Strides posts Rs 44-crore net in Q4

Strides Pharma Science Ltd on Friday reported Rs 44-crore consolidated net profit for the fourth quarter of the fiscal 2018-19 as against Rs 3.4 crore net loss in the same period a year ago.

Sequentially, net profit jumped 76 per cent from Rs 25 crore a quarter ago.

Consolidated revenue from operations for the quarter (Q4) under review grew 24 per cent annually to Rs 839 crore from Rs 678 crore in the like period a year ago and 6 per cent sequentially from Rs 792 crore a quarter ago.

Operating margin or earnings before interest, tax, depreciation and ammortisation (Ebitda) grew 57 per cent to Rs 158 crore for the quarter from Rs 101 crore a year ago and 35 per cent sequentially from Rs 121 crore a quarter ago.

For the fiscal 2018-19, consolidated net profit of Rs 59 crore was 20 per cent less than Rs 74 crore posted in fiscal 2017-18.

Consolidated revenue for the fiscal under review increased 6 per cent annually to Rs 3,026 crore from Rs 2,858 crore.

Ebitda for the fiscal grew 7 per cent to Rs 470 crore from Rs 437 crore a year ago.

"Starting the fiscal with several challenges, we are satisfied with our fourth quarter performance, as most of the strategic outcomes have met our expectations," said Strides founder and chief executive Arun Kumar in a statement here.

The performance in the regulated market exceeded its internal target in delivering 20 per cent Ebitda margins despite increase in spending on research and development (R&D).

In the new fiscal, emerging market and institutional business will get more attention and priority.

"Work on course correction of these markets is complete and we are geared up to drive profitable growth going forward," added Kumar.

Regulated markets are the Australia, Britain, Canada, European Union, South Africa and the US.

The group revenue contribution from the regulated markets increased to 81 per cent from 71 per cent a year ago.

The company's board has recommended 30 per cent dividend or Rs 3 per share of Rs 10 share value for the fiscal under review.

The company's blue-chip scrip closed at Rs 485.70 at the end of Friday's trading on the BSE as against Thursday's closing rate of Rs 483.90 and opening price of Rs 485.80 earlier in the day.

--IANS

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