Strides Pharma Q2 net loss at Rs 149 cr, revenue crosses Rs 1,000 cr

Strides Pharma Science on Monday reported a consolidated net loss of Rs 149 crore for the second quarter ended September 30, 2023.

The drug firm had reported a net profit of Rs 19 crore for the year-ago period.
 

Total income, however, rose to Rs 1,035 crore in the second quarter as compared to Rs 920 crore in the year-ago period, Strides Pharma said in a regulatory filing.
 

"The significant loss for the current quarter and half year ended September 30 has been on account of continuing operating losses, finance costs and others," the drug firm said.
 

Strides Pharma Science Founder, Executive Chairperson and Managing Director, Arun Kumar said, the company's revenues crossed Rs 1,000 crore in the second quarter, a first time milestone for the company.
 

"A disciplined approach to product launches and sustainable market share on existing products and seeding new geographies will ensure we continue to grow from the base we have established for ourselves," he added.
 

In a separate filing, the company said, its Chief Operating Officer Christoph Funke has resigned and will be replaced by Ramaraju PVS with effect from March 1, 2024.
 

Shares of the company ended 1 per cent down at Rs 488.75 apiece on the BSE.