Strides Pharma posts net loss of Rs 206.57 cr for Mar quarter

Strides Pharma Science on Wednesday reported a consolidated net loss of Rs 206.57 crore for the quarter ended March 31, mainly on account of one-time exceptional item.

The company had posted a net profit of Rs 44.70 crore for the corresponding period of the previous financial year, Strides Pharma Science said in a filing to the BSE.

The company's consolidated revenue from operations stood at Rs 618.64 crore for the quarter under consideration. It was Rs 616.18 crore for the same period year ago, it added.

For the results of the quarter, the company has shown a net loss of Rs 170 crore as exceptional item, which is mainly on account of Ranitidine withdrawal from the US market.

For the fiscal year ended March this year, the company posted a net profit of Rs 30.58 crore. It was Rs 329.87 crore for the previous fiscal year, the filing said.

Revenue from operations of the company for the fiscal year ended March 2020 stood at Rs 2,751.97 crore. It was Rs 2,178.37 crore for the year ago fiscal, it added.

"The financial year 2020 has met all strategic and financial outcomes for Strides in spite of the unexpected USFDA direction to withdraw Ranitidine on the last day of FY20," Strides Pharma Science CEO & MD R Ananthanarayanan said.

Strides strongly believes that its businesses will maintain traction and would grow significantly to culminate into a healthy financial outcome in 2020-21, he added.

The company's board of directors proposed a final dividend of Rs 2 per share, the filing said.

Shares of Strides Pharma Science closed at Rs421.05per scrip on the BSE, up 1.54 per cent from its previous close.