Strides Q4 net down 10.5% at Rs 61 cr

Consolidated net sales stood at Rs 597 cr as against Rs 683 cr for the same period a year ago

Drug firm Strides Arcolab reported a 10.55% dip in consolidated net profit to Rs 61.19 crore for the fourth quarter ended December 31, 2012.

The company had posted a net profit of Rs 68.41 crore for the quarter ended December 31, 2011.

Consolidated net sales of the company stood at Rs 597.27 crore for the quarter under consideration as against Rs 683.38 crore for the same period a year ago, Strides Arcolab said in a statement.

"2012 has been a satisfying year magnified by operating leverage in both Agila and Pharma businesses with continued compliances across all manufacturing facilities globally and a profound regulatory filing programme," Strides Arcolab Vice Chairman & Group CEO Arun Kumar said.

The company said it's pharma business will continue to show growth through launches of new products in the US market, Strides Arcolab said.

The company has 14 manufacturing facilities across six countries, it added.

In a BSE filing, Strides said it has entered into a definitive agreement to sell its Agila Specialties division to Mylan Inc for an aggregate sum of $1,600 million in cash and potential additional consideration of up to $250 million.

Shares of Strides Arcolab today closed at Rs 870.95 apiece, down steep 5.10% from its previous close.