The Hindu Business Line : Strides posts 32 pc rise in Q1 net

On a consolidated basis, the company posted revenues of Rs 106.03 crore, a growth of 13 per cent. Consolidated profit for the corresponding previous quarter was Rs 8.34 crore.

The Indian operations posted total revenue of Rs 71.77 crore, a growth of 20 per cent over the same period last year.

Net profit increased 45 per cent to Rs 6.23 crore against Rs 4.28 crore earlier.

The company, which is a leading manufacturer and exporter of generics, nutraceuticals, and OTC drugs, said that its continued focus on regulated markets and global disease management segments have yielded rich dividends.

For the quarter under review, sales from these markets increased to 45 per cent on a consolidated basis and 42 per cent on stand-alone basis, up from 30 per cent and 24 per cent respectively.

During the quarter, the company increased its stake in South American operations from 40 per cent to 52.5 per cent and submitted its first ANDA (abbreviated new drug application) to the USFDA in preparation to launch in the US market.

In February this year, Strides allotted 1,196,662 equity shares of Rs 10 at a premium of Rs 190 per share to its partner, Elcemer Almeida & Associates.

As a result, the equity capital of the company has gone up from Rs 33.75 crore to Rs 34.95 crore.

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