Strides net up 12-fold

Net sales up 25% to Rs 188 cr, co also cites spate of USFDA approvals for better performance

Bangalore-based listed drug manufacturer Strides Arcolab today reported over 12-fold jump in its standalone net profit to Rs 26.79 crore for quarter-ended June 30. on improved margins across all segments.

It had only reported a standalone net profit of Rs 2.15 crore during the corresponding period of last fiscal, the company said in a filing to the BSE.

The company’s net sales for the said quarter this fiscal also increased 24.6 per cent to Rs 187.95 crore during the same period last fiscal.

“We had a very consistent performance over the last few quarters, with improved margins across different segments. With the flow of product approvals from the USFDA and acceleration of branded generics through acquisition of ‘Raricap’, we see a significant transaction in the business,” said Arun Kumar, founder and group CEO, Strides Arcolab.

Shares of the company closed 0.10 per cent up at Rs 669.65  on the BSE on Friday.