Bangalore-based pharmaceutical company Strides Arcolab has posted a fourfold jump in its net profit for the January-March quarter, to Rs 39.8 crore, compared with the same period a year earlier.
Revenue for the quarter was Rs 381.5 crore for this period, up 30 per cent. Licensing income of the company stood at Rs 83 crore for the quarter. During this period, Strides entered into an agreement with Pfizer in injectables, spread over 40 products.
While revenue from the speciality business grew 32 per cent over last year to touch Rs 123 crore, the pharma business posted a revenue of Rs 259 crore, up by 68 per cent over the corresponding period last year.
“We expect sound growth both in speciality and pharma business in this quarter,” said T S Rangan, chief financial officer.
Strides has a total of 129 filings before various health regulators, 32 in pharma and 97 in specialities. It has 38 approvals and is waiting to get those for the remaining 91 drugs from the US health regulator.
“We have received four drug approvals from US health regulator in the last 10 days,” said Rangan.
The company completed some acquisitions during this quarter. It bought a 50 per cent stake in an oncology joint venture from Aspen for $117 million in March and also acquired Aspen’s facility in Brazil for $75 million.