
On the outlook, Sinha said: "A strong pipeline, compliant manufacturing base and growing market presence are the pillars of our future growth".
The company announced a dividend of Rs 4.50 per share for FY2016-17.