 "Strides-Arcolab")
Pharma firm Strides Arcolab posted second quarter profit Rs 18.97 crore on improved business from regulated markets such as United States and Australia.
Revenue rose marginally to Rs 370 crore in the second quarter. Bengaluru-based Strides reported a loss of Rs 42.55 crore on revenue of Rs 286.97 crore between July and September 2014.
"It has been a strong comeback quarter for the company after a subdued first quarter with growth across businesses. Our performance during the quarter was further bolstered by a quick closure and integration of the acquired Arrow pharmaceuticals business in Australia," said Arun Kumar, Founder and group chief executive of Strides in a statement.
While business from regulated markets such as US and institutional business grew by 47 per cent, emerging market such as India, which contributes nearly 30 per cent slowed down in the quarter. Strides plans to raise long term funds of Rs 1500 crore in equity subject to shareholders and statutory approvals, the statement said.
