Drug firm Strides Shasun today reported a 87.44 per cent decline in its consolidated net profit to Rs 10.73 crore for the second quarter ended September 30.
The company had posted a net profit of Rs 85.43 crore for the corresponding period of the previous fiscal, Strides Shasun said in a filing to BSE.
Consolidated revenue from operations, however, rose to Rs 995.60 crore for the quarter under consideration as against Rs 871.96 crore for the same period a year ago.
"We had successful new product launches in the US and strong store additions in Australia", Strides Shasun MD Shashank Sinha said.
The company expects continued growth driven by its focus on executing new product launches as approval momentum has picked up and operating leverage is kicking in, he added.
Shares of Strides Shasun today closed at Rs 827.25 per scrip on BSE, down 1.70 per cent from its previous close.
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