Strides Pharma Ltd. said that the company is on track to achieve the targets it set out at the start of financial year 2024. Founder, Managing Director and Executive Chairperson Arun Kumar said that the company will sustain the momentum in performance driven by the continuous improvement in the quality of business and deliver strong cash generation going forward.
For the June quarter, Strides Pharma reported a narrower net loss of Rs 7.1 crore, compared to a loss of Rs 136 crore that it reported during the same period last year. Strides reported an exceptional loss of Rs 6 crore in the Pharmaceutical business, while the base quarter had an exceptional loss of Rs 66 crore.
Revenue for the quarter stood at Rs 930 crore, which is a 1.1 percent drop from last year's June quarter.
However, operating performance for the company remained strong, with EBITDA expanding to Rs 166.5 crore from Rs 60 crore last year, while margin expanded by nearly 1,200 basis points to 18 percent from 6.4 percent year-on-year. Operating profit for the quarter was the highest ever for the company.
"Our focus on profitability and efficiency is clearly witnessed in the results, as we expand EBITDA margin by 200 basis points sequentially and generated strong operating cash flow," Arun Kumar said.
Strides' regulated markets reported a growth of 25 percent from last year, with the US business growing by 32 percent. Other regulated markets also saw double-digit growth, growing by 15 percent year-on-year. "The emerging markets performance had a slow start and is expected to gain traction during the year," Kumar said.
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