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Our Bureau

Bangalore, Oct. 31 Strides Arcolab posted a third-quarter net loss of Rs 51.67 crore in standalone numbers due to foreign exchange rate fluctuations compared to net third-quarter profit of Rs 24.9 crore last year.

For the June-September 2008 period, Strides said it had a notional unrealised foreign exchange loss of Rs 69.5 crore on restatement of foreign currency borrowings, including FCCB, ECB and derivative contracts.

On a consolidated basis, the generic drugmaker said it posted record 32 per cent Q3 revenue growth year-on-year at Rs 282 crore. Consolidated PAT was up Rs 105 crore from the previous third-quarter loss of Rs 9 crore. The numbers were buoyed by a Rs 170-crore non-operating income that comes from its Australasia market swap to buy into Ascent Pharma and sale of non-core Italian fermentation business.

The company’s share price on the BSE closed 5 per cent higher at Rs 128.

This is the first quarter after Strides revamped its business into manufacturing-R&D; international operations and brands. The US joint venture Akorn Strides has started sales of sterile injectibles, its Group CEO, Mr Arun Kumar, said, adding, “We have achieved a growth of 32 per cent in revenue and 128 per cent of operational EBITDA.”

During the quarter, it acquired 55.46 per cent stake in Melbourne-based Ascent Pharmahealth (former Genepharm) and entered into a licensing pact with GSK through its joint venture Onco Therapeutics Ltd. It also gave up controlling stake in its Latin American business to South African partner Aspen Pharma.

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