Strides Pharma Q1FY24 results: Net profit at Rs 8 cr; revenue up 12%

The total income for Q1FY24 came in at Rs 486.9 crore, compared to Rs 430.6 crore year-on-year

The standalone net profit of Strides Pharma for the first quarter of the current financial year (Q1YFY24) stood to Rs 8 crore.

However, in Q1FY23, the standalone net loss stood at Rs 66.25 crore.

Sequentially, the net profit was down 87.1 per cent. In Q4FY23, the net profit of the company was Rs 62.3 crore.

The revenue from operations for Q1FY24 came in at Rs 475.3 crore, compared to Rs 423.19 crore year-on-year (YoY). This is a rise of 12.31 per cent.

On a quarter-on-quarter (QoQ) basis, the revenue for operations was down 15.65 per cent. It was Rs 563.5 crore in Q4FY23.

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The total income for Q1FY24 came in at Rs 486.9 crore, compared to Rs 430.6 crore YoY, up 13.07 per cent.

On a QoQ basis, the total income was down 17.46 per cent. It was Rs 589.9 crore in Q4FY23.

The company's contracting of new manufacturing services agreements (MSAs) has intensified. From FY20 to Q1FY24, the company secured $58 million in MSAs, of which $25.1 million were secured in Q1FY24 alone.

Arun Kumar, managing director and executive chairperson, said, “We are pleased to report a strong start to FY24, with Q1FY24 Ebitda reaching historical highs. We are on track to achieve the targets we set out for FY24 at the beginning of this year on all financial parameters. We are confident of sustaining the momentum in performance driven by continuous improvement in the quality of business and delivering a strong cash generation going forward.”

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At 12:15 pm, the Strides Pharma stock was trading at Rs 461.65.