Stride Pharma Science Q1 net loss narrows to Rs 163 cr, revenue grows 36.6%

Strides Pharma Science Ltd on Friday reported a narrowing of consolidated net loss at Rs 163.4 crore in the quarter ended June 2022, aided by higher revenue.

The company had posted a consolidated net loss at Rs 244.1 crore in the same quarter previous fiscal, Strides Pharma Science Ltd said in a regulatory filing.

Revenue from operations during the quarter under review stood at Rs 940.07 crore as compared to Rs 688.37 crore in the year-ago period, a growth of 36.6 per cent, it added.

Revenue from the US business in the June quarter stood at Rs 355.2 crore, up from Rs 301.6 crore last year.

Similarly, the company said its revenues from Other Regulated Markets (ORM) was at Rs 304.7 crore in the first quarter of FY23. The same stood at Rs 223.2 crore in the corresponding period last fiscal. Emerging markets clocked revenue of Rs 285.8 crore as against Rs 167.1 crore in the previous fiscal.

"The US business has maintained growth during the quarter...Although the other regulated markets witnessed a sequential decline due to currency headwinds, the long term outlook for the business remains steady. Our emerging markets maintained the business trend, and we remain invested in the opportunity," Strides Pharma Science

Founder, Executive Chairperson & MD Arun Kumar said.

One of the key drivers for the performance this year will be the company's focus on cost controls and it remains aggressive on cost curtailment, including a significant focus around manufacturing network optimisation, he added.